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ITR 1 - APPLICABLE FOR INDIVIDUAL
This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh:
- Salary/ Pension
- One House Property
- Other Sources (Interest, Family Pension, Dividend, etc.)
- Agricultural Income Up to 5000
Note: - ITR 1 cannot be used by a person who:
(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case tax has been deducted u/s 194N
(g) is a person in whose case payment or deduction of tax has been deferred on ESOP
(h) who has any brought forward loss or loss to be carried forward under any head of income
ITR 2- APPLICABLE FOR INDIVIDUAL AND HUF
This return is applicable for Individual and Hindu Undivided Family (HUF) and not having Income under the head Profits and Gains of Business or Profession and who is not eligible for filing of ITR 1
ITR 3- APPLICABLE FOR INDIVIDUAL AND HUF
This return is applicable for Individual and Hindu Undivided Family (HUF) having income under the head Profits and Gains of Business or Profession and who is not eligible for filing ITR-1, 2 or 4
ITR 4(SUGAM) – APPLICABLE FOR INDIVIDUAL, HUF, AND FIRM
This return is applicable for an Individual or Hindu Undivided Family (HUF) or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:
- Salary/ Pension
- One House Property
- Other Sources (Interest, Family, Pension, Dividend, etc.)
- Agricultural Income up to 5000
ITR 5- APPLICABLE FOR ASSESSE HAVING NO SPECIFIC RETURN FORM
This Form can be used by persons including:
- Partnership Firm,
- Limited Liability Partnership (LLP),
- Association of Persons (AOP),
- Body of Individuals (BOI),
- Any other cooperative society, a society registered under Societies Registration Act, 1860 or under any other law of any State,
- Trust other than trusts eligible to file Form ITRâ€7.
ITR 6- APPLICABLE FOR COMPANY AS PER SECTION 2(17) OF THE INCOME TAX ACT
This Return is applicable for a company as per section 2(17) of the Income Tax Act, This form is filed by a company other than a company that is required to file a return in Form ITRâ€7.
As per section 2(17) of the Income Tax Act, the company means: â€
- Indian Company (Domestic Company)
- Body corporate incorporated by or under the laws of a country outside India
- Any institution, association, or body, whether incorporated or not & whether Indian or Nonâ€Indian which is declared by general or special order of the board to be a company, etc.
ITR 7- APPLICABLE FOR ASSESSES CLAIMING EXEMPTIONS
This Return Form is applicable for the category of persons whose income is exempt under various Sections of Income-tax Act 1961 including section10, Section 11, etc., and who are not mandatorily required to furnish their return of income under the provisions of section139(1). An indicative list of such persons is given below:â€
- Institutions registered under section 12 of the Income Tax Act
- Recognized Provident Fund
- Approved Superannuation Funds
- New Pension System (NPS) Trust
- Corporations established for the welfare and economic up liftmen of exâ€servicemen etc.
Disclaimer: This is only a knowledge-sharing initiative. In no event, I shall be liable for any direct, indirect, special, or incidental damage resulting from, arising out of, or in connection with the use of the information.
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