Different forms of ITR
/ Others

Different forms of ITR

All individuals, HUF (Hindu undivided family), BOI (Body of Individuals), AOP (Association of Person), trust, the corporate are required to file ITR’s if their income exceeds the prescribed limit. There are different sorts of ITR available for various people. There are 7 ITR forms: ITR 1(SAHAJ), ITR 2, ITR 3, ITR 4(SUGAM), ITR 5, ITR 6, and ITR 7.

The details of ITR forms, including who should use them and who shouldn’t use them, are explained below:

ITR 1 (SAHAJ)

  • ITR 1 is filed by those that is resident individual and HUF having an income up to 50 lakh rupees
  • Income from Salary
  • Income from one house property
  • Income from other sources (does include casual income like lottery)
  • Agriculture Income up to rupees 5000

Who cannot file ITR 1

  • Having agriculture income of quite rupees 5000
  • Income from foreign assets
  • Income from quite one House property
  • Who is director of the corporate or holding security in unlisted shares
  • Income from capital gains

ITR 2

  • ITR 2 are often filed by individual and HUF having income quite 50 lakh rupees
  • Income from salary
  • Income from house property
  • Income from Capital gains
  • Income from foreign assets
  • Can be director of a company/ Holding unlisted shares
  • Income from other sources, including casual income
  • Can also have income quite rupees 5000

Who cannot file ITR 2

  • Income from profits and gains of business or profession (PGBP)

ITR 3

  • ITR 3 are often file by individual/ HUF having income from profits and gains of business or profession (PGBP)
  • Income from salary
  • Income from House property
  • Income from capital gains
  • Income from other sources
  • If you’re a director of a corporation
  • Having income from the person as a partner during a firm
  • If you’ve got an investment in unlisted shares at any time during the fiscal year

ITR 4 (SUGAM)

  • ITR 4 are often file by the individual, HUF, a Partnership firm (other than LLP) having income from profits and gains of business or profession (PGBP) who have opted for the presumptive scheme under Section 44AD, 44ADA, 44AE
  • Income from salary
  • Income from one house property
  • Income from other sources aside from related income
  • Agriculture income up to rupees 5000

Who cannot file ITR 4

  • Agriculture income quite rupees 5000
  • Income from foreign assets
  • Who may be a director during a company/ Holding unlisted shares

ITR 5
ITR 5 is filled for persons other than- Individual, HUF, company and person filing Form ITR-7, i.e. ITR 5 must be filled by firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOI (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund subject to the condition that they are doing not got to organize the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139 (4E) or 139 (4F) (i.e., Trusts, party , Institutions, Colleges, etc.)

ITR 6
It is applicable for all Companies aside from companies claiming exemption under section 11.
ITR 7
It is for persons, including companies, required to furnish returns under section 139(4A), section 139(4B), section 139(4C), section 139(4D), section 139(4E) and section 139(4F).
The timely publication of latest forms ensures that individuals have sufficient time to collate the required information that must be reported. there have been several changes n the provisions of residential status. However, the changes aren’t presently incorporated within the ITR forms within the fields for residential status. Therefore, one may need to wait and watch to see f the said changes are incorporated by way of updates within the utility.