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➤➤Income Tax Form Filing

TR – 1

  • ITR-1 can be filed only by an ordinarily resident individual whose total income is Rs 50 lakh or less. This ITR form can be used to report income from salary, one house property, residuary income (interest, etc.), and agricultural income up to Rs 5,000

ITR – 2

  • Income tax Department has categorized taxpayers on the basis of income, source of income and many other factors to ensure easy compliance. Taxpayers having incomes from different categories, thus, have to download and fill different Income Tax Return forms. For instance, the ITR-2 Form is for individuals and HUFs not carrying any profession or business.

ITR – 3

  • The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. … Return may include income from House property, Salary/Pension and Income from other sources. Income of a person as a partner in the firm

ITR – 4

  • ITR-4 is to be used by an individual/ HUF/ Partnership Firm whose total
  • income for the assessment year 2018-19 includes: –
  • Business income where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of
  • the Act for computation of business income; or


➤➤Who Should File ITR-4?

  • 1 Income from Profession where such income is computed in accordance with special provisions referred to in sections 44ADA; or
  • 2 Income from One House Property (excluding cases where there is brought forward loss or loss to be carried forward under this head); orv
  • 3. Salary/ Pension; or
  • 4 Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

ITR – 5

  • ITR 5 Form can be used by Firms, Limited Liability Partnerships (LLPs), Association of Persons(AOP) and Body of Individuals (BOIS), Artificial Juridical Person, Cooperative society and Loc, subject to the condition that they do not need to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D)  (i.e., Trusts, Political party, Institutions, Colleges, etc.). Individuals, HUFs (Hindu Undivided Families), Companies are not eligible to use the ITR 5 Form.

ITR – 6

  • ITR Form 6 or ITR 6 is an income tax return form that is used by companies to e-file income tax return if they do not claim exemption under Section 11 of the Income Tax Act, 1961. Under existing Income Tax rules, companies that can claim exemption u/s 11 are those who have income from property that is held for charitable or religious purposes.

ITR – 7

  • It is a moral duty of every organization and taxpayer to file an income tax return and pay the taxes. Recently the budget 2020 income tax amendments have stated that the ITR is important to be filed in case the electricity bill is more than 1 lakh and more than 2 lakh for foreign travel expense. The income tax return form 7 is to be filed by all the Charitable /Religious trust u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D). These organizations have to file the form for claiming the exemptions.
  • Any taxpayer can use ITR-7 Form for filing Income Tax Return if they file as a Trust, Company, Firm, Local authority, Association of Person (AOP) or Artificial Judicial Person and claims exemption under Section 139 (4A), Section 139 (4B), Section 139 (4C)or Section 139 (4D).


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