The due date for filing your income tax return (ITR) is fast approaching. You must know which Income Tax Return Form is to be filed. There are seven different type of Income Tax Return Form for corporate and non-corporate tax payer.

S.No Description Form
1 For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares) ITR1
2 For Individuals and HUFs not having income from profits and gains of business or profession ITR2
3 For individuals and HUFs having income from profits and gains of business or profession ITR3
4 For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares) ITR4
5 For persons other than:-

(i) Individual,

(ii) HUF,

(iii) Company and

(iv) Person filing Form ITR-7

ITR5
6 For Companies other than companies claiming exemption under section 11 ITR6
7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) ITR7

The corporate tax payer takes consultancy of professional and these professional helps corporate to choose correct Return Form. But for non-corporate tax payers it is very difficult (especially Individual) to determine which ITR form he/she should choose to file Return. Since choosing and filing income tax return in incorrect form leads to rejection of return.

Now a days everyone knows about Form-26ВS and before filing return it is very important to download Form 26 AS and check TDS credit.

This Article is going to provide information to Individual Tax payer who is either in employment, carry small business or profession , Pensioners or won some lottery money (like under Dream 11 game) about which Return he/she should choose after downloading of Form 26AS.

Form 26AS is basically a consolidated tax credit statement that has all details of various taxes deducted on your income at source. You can access Form 26AS from the tax department’s website. By logging in net banking, you may also download Form26AS. “Form 26AS is the tax passbook which enlists the detail of taxes deposited on account of taxpayer during the financial year. These taxes can be in form of TDS (tax deducted at source), TCS (tax collected at source), advance-tax and self-assessment tax. A taxpayer can check from his Form 26AS whether the payer has actually deposited the TDS amount with the government.

A Form-26AS contains followings basic information about Deductor

1. Name and TAN (Tax Identification Number) of Deductor

2. Section under which TDS is deducted

3. Amount on which TDS is deducted

4. Amount of TDS

These, above information may help to decide which form one should choose to file ITR. The below will explain you : –

S.No If TDS is deducted
under section
Type ITR form to be used for filing of Return
1 192 ITR1
2 192A ITR1
3 194A ITR1
4 194B, 194BB ITR2
5 194C ITR3
6 194D ITR3
7 194H ITR3
8 194I ITR3 (if TDS rate 2%)

ITR1 (if TDS rate 10%-considering that tax payer has only one home which he letout)

9 194J ITR3

If Form-26AS has more than one section under which TDS is deducted then choose as per below table

S.No Section under which TDS is Deducted Type ITR form to be used for filing of Return
1 192,192A and194A ITR1
2 192,192A,194A and 194I ITR1

(if TDS rate is 10% u/s 194I considering that tax payer has only one home which he letout)

3 If deducted u/s
194C/194J/194H/194D with combination of any other section
ITR3
4 If deducted u/s 194B,
1 94BB with combination of section a stated in point 1 & 2 above
ITR2

Please note below too while filing of ITR

1. If an individual (in job) have income more than Rs.50 Lakhs then choose ITR2

2. If an individual (in job) also have income from sale of shares or debenture then choose ITR2

3. If an individual carries a business or profession and go under presumptive taxation then ITR4

4. If an individual (in job) and form-26AS have tax credit in form Tax collection at source collected u/s 206C then choose ITR1.

5. This article is only informative in nature and wishes that tax payer should file Return in correct Form in large number

6. Please correlate Income Tax Act,1961 and department instruction for filing of ITR before relying on this article or take help of consultant in case of any confusion or clarity

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3 Comments

  1. GANDHI MOHAN BHARATI says:

    There are many omissions like being a Director in a Company or holding unlisted shares etc. Very incomplete article and a very poor attempt to explain

    1. Dinesh KUmar says:

      Dear Mohan
      Thanks for reading this Article. But it is very disappointing that you did not go through entire article that’s why you made such adverse comment.
      This article is not exhaustive and it is very difficult to make this in such way that it would be fitted for everyone.
      you are welcome to add scenarios for benefit of readers.

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