Income Tax Return- Which ITR Should I File?

As the CBDT has already announced the income tax returns forms for the assessment year 2019-20. Like every year, there are seven ITR forms this year too. Following which all the forms are available on the income tax department's e-filing portal. Whereas, Form 6 is expected to be made available shortly.

Hence, the Income-tax Department has classified taxpayers on the basis of income, source of income and many other factors to ensure easy compliance. Taxpayers having incomes from different sources, thus, have to download and fill different Income Tax Return forms.  In this article, we cover the eligibility of individuals who are supposed to file their income tax return for the FY 2018-19.

Who are eligible to file ITR-1

Following is the list of people who are eligible to file ITR-1 Form. You can easily file your income tax return by registering on incometaxindiaefiling login website.

•    People who are residents can file ITR-1

•    ITR-1 Form should only be filed by individuals who are having an income up to Rs. 5o lakhs.

•    Income can be from salary/Pension

•    One House property

•    Other sources such as interest from bank Account

(excluding winning from lottery and income from Race Horses, Income taxable under section 115BBDA)

Mandatory Requirement:

•    Pan

•    Form 16 issued by employer

•    Form 26AS

•    Aadhaar Number

ITR-2 Form

ITR 2 form can be used by an individual and Hindu Undivided Family (HUF) who is not eligible to file ITR 1 & not earning any income from profit and gains of business or profession.

·         Income from salary/pension

·         Income from House property

·         Income from capital gains

·         Income from other sources (including winning from Lottery, bets on Race Horses and other legal means of gambling)

·         Foreign Assets/Foreign Income

·         Agricultural Income more than Rs 5000 

ITR-3 Form

This form can be fill by the individuals and HUF who are partners in a firm but do not carry business under proprietorship. In addition, if the persons having income from following sources are eligible to file ITR 3:

·         Carrying on a business or profession.

·         The return may include income from House property, Salary/Pension and Income from other sources.

ITR-4 Form

The ITR-4 Form is also known as Sugam Form, this form is applicable for individuals or HUFs who have income from proprietary business or carrying on a profession. You can also use this if you have opted for the presumptive income scheme as per section 44AD, Section 44ADA and section 44AE of the income tax act. You can e-file ITR by electronically as well as offline.

ITR-5 Form

This Form is applicable for a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), estate of deceased, estate of insolvent, business trust and investment fund, cooperative society and local authority.

ITR-7 Form

Any individual including companies falls under Section 139(4A) / 139(4C) / 139(4D). It does not require any attachments to be sent or submitted while filing this form.

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