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Find out which ITR Form is suitable for you
December, 08th 2017

The Government has made several changes in the way tax returns are filed. Apart from making Aadhaar mandatory, the government has also modified Income Tax Forms for the Assessment Year 2017-18. Here's all you need to know about these ITR Forms and the process for filing the returns:

i) ITR - 1 or Sahaj
ITR - 1 Form, also called Sahaj (meaning easy), is a one-page form having five different parts:
1. Part A has your general information
2. Part B has your Gross Total Income
3. Part C is for claiming deductions
4. Part D is for computing your tax liability
5. Part E has all other relevant information

You can use this form if your total income comprises of salary, pension, income from house property and income from other sources. To be eligible to file this Form, your total income should be up to Rs 50 lakhs. You can also include your spouse's or minor child's income under ITR 1.

ii) ITR - 2

ITR - 2 is a consolidation of three old ITR forms - 2, 2A and 3, and is used by both individuals and Hindu Undivided Families (HUFs). You can use this form if your income includes salary, pension, more than one house property, capital gains (income from other sources such as winning from horse races, lottery) assets outside India and if you have an agricultural income of over Rs 5000. You can also include your spouse's or minor child's income with yours. This Form is not for someone with business income.

iii) ITR - 3

This is also a new form introduced this year which has substituted the old ITR - 4 Form and is to be used by individuals and HUFs. This form is used if your sources of income are one or more of these - salary, pension, more than one house property, capital gains, horse races, lottery, assets outside India, self-proprietorship business, professional income, partnership income and if you have agricultural income more than Rs.5000.
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iv) ITR - 4S or Sugam

You can use ITR - 4S if your income is from the business which is computed as per the provisions of Section 44AD and 44AE of the Income Tax Act, profession computed as per Section 44ADA of the Income Tax Act, single house property and from other sources. The ITR - 4S or Sugam Form can be used by individuals, HUFs and partnership firms.

v) ITR - 5

ITR - 5 can be filed by firms, Limited Liability Partnerships, Association of Persons, Body of Individuals, artificial judicial persons according to Section 2 (31)(vii), cooperative societies, persons according to section 160(1)(iii) or (iv), registered societies and local authorities.

vi) ITR - 6

ITR - 6 can be filed by Companies, other than ones claiming exemption under Section 11, to file their returns.

vii) ITR - 7


ITR - 7 can be used by individuals and companies if they are mandated to file their returns under the below Sections of Income Tax:

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