Filing your IT Return – Which IT Form should you submit?

Filing your IT Return - Which IT Form should you submitFiling your IT Return – Which IT Form should you submit?

There are different IT Forms where income tax assesses need to fill based on their sources of income. If you have multiple sources of income and confused which IT form to be used, this article is for you.

Different IT Forms for different assesses

Knowing the correct IT form to be filled is important instead of landing up in a problem. Below are the ITR FORM NO and the details of who can use it.

  • ITR Form no 1 –  For Individuals having Income from Salary & Interest.     
  • ITR Form no 2 –  For Individuals & HUFs not having Income from Business or Profession       
  • ITR Form no 3 –  For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship    
  • ITR Form no 4 –  For Individuals & HUFs having income from a proprietary business or profession 
  • ITR Form no 4S (SUGAM) – For Individuals/HUF having income from presumptive business       
  • ITR Form no 5 -For firms, AOPs, BOIs and LLP       
  • ITR Form no 7 –  For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) 

Confused with high level summary, read on below which has IT Form wise detailed inform as to who can fill this and who CANNOT fill a specific IT Form.

Also read: How to file income tax return online in India

ITR Form no 1 – for Individuals having Income from Salary & Interest

a) This form is meant for salaried assesses and below assesses can fill this form.

  • Income from salary and pension
  • Income from one house property
  • Income from other sources

b) This form is not supposed to be used by below assessee:

  • Loss from house property of previous year
  • Winning from lottery
  • Income from horse races
  • Income from capital gains not exempted from tax
  • Income from agriculture which is greater than Rs 5,000
  • Income exempted which is more than Rs 5,000
  • Income from business or profession
  • Claiming double taxation relief

ITR Form no 2 – for Individuals & HUFs not having Income from Business or Profession

a) This ITR form would be used by below assesses.

  • Income from Salary
  • Income from Pension
  • Income from house property
  • Income from capital gains
  • Income from other sources

b) This form should not be used by below assessee:

  • Income from business
  • Income from profession

ITR Form no 3 – For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship

  • This ITR form would be used mainly for assessee who has Income from partnership.
  • Assesses who has income from proprietorship should not use this ITR form.

ITR Form no 4 – For Individuals & HUFs having income from a proprietary business or profession

  • This form is mainly used for assessee who has income from proprietary business or profession.
  • Assesses who has income > Rs 25 lakhs from profession should fill schedule AL which is mandatory disclosure of assets.

ITR Form no 4S (SUGAM) – For Individuals/HUF having income from presumptive business

This ITR form would be used by assessee who has below incomes.

  • Income from business
  • Income from salary
  • Income from house property
  • Income from other sources

Also read: How to file income tax rectification return onilne in India

ITR Form no 5 – for firms, AOPs, BOIs and LLP

  • This ITR form would be used by an assessee who has LLP, Firm, BOI, AOP, Co-op society or local authority.
  • Assessee whose sales or turnover exceed Rs 1 crore in business or who has income from profession for more than Rs 25 lakhs should mandatorily get tax audit done u/s 44AB by a Chartered Accountant. Due date for filling such returns are 30-Sep-2013.

ITR Form no 7 – for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)  

  • This ITR is for Companies.

What are your experiences in filing IT return in choosing various IT forms? Have you faced any problems?

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Suresh
Filing your IT Return – Which IT Form should you submit

124 comments

  • Anand Singh

    I’m a doctor by profession and working as consultant in a private company. I’m getting fixed remuneration from the company after deduction of 10% as TDS every month. My gross receiving are about 13 lakhs annually including TDS amount deducted. In which ITR form should i file my return. is it essential or mandatory to maintain account books, a profit loss account or balance sheet by my side if I’m claiming refund of TDS.or how i can ascertain my expenditures and deduction if i follow the option of non maintenance of account books.I’m not getting form 16 from my employer and TDS deducted under section 194J.
    Request you to kindly guide me.

  • Sneha

    Dear Sir,

    I want to know that i having coaching centre and my income is 5,00,000 rs which ITR i should file.

  • Deepen

    Hello sir,

    I want to know that as my dad is having tailoring income operated by home…which ITR I should file…and how I should show his income.

  • Ayan

    Dear Mr. Suresh,

    The only sources of income of my wife is share trading both intraday and short term. Her total income is less than the taxable limit of Rs. 2.5 lakhs p.a. Will she have to pay any tax in that case? If yes, then how the amount of tax to be paid can be calculated?

    Regards

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