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

Suresh KP

124 comments

  • Parth

    Down Syndrome through Steam Cell Treatment is covered or not can I declare under 80DD or 80DDB?

  • samta

    my mother gets her pension and my father's pension. Which income tax form should she fill? There is no other source of income apart from these 2 pensions?

    my father was not a govt employee but lecturer in a college. my mother was a govt. teacher. is there any exemption?

    • Hi Samta, ITR-1 for pension amount. Commutted pension received by Govt. employees is exempted from tax. Pls check with the team from where your mother is getting pension.

  • Sumukh Mohan

    Hi,

    My mother has rental income only from one house property.

    Please let me know which ITR form to be used for return filing.

    Regards,

    Sumukh Mohan

     

  • Sony

    Hi Suresh,

    I have left my job and and trying to do something on my own. I have been filing tax return while I was on the job. Last financial year, I did not have any income except, interest income ( approx Rs 100,000) and share trading short term gain of approx Rs 2500/-. Do I need to file tax return ? If so, which form should I be using ?

    • Hi Sony, 1) Since you do not have taxable income of more than Rs 2 Lakhs, you need not file the return 2) If bank has deduced TDS on FD interest, you can file ITR and claim tax refund

  • Yashwant Laxkar

    Sir,
    i worked as a consultant for 8 month than 4  month worked as a salaried employee . for initial 8 month TDS deducted by company . could i know which ITR should fill for ASS Year 2014-15.

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