All individuals, HUF (Hindu undivided family), BOI (Body of Individuals), AOP (Association of Person), trust, the company are required to file ITR’s if their income exceeds the prescribed limit. There are different forms of ITR available for different people. There are 7 ITR forms: ITR 1(SAHAJ), ITR 2, ITR 3, ITR 4(SUGAM), ITR 5, ITR 6, and ITR 7.
The details of ITR forms, including who should use them and who should not use them, are explained below:
ITR 1 (SAHAJ)
ITR 1 is filed by those who is resident individual and HUF having an income up to 50 lakh rupees
Income from Salary
Income from one house property
Income from other sources (does include casual income such as lottery)
Agriculture Income up to rupees 5000
Who cannot file ITR 1
Having agriculture income of more than rupees 5000
Income from foreign assets
Income from more than one House property
Who is director of the company or holding security in unlisted shares
Income from capital gains
ITR 2
ITR 2 can be filed by individual and HUF having income more than 50 lakh rupees
Income from salary
Income from house property
Income from Capital gains
Income from foreign assets
Can be director of a company/ Holding unlisted shares
Income from other sources, including casual income
Can also have income more than rupees 5000
Who cannot file ITR 2
Income from profits and gains of business or profession (PGBP)
ITR 3
ITR 3 can be file by individual/ HUF having income from profits and gains of business or profession (PGBP)
Income from salary
Income from House property
Income from capital gains
Income from other sources
If you are a director of a company
Having income from the person as a partner in a firm
If you have an investment in unlisted shares at any time during the financial year
ITR 4 (SUGAM)
ITR 4 can be file by the individual, HUF, a Partnership firm (other than LLP) having income from profits and gains of business or profession (PGBP) who have opted for the presumptive scheme under Section 44AD, 44ADA, 44AE
Income from salary
Income from one house property
Income from other sources other than related income
Agriculture income up to rupees 5000
Who cannot file ITR 4
Agriculture income more than rupees 5000
Income from foreign assets
Who is a director in a company/ Holding unlisted shares
ITR 5 ITR 5 is filled for persons other than- Individual, HUF, company and person filing Form ITR-7, i.e. ITR 5 needs to be filled by firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOI (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund subject to the condition that they do not need to organize the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139 (4E) or 139 (4F) (i.e., Trusts, Political party, Institutions, Colleges, etc.)
ITR 6
It is applicable for all Companies other than companies claiming exemption under section 11.
ITR 7 It is for persons, including companies, required to furnish returns under section 139(4A), section 139(4B), section 139(4C), section 139(4D), section 139(4E) and section 139(4F).
The timely publication of new forms ensures that individuals have sufficient time to collate the necessary information that needs to be reported. There were several changes n the provisions of residential status. However, the changes are not presently incorporated in the ITR forms in the fields for residential status. Therefore, one may have to wait and watch to check f the said changes are incorporated by way of updates in the utility.
At AJSH, we assist our clients in dealing with various income tax compliances, including income tax assessments, ITR filings, TDS returns, tax advisory and other related services by providing them adequate support and guidance from our end. If you have any questions or wish to know more about different forms under ITR, kindly contact us.
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