Income Tax Returns
- Inclusive Of Govt. Fees
Person liable for filing of Income Tax Return
Every person –
– being company or firm
– being person other than company or firm, if its total income exceeding basic exemption limit.
Types of IT Return :
ITR 1 –
– Resident Individual and HUF having Income less than 50 Lakhs from following sources
* Income from Salary / Pension
* Income from Other Sources (Excluding Income from winning lottery and Income from Horse Races)
* Income from One House Property (excluding brought forwarded loos from previous year)
* Income from Agriculture upto Rs 5,000/-
ITR 2 –
– ITR 2 is available for Individual or HUF covering following incomes.
* Income as declared in ITR 1 crossing Rs 50 Lakhs
* Income from more than one House Property
* Income from Other Sources – Income from winning Lottery and Income from Race Horses.
* Income of a Person who is resident but not ordinary resident (RNOR) and non-resident (NR)
* Income from Capital Gains
* More than One House Property
* Foreign Income / Foreign Asset
* Person Holding Directorship in Company
* Person who has invested in Unlisted Shares
* Agriculture Income more than Rs 5,000/-
ITR 3 –
– ITR 3 is to be used by an individual or a HUF who have income from proprietary business or are carrying on profession including following,
* All Income as declared in ITR 2
* Income of a Person as a Partner in Firm
* Income from Business & Profession
ITR 4 –
– ITR 4 apply to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income include,
* Business income according to the presumptive income scheme under section 44AD or 44AE
* Professional income according to presumptive income scheme under section 44ADA
* Income from salary or pension up to Rs.50 lakh
* Income from one house property, not more than Rs.50 lakh (excluding the amount of brought forward loss or loss to be carried forward)
* Income from other sources having income not more than Rs.50 Lakh (excluding income from lottery and race-horses )
Total income should be less than 50 Lakhs
ITR 5 –
– Applicable to Firm
LLP
APO
BOI
Artificial Juridical Person (AJP)
ITR 6 –
– Applicable to Company not claiming deduction under section 11
ITR 7 –
– Applicable to Person and Company under
* 139(4A)
* 139(4B)
* 139(4C)
* 139(4D)
Summary Table
| ITR Form | Applicable to | Salary | House Property | Business Income | Capital Gains | Other Sources | Exempt Income | Lottery Income | Foreign Assets / Foreign Income | Carry Forward Loss |
|---|---|---|---|---|---|---|---|---|---|---|
|
ITR 1 / Sahaj |
Individual, HUF(Residents) |
Yes |
Yes (One House Property) |
No |
No |
Yes |
Yes (Agricultural Income less than Rs 5,000) |
No |
No |
No |
|
ITR 2 |
Individual, HUF |
Yes |
Yes |
No |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
ITR 3 |
Individual or HUF, partner in a Firm |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
ITR 4 |
Individual, HUF, Firm |
Yes |
Yes(One House Property) |
Presumptive Business Income |
No |
Yes |
Yes (Agricultural Income less than Rs 5,000) |
No |
No |
No |
|
ITR 5 |
Partnership Firm/ LLP |
No |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
ITR 6 |
Company |
No |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
|
ITR 7 |
Trust |
No |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |
Yes |