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Different forms of ITR

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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:

  1. 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
  1. 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)
  1. 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
  1. 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
  1. 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.)
  1. ITR 6
    It is applicable for all Companies other than companies claiming exemption under section 11.
  1. 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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