ITR Filing

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 Forms

FORM ITR-1
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:
  • When individual earn income through salary or pension
  • When individual earn income through a single house property(except in case when loss is carried forward from previous year)
  • When individual earn income from other sources like dividend, interest, etc.
  • Individuals having multiple house properties.
  • Individual having income from business or profession.
  • When total income of individual include income/loss from capital gains.
  • When income of individuals includes winning from lottery or horse racing.
  • When agricultural income of an individual exceeds Rs. 5,000.
  • Individuals who earn income from any country outside India.
  • When is individual claiming Double Taxation Relief under Section 90/90A/91 of I-T Act.
  • A resident is having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • The tax assessee is a company director.
  • The tax assessee has investments in unlisted equity shares.
FORM ITR-2
ITR Return Applicability Not Applicability
ITR 2 This form can be used by individual or HUFs in following cases:
  • When there is an income from salary/pension.
  • When an individual /HUF has income from house property.
  • When total income of individuals/HUF includes income from capital gains.
  • When the total income of an individual /HUF includes income from other sources including windfall income such as from wining of lottery or horse racing.
ITR Form 2 cannot be used in case the tax assessee has income from business or profession.
FORM ITR-3
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:
  • When there is an income from salary/pension.
  • When an individual/HUF has income from house property.
  • When there is income from business or profession of the partnership firm (including LLP) in which individual/HUF is a partner. Such income may include any income like salary, bonus, interest, commission or remuneration from the firm.
  • When total income of individual/HUF exceeds Rs. 50 lakh for the financial year.
  • When total income of individuals/HUFs include income/loss from capital gains.
  • When total income of individual/HUF includes income from other sources, including windfall income like from winning lottery or horse racing.
  • For businesses with a presumptive turnover of over Rs. 2 crore annually.
This form is not applicable when the total income of individuals/HUFs includes incomes from his/her proprietorship firm.
FORM ITR-4
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.
  • Annual income of the assessee is in excess of Rs. 50 lakh.
  • The income tax assessee is a company director.
  • The income tax assessee is invested in unlisted equity shares.
  • When income of individuals includes winning from lottery or horse racing.
  • When agricultural income of an individual exceeds Rs. 5,000.
  • Individuals who earn income from any country outside India.
  • When is individual claiming Double Taxation Relief under Section 90/90A/91 of I-T Act.
  • A resident is having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.
  • The tax assessee is a company director.
  • The tax assessee has investments in unlisted equity shares.
FORM ITR-5
ITR Return Applicability Not Applicability
ITR 5 This ITR form is to be used by following entities for filing their income tax return:
  • Firms
  • Limited Liability Partnership
  • Body of Individual (BOIs)
  • Association of Person (AOPs)
  • Co-operative Societies
  • Artificial Judicial People
  • Local Authorities
FORM ITR-6
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.
FORM ITR-7
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

Documents Required for ITR Filing

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

Pricing

Normal

Starting at Rs. 1,000/- Onwards
  • Income from Salary, Income from House Property and Other Sources
  • Computation of Income and Return Filing.

Standard

Starting at Rs. 1,500/- Onwards
  • Presumption business income and Income from all other sources
  • Computation of Income and Return Filing.

Executive

Starting at Rs. 2,999/- Onwards
  • Business return other than Audit and Preparation of financial statements
  • Computation of Income and Return Filing

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Frequently Asked Questions

When are income tax returns to be filed?

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.

How to pay income tax to the government?

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.

Can I claim the deductions missed out in Form 16 issued by my Employer?

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.

I have already paid my taxes? Do I still need to file my return?

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.

What to do If a mistake has been made in filing the return?

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.