Sarvam Gupta

Sarvam Gupta31st July, the due date for filing of annual income tax return (ITR) for all the assessees other than corporate assessee, non-corporate assessee (whose books of account are required to be audited), working partner of a firm (whose accounts are required to be audited) and an assessee who is required to furnish a report under section 92E.

ITR is to be filed by filing the forms provided by Income Tax Department for this purpose. There are currently nine ITR forms provided by the department for different assessees. The different types of ITR forms released are based on different types of persons (Individual, H.U.F., Firm, Company etc.) and the various sources from which income can be earned (Salary, Capital Gains, Business & Profession etc.).

Following are the different types of ITR forms discussed in detail, from which, an assessee can select the form, matching his/her requirement:

♠ ITR-1 (Sahaj)

This form can be filed by the Individual whose Total Income includes;

  • Income from Salary/Pension
  • Income from any one House Property, excluding cases where loss is brought forward from previous year
  • Income from Other Sources (Interest, Dividend etc.)

The form is not for the Individual whose Total Income includes;

  • Income from winnings from lottery
  • Income from horse races
  • Income from more than one House Property
  • Income exempt in excess of Rs.5,000/-
  • Income from Business or Profession
  • Income from Capital Gains not exempt

The form is not for the individual who is claiming any double taxation relief under section 90/90A/91.

Also, it cannot be filed by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account outside India.

♠  ITR-2

This form can be filed by the Individual or H.U.F. whose Total Income includes;

  • Income from Salary/Pension
  • Income from House Property
  • Income from Capital Gains
  • Income from Other Sources

The form is not for the individual earning income from Business or Profession.

Moreover, if you receive remuneration as a partner in a Partnership Firm or LLP, then also this form is not to be filed.

♠  ITR-2A

This form is similar to ITR-1 form. It can be filed by the Individual or H.U.F. whose Total Income includes;

  • Income from Salary
  • Income from House Property
  • Income from Other Sources

The form is not for the Individual or H.U.F. whose Total Income includes;

  • Income from Business or Profession
  • Income from Capital Gains

The form is not for the individual who is claiming any double taxation relief under section 90/90A/91.

Also, it cannot be filed by any resident having Foreign Asset or Foreign Income.

♠ ITR-3

This form can be filed by the Individual or H.U.F. who is a partner in a Partnership Firm or LLP.

If a partner in the firm does not have any income from the firm by way of interest, salary etc. and has only exempt income by way of share in profits of firm then he shall file this form only and not ITR-2.

The form cannot be filed by the Individual who is also earning income from any Proprietorship Firm.

♠ ITR-4

This form can be filed by the Individual or H.U.F. earning income from any Proprietary Business or Profession.

♠ ITR-4S (Sugam)

This form can be filed by the Individual or H.U.F. or Partnership Firm whose Total Income includes;

  • Income from Salary/Pension
  • Income from any one House Property, excluding cases where loss is brought forward from previous year
  • Income from Other Sources (Interest, Dividend etc.)
  • Presumptive Business Income as per section 44AD, 44AE

The form is not for the Individuals or H.U.F. or Partnership Firm whose Total Income includes;

  • Speculative Income
  • Income from winnings from lottery
  • Income from horse races
  • Income from more than one House Property
  • Income exempt in excess of Rs.5,000/-
  • Income from Capital Gains

If there are losses to be carried forward, then also this form is not to be filed.

♠ ITR-5

This form can be filed by a Firm, LLP, Association of Persons, Body of Individuals, Artificial Juridical Person, Co-operative Society or a Local Authority.

♠  ITR-6

This form can be filed by all companies except the companies claiming exemption under section 11.

It is mandatory to file this form electronically and signed through Digital Signature.

♠  ITR-7

This form can be filed by any person who is required to furnish return under sections 139(4A), 139(4B), 139(4C), 139(4D). Following are the eligible persons;

  • News Organisations and Companies
  • Associations that carry out scientific research
  • Medical Institutions such as hospitals, clinics etc.
  • Educational Institutions such as schools, colleges, universities etc.
  • Organisations as mentioned in sections 10(23A) and 10(23B)
  • Individuals obtaining income from property which is in the name of a Trust
  • Individuals receiving income for the sole purpose of Charity or Religious Offerings
  • Political Party earning net income more than the ceiling limit that is exempt from tax

This is all about the different ITR forms released by the Income Tax Department for filing of income tax returns. The above detailed information would be sufficient for selecting the required form without any confusion. So, select the form and file your income tax return, before the due date drops out.

Posted Under

Category : Income Tax (20858)
Type : Articles (10788)
Tags : Income Tax Return (336) ITR (501)
  • Vipul Kumar Gupta

    Sir I would like to add one more point that ITR FORM 4S is also not meant for the persons who are having income in form of commission or brokerage; carrying any profession or any agency business.

    • Sarvam Gupta

      Yes Vipul, you are correct. I missed that point.

  • u s gupta

    May please clarify whether tution given to students from home by housewife comes in the category of business.If yes then which ITR form to be filed as per IT act.

    • Sarvam Gupta

      Tuition given to students by housewife can be treated as business and ITR-4 can be filed for the same.

  • JP

    may please clarify salary arear of March 2002 received in feb 2016. To claim relief u/s 89, This should be counted in financial year 2001-02 or against financial year 2002-03. JP.

    • Sarvam Gupta

      I didn’t get your question.

  • Mangesh

    I Have paid TDS on a flat purchased…. Can i claim refund of the same while filing ITR?