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Income Tax Return forms are tax authority approved document formats used to file income tax returns for all income earned during a particular financial year. The forms can be classified into two broad categories-those applicable to individuals and those applicable to firms and companies.
As per the Central Board of Direct taxes, Forms ITR 1, ITR 2, ITR 3, and ITR 4 are applicable to individuals. On the other hand, ITR 5, ITR 6 and ITR 7 are applicable to firms and companies. Use Income Tax Calendar to know about the due dates of all ITR forms.
| ITR Return | Applicability | Not Applicability |
|---|---|---|
| ITR 1 | For ITR 1, also known as SAHAJ, is applicable only to individuals. On the other hand, individuals whose income is taxable shall be eligible to use this form for filing the returns. This form can be used in the following cases:
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| ITR Return | Applicability | Not Applicability |
|---|---|---|
| ITR 2 | This form can be used by individual or HUFs in following cases:
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ITR Form 2 cannot be used in case the tax assessee has income from business or profession. |
| ITR Return | Applicability | Not Applicability |
|---|---|---|
| ITR 3 | This form is applicable to individual/HUFs having income from business/profession. This form can be used by individual or HUFs in following cases:
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This form is not applicable when the total income of individuals/HUFs includes incomes from his/her proprietorship firm. |
| ITR Return | Applicability | sNot Applicability |
|---|---|---|
| ITR 4 | Form ITR 4 also known as SUGAM can be filed by individuals/HUF and firms apart from LLP (Limited Liability Partnership) with income from business or profession. Consultants such as interior decorators, architects, technical or professional consultant who charge money for professional advice can also opt for ITR Form 4. ITR 4 is also applicable to those opting for income tax computation under Section 44AD, Section 44ADA or Section 44AE. |
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| ITR Return | Applicability | Not Applicability |
|---|---|---|
| ITR 5 | This ITR form is to be used by following entities for filing their income tax return:
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| ITR Return | Applicability | Not Applicability |
|---|---|---|
| ITR 6 | Form ITR 6 is applicable to companies. All the companies, except those who claim exemption as per Section 11 are required to file their returns in Form ITR 6. Companies that claim exemption under Section 11 are those companies that have income from property held for charitable or religious purpose. All the companies eligible to file ITR 6 need to file their returns electronically and sign through digital signature. |
| ITR Return | Applicability | Not Applicability |
|---|---|---|
| ITR 7 | Persons who have to file their returns under Section 139(4A), 139(4B), 139(4D), 139(4E) or 139(4F) of the Income Tax Act, 1961 need to use form ITR 7. Following categories are required to furnish their return under aforesaid section |
Copy of PAN Card and Aadhar Card
E-filing password in case return is filed earlier and the assessee is registered on E-filing Portal
Mobile Number and E-Mail ID
Bank Statement of all bank Accounts including IFSC Code, MICR Code, Branch Address
TDS certificates (if any Form 16 from Employer or Form 16A from others obtained)
Savings certificates/Deductions (LIC premium, Mediclaim, PPF investment, NSC purchased)
If any house property rented then provide details of such house property. (Name, Pan of tenant, Address of House Property)
Whether any dealing in shares done in stock market during the respective FY
Whether any property sold during the year
Nature of business if Conducting any business
The due date for filing all ITRs is 31st July for Individuals and 30th September for Businesses. After this deadline, tax returns would be as a “Belated Return” any time before 31st March 2020 with penalty.
It is important to file Income Tax Returns within the stipulated time.
You can pay by either cash/cheque in any designated bank branch or online on the NSDL website. Payment is to be made in Challan-280 in both cases. The Challan must be filed accurately for further processing.
Yes. If some exemptions or deductions got left out from Form-16, you can claim the same in ITR. Various deductions u/s 80 such as ELSS, PPF, Life and health insurance, NSC, Children tuition fees, 5-year fixed deposits, donation for charity, repayment of home loan, or even HRA can be claimed.
Yes, return filing is compulsory if your taxable income is above the slab, whether taxes have been paid or not. You can claim the benefit of tax credit or get a refund only if your return is filed.
If any error is discovered after the return is filed then it can be revised u/s 139(5). Revised Return of Income Tax can be filed by an assessee any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.