Income Tax Return Forms

Which Income Tax Return form to be submitted?

There are as many as 7 Income Tax Forms (ITRs) which are prescribed for different circumstances or situations. Mainly the following factors shall determine which Income Tax Form you will need to use.

1. Type of Person. There are 7 types of Persons under the Income Tax Act, 1961. i.e, Individual, HUF, Firm, Company, AOP/BOI, Local Authority and Other Artificial Juridical Person

2. Source of Income. There are 5 sources of Income under the Income Tax Act, 1961. i.e., Salary, Income from House Property, Business / Professional Income, Capital Gains and Income from Other Sources

3. Amount of Total Income that a person is reporting

4. Type of Business one is receiving income from. i.e., Income from Proprietary Business, Income from Partnership Firm or LLP

5. Type of assessment of Business / Professional Income, i.e., Presumptive basis, Regular basis

6. Are you claiming exemption u/s.11 of the Income Tax Act (normally such exemption is claimed by non for profit organisations who carries on charitable activities)?

7. Are you filing Income Tax Return u/s. 139(4A), 139(4B), 139(4C), 139(4D),  139(4E) or 139(4F)? (These are special types of business like political parties, universities, mutual funds, investment funds, etc.

Based on the above factors, you must choose the prescribed form from the following table.

INCOME TAX RETURNS

ITR Description Online Offline Utility
ITR 1 Individuals having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh Yes Yes
ITR 2 Individuals and HUFs not carrying out business or profession under any proprietorship No Yes
ITR 3 Individuals and HUFs having income from a proprietary business or profession No Yes
ITR 4 Presumptive income from Business & Profession Yes Yes
ITR 5 Persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 No Yes
ITR 6 Companies other than companies claiming exemption under section 11 No Yes
ITR 7 Persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) No Yes

 

Feel free to email us on support@kcjm.in, in case you find difficulties in selecting your own Income Tax Return form.

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