Types of ITR Forms- which ITR form should I filed?

Under the Income-tax, there are 5 different types of Income for which a taxpayer files its Income Tax Return (ITR). For different income, there are different forms issued by the Income Tax Department through which a return is filed. Here in this post, we are going to discuss different types of ITR forms through which you can select and file his/her ITR.

Types of ITR Forms

There are a total of 7 types of ITR forms that are used to file income tax returns.

  • ITR 1
  • ITR 2
  • ITR 3
  • ITR 4
  • ITR 5
  • ITR 6
  • ITR 7

Which ITR form to file?

Here are the complete details for Types of ITR Forms and it also shows- ITR to file for salaried person, for business income, for commission income, etc.

ITR Form 1 or SAHAJ

This form is used by an individual taxpayer to file the return and this form is applicable for the individual to have the following Incomes.

  • Income from salary or pension.
  • Income from only one house property.
  • Do not earn any capital gain.
  • Do not have property abroad and earn only domestic income.
  • Earn agriculture income less than Rs. 5000
  • Earn income from other sources (except income from a lottery and from horse races.)
  • The total income generated can be below Rs. 50 Lakhs.

Must Know- Know the Benefits of filing Income Tax Return

ITR Form 2

This form is used by an individual or a Hindu undivided family (HUF) whose total income includes the following incomes.

  • Income from salary or pension.
  • Income from house property.
  • Income from other sources (It also includes winning from lotteries and income from horse races.)

Note- Total income from above 3 should be more than Rs. 50 Lakhs

  • An Individual is a director in a company.
  • Have investments in unlisted equity shares at any time during the year.
  • Being a resident, not an ordinary resident and non-resident.
  • Earn income from capital gain.
  • Have foreign assets and foreign income.
  • Earn agriculture of Rs. 5000 or more.

ITR Form 3

This form is used by an individual or a Hindu undivided family (HUF) whose total income includes income from business or profession and the person has income from the following sources.

  • Income from business or profession.
  • An Individual is a director in a company or a partner in a firm or both.
  • Have investments in unlisted equity shares at any time during the year.
  • The return may also include Income from house property, salary/pension, or other sources.

Also Read- Documents Required for ITR Filing- Income Tax Return Filing

ITR Form 4

This form is used by and individual/HUF or partnership firm whose income includes the following.

  • Have income from Business u/s 44AD or 44AE.
  • Have income from Profession u/s 44ADA.
  • Have income from salary or pension, Income from house property, or income from other sources (except income from a lottery and from horse races.) up to Rs. 50 Lakhs.

Note- If you have any b/f losses or loss to be c/f under any head of income you can’t use ITR form 4.

ITR Form 5

This form of ITR can be used by a person being a partnership firm including LLP, AOP, BOI, any Artificial Judicial Person, Estate of deceased, Estate of insolvent, Business Trusts, and Investment fund.

ITR Form 6

This form is used by companies except registered u/s 11 of the Income Tax ACT 1961. This type of form is only filed electronically.

Must Read- Know how to verify ITR- 6 ways to verify your Income Tax Return

ITR Form 7

This type of ITR form is only used by companies, who required to file there return under the following sections.

  • Section 139 (4A)
  • Section 139 (4B)
  • Section 139 (4C)
  • Section 139 (4D)
  • Section 139 (4E)
  • Section 139 (4F)

After reading the above post, anyone can get an idea about the types of ITR forms and which ITR should someone field!

Some FAQs in relation to Types of ITR forms!

  1. What are different ITR forms?

    There are a total of 7 types of ITR forms that are used to file income tax returns.
    ITR 1
    ITR 2
    ITR 3
    ITR 4
    ITR 5
    ITR 6
    ITR 7

  2. What are the 3 types of Income Tax Return?

    There are total of 3 types of returns which are filed for the purpose of Income Tax- Original return, Revised Return and Bleated Return.

  3. Who can File ITR 5?

    This form of ITR can be used by a person being a partnership firm including LLP, AOP, BOI, any Artificial Judicial Person, Estate of deceased, Estate of insolvent, Business Trusts, and Investment fund.

  4. Who can File ITR 6?

    This form is used by companies except registered u/s 11 of the Income Tax ACT 1961. This type of form is only filed electronically.

  5. How many types of Income are there?

    Under the Income-tax, there are 5 different types of Income for which a taxpayer files its Income Tax Return (ITR). For different income, there are different forms issued by the Income Tax Department through which a return is filed.

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Disclaimer: The information contained in the above article are solely for informational purpose after exercising due care. However, it does not constitute professional advice or a formal recommendation. The author does not own any responsibility for any loss or damage caused to any person, directly or indirectly, for any action taken on the basis of the above article.

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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)

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