Which ITR form to be filed by Individuals to file their taxes?

Ajay Kumar Maggidi | Last updated: 14 July 2020

Save Share

Quick Summary

Choosing the correct Income Tax Return (ITR) form is crucial for individuals when filing their taxes. Different ITR forms, such as ITR-1, ITR-2, ITR-3, and ITR-4, are available depending on your individual status, the nature of your income, and your total income. This guide helps you identify the most suitable form to avoid errors.

Income Tax Return (ITR) is a declaration of incomes and taxes thereon by tax payers. It is required to be filed in each assessment year for the incomes in earned in previous year. You had earned incomes and paid taxes (TDS/Advance tax) in previous year. Now, it is the turn to pick the correct ITR form and file your return. Many Individuals grapple to pick the correct ITR form. Often confuse between ITR forms and commits mistakes. There are different ITR forms for Individuals to file their return. Such as ITR1, ITR2, ITR3 & ITR4. Depending upon the status of person, nature of the income and total income ITR form needs to be chosen.

An attempt has been made to help you to pick the correct ITR form to file your return. Below table will help you to find your applicable ITR form.

Status of the Person	Nature of Income	ITR Form	Persons Restricted
Resident Individual/HUF	Salary/Pension, One House Property, Other Sources (Interest etc), Agriculture Income up to 5K. & total income up to 50L.	ITR 1	Director of the company, person holding equity shares in unlisted company)
Individual/HUF	Salary/Pension, more than one house property, capital gains, Other Sources	ITR 2	NA
Individual/HUF	Salary/Pension, House Property, Capital Gains Business/Profession, Other Sources	ITR 3	NA
Individual/HUF/Firms(Not LLP)	Salary/Pension, One house property, other sources, income from the business/profession u/s 44AD, 44AE, 44ADA. Agriculture Income up to 5K.& total income up to 50L	ITR 4	Director of the company, person holding equity shares in unlisted company)

Also Read:

FAQ :

An Income Tax Return (ITR) is a declaration of your incomes and the taxes you owe on them, which must be filed each assessment year for the income earned in the previous year.

ITR-1 is for individuals who are resident and have income from Salary/Pension, one House Property, Other Sources (like interest), and agriculture income up to ₹5,000, with a total income up to ₹50 lakh.

Individuals should file ITR-2 if they have income from Salary/Pension, more than one House Property, Capital Gains, or Other Sources. It's also for individuals who are directors of a company or hold equity shares in unlisted companies.

ITR-3 is applicable for individuals and HUFs who have income from Salary/Pension, House Property, Capital Gains, and also income from Business/Profession, along with Other Sources.

ITR-4 is for individuals, HUFs, and Firms (not LLPs) who have income from Salary/Pension, one House Property, Other Sources, and income from Business/Profession under sections like 44AD, 44AE, or 44ADA, with agriculture income up to ₹5,000 and total income up to ₹50 lakh.

8862 Views 5 Likes Comment Share Income Tax Report

About the Author

Ajay Kumar Maggidi

Manager - Finance & Accounts

Ajay Kumar Maggidi is a seasoned finance professional with over 12 years of experience in accounting, taxation, payroll, and corporate compliance. After earning the trust of clients through his deep technical expertise and problem-solving approach, he has transitioned into Business Development for Finance Accounting s ... Read more

View Articles

Comments :