Income Tax ReturnsIncome Tax Return is the form in which an assessee files information about his Income and tax thereon to Income Tax Department.

Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
When you file a belated return, you are not allowed to carry forward certain losses.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year.

These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.


Which ITR Should I File?Once you figure out which ITR you need, click on the links below to learn more about them.

 Income tax returns (ITR) e-filing

ITR-1 OR SAHAJ

This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:-

  • Income from Salary/ Pension; or
  • Income from One House Property (excluding cases where loss is brought forward from previous years); or
  • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

ITR-2A

This tax return form has been discontinued in FY 2016-17.If you have filed ITR 2A in FY 2015-16, then you should file ITR 2 now for FY 2016-17.

ITR-2

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2017-18 includes:-

  • Income from Salary/Pension;
  • Income from House Property;
  • Income from Capital Gains;
  • Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
  • Income of a person as a partner in the firm
  • Foreign Assets/Foreign income
  • Agricultural income more than Rs 5,000
Further, in a case where the income of another person like one’s spouse, child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

ITR-3

The old ITR-4 tax form has been renamed ITR-3. If you’ve e-filed an ITR-3 for FY 2015-16, then you must file an ITR-2 now.
The Current ITR3 Form is to be used by an individual or an Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3 :
  • Carrying on a business or profession
  • Return may include income from House property,Salary/Pension and Income from other sources

ITR-4 S or Sugam

This tax return form has been discontinued in FY 2016-17.If you have filed ITR 4S in FY 2015-16, then you should file ITR 4 now for FY 2016-17.

ITR-4

The old ITR-4S tax form has been renamed ITR-4. If you’ve e-filed an ITR-4 for FY 2015-16, then you must file an ITR-3 now.
The current ITR 4 is applicable to individuals and HUFs having income from a business or profession and who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crores, the tax payer will have to file ITR-3.

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)
This return has to be filed electronically only.

ITR-7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

  • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
  • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
  • Return under section 139(4C) is required to be filed by every –
    • scientific research association;
    • news agency ;
    • association or institution referred to in section 10(23A);
    • institution referred to in section 10(23B);
    • fund or institution or university or other educational institution or any hospital or other medical institution.
  • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

ITR-CHART

ITR FormApplicable to SalaryHouse PropertyBusiness IncomeCapital GainsOther SourcesExempt IncomeLottery IncomeForeign Assets/Foreign IncomeCarry Forward Loss
ITR 1 / SahajIndividual, HUFYesYes(One House Property)NoNoYesYes (Agricultural Income less than Rs 5000)No NoNo
ITR 2AIndividual, HUFYesYes(More than One House Property)NoNoYesYesYesNoNo
ITR 2Individual, HUFYesYesNoYesYesYesYesYesYes
ITR 3Individual or HUF. partner in a FirmYesYesNoYesYesYesYesYesYes
ITR 4SIndividual, HUFYesYes(One House Property)Presumptive Business IncomeNoYesYes (Agricultural Income less than Rs 5000)NoNoNo
ITR 4Individual, HUFYesYesYesYesYesYesYesYesYes
ITR 5Partnership Firm/ LLPNoYesYesYesYesYesYesYesYes
ITR 6CompanyNoYesYesYesYesYesYesYesYes
ITR 7TrustNoYesYesYesYesYesYesYesYes

Income Tax E-Filing with Solution MantraThe Solution Mantra platform automatically detects the ITR you need to file on the basis of your income sources


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