Brief on Applicability of Income tax return (ITR) form for Financial Year (FY 2019-20)/Assessment Year (AY) AY 2020-21

All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of filing the ITR in paper format as well. First step would be to identify the tax return form applicable for an individual taxpayer. On 29th May 2020 CBDT has notified the new ITR forms through Notification No. 31/2020 in exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961. These rules may be called the Income-tax (12th Amendment) Rules, 2020.

Tax Return

ITR 1 – SAHAJ- Who can file and Who Cannot file for FY 2019-20/AY 2020-21

ITR 1 – SAHAJ
Who can file  Who cannot file
a.  An individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 lakh.

b. A resident Indian earning Salary Income

c. Pension Income

d. Income from House Property.

e. Interest Income from Fixed deposit and else

a. Non- resident Individuals

b . Agriculture Income > Rs. 5000

c. Having more than 1 House property

d. Individual who is either Director in a company or has invested in unlisted equity shares of a company

e.  Businessman

f.  Taxpayers having taxable income as dividend from domestic companies, you are not eligible to file ITR-1 form

g. Those with joint ownership of a house property cannot file ITR-1 or ITR-4

ITR 2 – Who can file and Who Cannot file for FY 2019-20/AY 2020-21

ITR 2
Who can file Who cannot file 
a. Individuals and HUF not having Income from Business & Profession.

b.  An Non Resident

c. Having capital gains income

d.  Income from more than one House Property

e. Agriculture income more than Rs.5000/-

a.  Individual who is either Director in a company or has invested in unlisted equity shares of a company.

b. Non Individuals like Company, Firm, LLP, etc.

c. Having Income From Business

ITR 3 – Who can file and Who Cannot file for FY 2019-20/AY 2020-21

ITR 3
Who can file Who cannot file 
a. Individuals & HUF having income from Business & Profession

b.All who cannot file ITR 1 or ITR 2

a. Presumptive Business or Professional income

b. Company, Firm, LLP, Trust, Local Authority, etc.

 

ITR 4 Sugam – Who can file and Who Cannot file for FY 2019-20/AY 2020-21

ITR 4 Sugam
Who can file Who cannot file 
a. Individuals, HUF and Firms (other than LLP) to declare income from Presumptive Business (u/s 44AD, 44ADA, 44AE) being a resident having total income up to Rs.50 Lakh having income from salaries, on house property, other sources (interest etc.) and agriculture income up to Rs.5000/-

b.Professional Income less than Rs.50 Lakhs

c.  Business income less than Rs.2 Crore

a. Business profit less than 6%

b. Professional Profit less than 50%

c.Non Resident

d.Individual who is either Director in a company or has invested in unlisted equity shares of a company.

e. In case of Income from Commission or Brokerage.

f. Those with joint ownership of a house property cannot file ITR-1 or ITR-4 

ITR 5 – Who can file and Who Cannot file for FY 2019-20/AY 2020-21

ITR 5
Applicable for Partnership firm and Limited Liability Partnership firms

ITR 6 – Who can file for FY 2019-20/AY 2020-21

ITR 6 
Applicable to Private and public companies 

ITR 7 – Who can file for FY 2019-20/AY 2020-21

ITR 7 
Applicability

1. Public and Private Trust

2. Political Parties

3. Educational Institutions

4.  Business Trust and Investment Fund 

Author Bio

Qualification: CA in Practice
Company: G A Mehta And Associates
Location: Mumbai, Maharashtra, IN
Member Since: 26 Dec 2019 | Total Posts: 3

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11 Comments

  1. Atiuttam Singh says:

    Working in private company .Income less than 50 L. Two house property jointly with wife. One self occupied other parents staying. Which ITR form should I fill.

  2. Atiuttam Singh says:

    I am working in a private company with income less than 50 L. Have two houses jointly with my wife. One self occupied and other by parents. . Till last year I use to show one house as self occupied and for other income as per local rent. Repaid Loan for both properties. Do I need to show notional income from 2nd property?

  3. Subhash Kulkarni says:

    Earlier I had not subscribed for your portal news… Now I have ……

    I have income from only my fixed deposits and no other source. Which ITR form should I use…?

  4. Sharad Kumar says:

    I have one house in my name and there is no income from this house
    I have another house jointly owned by me and wife. Wife name is in 1st place. We have some rental income from this property.
    we have some income from pension / salary .
    which ITR IS TO BE FILLED for AY 20-21

  5. Lenin DSouza says:

    I am dealing in equity and MFs and I have loses from previous years and also current year. I also have income from bank FDs. Total income less than 20 lacs. I understand I need to file ITR 2. Am I right. If so ITR 2 form is still not available. Also 26AS form from TRACES is not uptodate. What I should be doing?

  6. Sita Phitkariwala says:

    Sir, your article is very informative but I have a confusion. Basically I am a housewife having income from rent, interest, mutual fund and OPTION TRADING(Ist time during F Y 2019-20) in shares. For A Y 2020-21 which ITR form will be applicable to me and am I required to get my accounts audited by a practising Chartered Accountant?

    1. Baibhav kumar says:

      You will have to file itr 3.if your turnover from future and option exceed 1 crore then tax audit will applicable else not required.

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