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Types of ITR Forms

  • 28th Nov 2019
  • 8,063
Types of ITR Forms

An income tax return form is a document that is filed with the tax authorities. It comprises your earnings, expenditures, and other tax-related details. Income tax returns (ITRs) simplify you to determine your tax liability, pay your taxes, and claim refunds in case you have paid excess tax. There are different types of ITR forms and it is important to know that you need which form to file ITR. The form depends on your income and in certain instances, whether you hold assets in other foreign countries or have international earnings.

Here are the various types of forms:

ITR Form 1

This type of ITR form is also known as ‘Sahaj’. It is filed if you are an individual taxpayer. It is applicable if you:

  • Earn income through salary or pension
  • Earn income from one housing property
  • Do not earn capital gains
  • Do not hold a property abroad
  • Earn only domestic income
  • Earn agriculture income less than INR 5,000
  • Earn income through investments such as fixed deposits
  • Do not earn any windfall income through horse racing or lotteries

ITR Form 2

This type of ITR form is filed if you have earned an income by selling a property or other assets. Moreover, if you earn international income, you need to file ITR 2. The form is also used for Hindu Undivided Family (HUF) taxpayers.

ITR Form 3

ITR 3 applies to an individual as well as HUF taxpayers. If you earn income under the gains or profits from profession or business category, you may use this form to file your ITR.

ITR Form 4

ITR 4 is used by individuals, HUFs, or partnership firms whose income includes the following:

  • Business earnings as per provisions of section 44AD and 44AE
  • Professional income under special provisions of section 44ADA
  • Pension or salary
  • Earnings from a single house property except where loss is carried forward
  • Income from other sources excluding lottery or horse race winnings

ITR Form 5

Firms, local authorities, artificial judicial persons, Body of Individuals (BOIs),Co-operative Societies, Limited Liability Partnerships (LLPs), and Association of Persons (AOPs) use ITR 5 to file returns.

ITR Form 6

Every company, except those that claim exemptions under Section 11 of the Income Tax Act, 1961 needs to file returns using Form ITR 6. Organizations that receive income from property used for religious or charitable purposes are eligible to claim exemptions under section 11. ITR 6 must be filed online.

ITR Form 7

Individuals or companies as described below must file returns using Form ITR 7:

  • Section 139(4A): Individuals earning income from property held for religious or charitable purpose as a trust
  • Section 139(4B): Political parties whose income exceeds non-taxable limits
  • Section 139(4C): An institution or association under section 10(23A), medical or educational institution, scientific research association,news agency, an institution under section 10(23B)
  • Section 139(4D): Institutions, such as universities or colleges whose income returns or losses are not needed as per the provision of this section must file returns using Form ITR 7.
  • Section 139(4E):Must be filed by every business trust that is not required to provide a return of income or loss under other provisions of this section
  • Section 139(4F): Investment funds as per section 115UB must file returns under this section

Now that you have understood the various ITR form types, ensure that you use the correct form to file your returns.

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