Income Tax Filling

ITR-1 or Sahaj

Individuals who fall under the following categories, should opt for ITR-1 form (also known as Sahaj).

  • Salary and pension earners
  • Income earned from other sources (except winning a lottery or horse racing)
  • Agricultural income less than Rs.5,000
  • Payments received for a single house property with certain exclusions
    Due Date – 31st July of every Assessment Year

ITR-2

Individuals and Hindu United Families (HUF) who fall under the following categories, should opt for ITR-2 form.

  • Income exceeding Rs.50 Lakh
  • Income received through salary, pensions, capital gains and other sources
  • Income generated from foreign assets
  • Agricultural income exceeding Rs.5,000
  • Due Date – 31st July of every Assessment Year

ITR-3

Individuals and Hindu United Families who fall under the following categories, should opt for ITR-3 form.

  • Income from a business or profession
  • Income received from being a partner in a firm
  • Income received through salary, pension, capital gains and other sources
  • Investments in unlisted equity shares
  • Individual director in a company
    Due Date – 31st July of every Assessment Year                                                                   31st October (if books of account gets audited)

ITR-4 or Sugam

Individuals, Hindu United Families, and firms with an income up to Rs.50 lakh from businesses or a profession can opt for ITR 4 form. Moreover, those who have chosen the presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act are eligible to file their returns using the ITR 4 form.

Due Date – 31st July of every Assessment Year

ITR-5

The ITR-5 form is meant for firms, Body of Individuals, co-operative societies, Limited Liability Partnerships, Association of Persons, local authorities, Artificial Judicial Persons, estate of iinsolvent, estate of deceased, and business trusts (not individual citizens).

Due Date – 31st July of every Assessment Year                                                                         31st October (if books of account gets audited)

ITR-6

The ITR-6 form is to be filed electronically by companies, except for those that claim an exemption under Section 11, which is income from a religious or charitable property.

Due Date – 31st July of every Assessment Year                                                                         31st October (if books of account gets audited)

ITR-7

Companies filing their return under below sections of the Income Tax Act can use ITR-7:

Section 139(4A): Individuals holding a property for charitable or religious purposes.

Section 139(4B):  Political parties and affiliates.

Section 139(4C):  Institutions or associations such as medical institutions, news agencies and establishments, educational institutions, think tanks, and agencies involved in scientific research.

Section 139(4D):  Colleges and universities, or other institution where revenue and losses are not required to be reported as per the rules laid under this section of the Act.

Due Date – 31st July of every Assessment Year                                                                           31st October (if books of account gets audited)