Types of ITR Forms under Income Tax Act 1961

Divyanshu Sharma | Last updated: 16 April 2024

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Navigating Income Tax Return (ITR) forms can be complex. This guide breaks down the different ITR forms under the Income Tax Act 1961, including ITR 1 (Sahaj) for simpler incomes up to £50 lakhs, and ITR 2 for individuals with more complex income sources. It also explains ITR 3 for those with business or professional income, and ITR 4 (Sugam) for presumptive income schemes. Additionally, it touches upon ITR 5, 6, and 7 for various entities like firms, LLPs, companies, and trusts.

Points to Remember ITR 1 (SAHAJ) Form This form is for taxpayers whose total income is upto INR 50 lakhs from salaries, one house property, other sources, and agricultural income up to INR 5 thousand. This form is not applicable for non-ordinary residents or indi

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FAQ :

ITR 1 (Sahaj) is for resident individuals with total income up to £50 lakhs from salary/pension, one house property, other sources (excluding lottery/horse race winnings), and agricultural income up to £5,000.

ITR 2 is for individuals or HUFs with total income exceeding £50 lakhs, or those with income from more than one house property, capital gains, agricultural income over £5,000, or who are directors, have invested in unlisted equity shares, or are RNOR/NRI with foreign assets/income.

ITR 3 is for individuals and HUFs carrying on a business or profession, especially if they are not eligible for ITR 1, ITR 2, or ITR 4. It covers various income sources including business profits, capital gains, and foreign income.

ITR 4 (Sugam) is designed for individuals, HUFs, or partnership firms opting for a presumptive income scheme under sections 44AD, 44AE, or 44ADA, with certain income limits from salary, house property, and other sources.

ITR 5 is the form used by taxpayers such as Firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs).

ITR 7 is for individuals and companies required to file returns under specific sections, including charitable and religious trusts, political parties, scientific research institutions, and educational institutions.