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)