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| « Here's how you can check income tax refund status Filed... | Penalty for late filing of income tax return ITR Belated... » |
7 income tax return forms for taxpayers: Which one should you file? |
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| October, 07th 2021 |
ITR 1 (Sahaj)
Who can file
- Individuals qualifying as Ordinarily Residen
- Having a total income of up to Rs 50 lak
- Having income from salaries, one house property, income from other sources (interest etc.) and agricultural income up to Rs 5,00
- In case of clubbing of income, an individual can file ITR-1 form if the income of the other person (whose income the individual is reporting in his ITR) is from sources as mentioned above. For example, Mr. A will file his ITR after clubbing of income earned by his spouse. In such a case, Mr. A would be able to file the ITR-1 form only if the income of the spouse is from the sources specified above.
Who cannot
- Non-residents/Resident but Not Ordinarily Residents
- Hindu Undivided Family (HUF)
- Ordinarily Residents having a total income of more than Rs 50 lakh
- Director in a company
- Holding investments in unlisted equity shares
- Having brought forward losses or losses to be carried forward under the head ‘income from house property'
- Having income from any other source, eg. more than one house property, capital gains, profits or gains of business or profession, winning from lottery
- Holding assets outside India
- Having 2% TDS deducted for cash withdrawal exceeding INR 1 crore (reduced to INR 20 lakh in some cases
- Having deferred tax deduction/ payment in respect of perquisite due to ESOPs allotted/ transferred by employer being an eligible start-up
ITR 3
Who can file
- Individuals/ HUF having business income/ income from profession
- Partner of a Firm
Who cannot
- Persons other than individuals/ HUF having business income/ income from profession
ITR 2
Who can file
- Non-residents / Resident but Not Ordinarily Residents and Ordinarily Residents
- Hindu Undivided Family (‘HUF’)
- Having a total income of more than Rs 50 lakh
- Director in a company
- Holding investments in unlisted equity shares
- Having income from the following sources – salaries, more than one house property, capital gains and income from other sources
- Having income from sources outside India and holding assets outside India
Who cannot
- Individuals/ HUF having business income/ income from profession
ITR 4 (Sugam)
Who can file
- Resident Individuals/ HUF/ Firm (other than LLP) having total income up to INR 50 lak
Having business income/ income from profession computed on ‘presumptive basis’
Who cannot
- Having profits or gains from business or profession which are not computed on a presumptive basis
- Other restrictions similar to the ITR-1 form.
ITR 5
Who can file
- Any person except individual or HUF E.g. Firms/ LLPs/ Association of Persons (AOPs)/ business trusts/ investment funds
Who cannot
- Individual or HUF
- Any other person required to file form ITR-7
ITR 6
Who can file
- Companies other than those filing ITR-7
Who cannot file
- Companies required to file form ITR-7
ITR 7
Who can file
- Persons including companies which are a charitable or religious trust, political party, research association, news agency or similar organizations specified in the Income-tax Act
Who cannot
- Other categories of taxpayers
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