Income Tax Return refers to a form where every assessee is supposed to show their annual income along with taxes paid during the year. This article provides a detailed overview of the seven types of Income Tax Return (ITR) forms currently available. Each form is described along with its applicability, heads of income, and any specific limits associated with it. By understanding these forms, taxpayers can effectively report their annual income and taxes paid, ensuring compliance with tax regulations.
There are total 7 types of ITR forms available currently and they are:
| ITR Forms | Applicable in case of | Heads of Income | Limits (if any) |
|
ITR-1 (Sahaj) |
Resident individual, having salaried income including income from one house property, agriculture income, pension and income in nature of interest (from saving bank, deposits, income tax, etc) | · Income from Salaries
· Income from House Property · Income from Other Sources |
Total income should not exceed Rs 50 lakh. |
|
ITR-2 |
Individuals or HUF who are not eligible for filing ITR-1 | · Income from Salaries
· Income from House Property · Income from CG · Income from Other Sources |
Not Applicable |
|
ITR-3 |
Individuals or HUF who have income from PGBP | · Income from House Properties
· Income from Salaries · Income from PGBP · Income from CG · Income from OS |
Not Applicable |
|
ITR-4 (Sugam) |
Individuals/ HUF/ Firm (other than LLP) who have income from PGBP computed u/s 44AD, 44ADA or 44AE, including income from one house property, agriculture income, pension and income in nature of interest (from saving bank, deposits, income tax, etc) | · Income from Salaries
· Income from House Property · Income from Other Sources · Income from PGBP (Calculated on presumptive basis) |
Total income should not exceed Rs 50 lakh. |
| ITR-5 | Firms, LLP, AOP, BOI, AJP | · Income from House Properties
· Income from Salaries · Income from PGBP · Income from CG · Income from OS |
Not Applicable |
| ITR-6 | Companies registered under the Companies Act 2013 or the earlier Companies Act 1956, except companies claiming deduction under sec 11. | · Income from House Properties
· Income from Salaries · Income from PGBP · Income from CG · Income from OS |
Not Applicable |
| ITR-7 | Other than above mentioned entities (for e.g. 139(4A), 139(4B), 139(4C), 139(4D), trust, etc.) | · Income from House Properties
· Income from Salaries · Income from PGBP · Income from CG · Income from OS |
Not Applicable |
Conclusion: By familiarizing themselves with the different ITR forms and their applicability, taxpayers can fulfill their income tax obligations accurately and efficiently. Choosing the correct form based on their income sources ensures compliance with tax regulations and helps in maintaining a smooth tax filing process.
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