CBDT has already released new ITR Forms. One can file the ITR now. While, Individuals are due to file their ITR by 31st July. Corporate entities are to file by 30th September.
The big question is which form should one use according to their status, income level, sources of income etc. Here, we discuss about all the forms to let taxpayers use the correct form to file.
These ITR Forms are related for assessment year 2019-20 only i.e. it is only related to the income earned during the financial year 2018-19.
Who can use this form?
Any person who is a resident having total income up to Rs 50 lakhs and has income under the following heads:
can file ITR under this form.
Who cannot use this form?
This form cannot be used by an individual who has income from any of the following:
Further, this form cannot be used by the following Individuals who:
Also, an individual who has claim of loss/deduction/relief/tax credit of following nature cannot use the Sahaj form:
Who can use this form?
The form can be used by any Individual or HUF who is not eligible to file ITR-1 (Sahaj) and does not have any income under the head Profits and gains from business or profession.
Who cannot use this form?
This form cannot be used by any person who has an income under head Profits and gains from business or profession.
Who can use this form?
The return form can be used by resident individual or HUF or a firm excluding LLP, whose total income is not more than Rs. 50 lakh and who has income under the following heads:
Who cannot use this form?
This form cannot be used by a person who has income from any of the following:
Further, this form cannot be used by persons who:
Also, an individual who has claim of loss/deduction/relief/tax credit of following nature cannot use the Sahaj form:
Who can use this form?
This form can be used by an individual or HUF who has income under head Profits and gains of business or profession and who is not eligible to file form ITR-1 (Sahaj), ITR-2, ITR-4 (Sugam)
This form can be filed by companies other than companies claiming exemption u/s 11
This form can be used by any person-
1. Who is in receipt of income from property held under trust or any charitable or religious purpose.
2. Which is a political party if the total income exceeds the maximum amount which is not chargeable to tax
1. Scientific Research Association
2. News agency
3. Association or institution u/s 10(23A) or 10(23B)
4. Any find or educational/ medical institution.
This form can be filed by any person other than-
1. Individual
2. HUF
3. Company
4. Person filing Form ITR-7
A summary table for better understanding-
Name of form | Who can use | For income |
ITR-1 (Sahaj) | Resident individual having income up to Rs. 50 lakhs | Salary/pension One house property Other sources |
ITR-2 | Resident individual of HUF not eligible to file ITR-1 | Salary/Pension One House property Other sources Capital gains |
ITR-3 | Resident individual or HUF not eligible to file ITR-1, ITR-2, ITR-4 | Salary/Pension One house property Other sources |
ITR-4 (Sugam) | Resident individual or HUF, Resident firm excluding LLP having income up to Rs. 50 lakhs | Presumptive income Salary/Pension One house property Other sources |
ITR-5 | Any person other than individual, HUF, company, person filing form ITR-7 | All incomes |
ITR-6 | Companies except those claiming exemption u/s 11 | All incomes |
ITR-7 | Person eligible to file return u/s 139(4A), 139(4B), 139(4C) and 139(4D) | Charitable property Political party Scientific research association News agency Educational/medical institution |
Disclaimer: The above post is only for the purpose of academic discussion and should not be construed as any legal opinion in any matter whatsoever.
(The author is a CA in practice at Delhi and can be contacted at: E-mail: [email protected], Mobile: +91-9811741451)
Income from + business of individual / HUF is to be shown in form 3, same is not mentioned.