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Which ITR to file? Know the Correct Income Tax Form

CA Shubhi Khandelwal 
on 10 July 2020

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Depending on the type of income, the category the taxpayer falls under (Individual, HUF, Company etc.), and the income that the taxpayer makes, there are different types of Income Tax Returns (ITR) Forms which needs to be filed. In case taxpayers choose the wrong form, they will have to go through the process of filing their ITR again.

To help the taxpayers pick the correct form, a brief synopsis of the applicable tax return forms has been tabulated below:

Which ITR to file  Know the Correct Income Tax Form

ITR Form Number

Type of Taxpayers

Type of Income

ITR 1 (SAHAJ)

Resident Indian Individuals and HUFs

Income from salary, one house property, other sources (interest etc.) and agricultural income upto Rs. 5000. Total income should not exceed Rs. 50 lakhs

ITR 2

Individuals and HUFs

Income from salary, more than one house property and income from other sources.

ITR 3

Individuals and HUFs

Income from salary, house property, income from business or profession and income from other sources

ITR 4 (SUGAM)

Individuals, HUFs and firms (other than LLP)

Income from salary, one house property, other sources, income from business or profession computed under Section 44AD, 44ADA and 44AE and capital gain. However agricultural income can be upto Rs. 5000. The total income should not exceed Rs. 50 lakhs

ITR 5

Firms, Local Authorities, Artificial Judicial Persons, Body of Individuals, Cooperative Societies, LLP and Association of Persons (Other than Individuals, HUF, Company and person filing Form-7)

Income from House property, income from business or profession, other sources

ITR 6

Company other than companies claiming exemption under Section 11

ITR 7

Persons/ Companies under sections:

139(4A)- income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes

139(4B)- by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount, not chargeable to income-tax

139(4C)- by every Scientific research association, News agency, Association or institution referred to in section 10(23A), Institution referred to in section 10(23B), Fund or institution or university or other educational institution or any hospital or other medical institution.

139(4D)- by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

139(4E)- Business trusts that are not required to furnish their income or loss must file their returns under this section

139(4F)- Investment funds that are present under Section 115UB and are not required to furnish any income or losses must file returns under this section

 

The author can be reached at shubhikhandelwal30@yahoo.com

 

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Category Income Tax
Other Articles by - CA Shubhi Khandelwal 




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