Which ITR Form to select?

Ask the Community Income Tax
1

Hi Community-

Which ITR should I select and fill for ITR submit?

Is there a easy guide to refer and share

-Chitra

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1. What is ITR?

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.
Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.

2. Why should you file ITR?

It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:

  1. If your gross annual income is more than the basic exemption limit as specified below-
Particulars Amount
For individuals below 60 years Rs 2.5 Lakh
For individuals above 60 years but below 80 years Rs 3.0 Lakh
For individuals above 80 years Rs 5.0 Lakh
  1. If you have more than one source of income like house property, capital gains etc.
  2. If you want to claim an income tax refund from the department.
  3. If you have earned from or have invested in foreign assets during the FY.
  4. If you wish to apply for visa or a loan
  5. If the taxpayer is a company or a firm, irrespective of profit or loss.
ITR Form Applicable to Salary House Property Business Income Capital Gains Other Sources Exempt Income Lottery Income Foreign Assets/Foreign Income Carry Forward Loss
ITR 1 / Sahaj Individual, HUF (Residents) Yes Yes(One House Property) No No Yes Yes (Agricultural Income less than Rs 5,000) No No No
ITR 2 Individual, HUF Yes Yes No Yes Yes Yes Yes Yes Yes
ITR 3 Individual or HUF, partner in a Firm Yes Yes Yes Yes Yes Yes Yes Yes Yes
ITR 4 Individual, HUF, Firm Yes Yes(One House Property) Presumptive Business Income No Yes Yes (Agricultural Income less than Rs 5,000) No No No
ITR 5 Partnership Firm/ LLP No Yes Yes Yes Yes Yes Yes Yes Yes
ITR 6 Company No Yes Yes Yes Yes Yes Yes Yes Yes
ITR 7 Trust No Yes Yes Yes Yes Yes Yes Yes Yes
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Hi @Chitra

I think @Ankit Answer should suffice your need, do let us know if you require any more help in this.

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