What are the various ITR forms under Income Tax Act?
Income Tax Department prescribes several types of ITR forms based on the nature of income, sources of income, and the category of the taxpayer (individual, HUF, company, partnership, etc).
Filing of correct ITR form on or before the due date specified is a very crucial task for taxpayers to comply with the income tax laws.
The forms are available for download from the official website of the Income Tax Department.
What is ITR forms (Income Tax Return)?
ITR forms, or Income Tax Return forms, are the prescribed forms provided by the Income Tax Department for individuals, businesses, and other entities to report their income, deductions, and taxes.
ITR forms serve as a means for taxpayers to file their income tax returns. These forms require taxpayers to provide details of their income from various sources, deductions claimed, taxes paid, and other relevant financial information.
Types of ITR forms
As of now, Income Tax Department has prescribes seven types of Income Tax Return (ITR) forms. These are the various types of ITR forms applicable for FY 2022-23 (AY 2023-24):
- ITR-1 (Sahaj)
- ITR-2
- ITR-3
- ITR-4 (Sugam)
- ITR-5
- ITR-6
- ITR-7
ITR-1 (Sahaj)
For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5000.
Who can use ITR-1
Resident individual having income (AY 2023-24) from the following sources:
- 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 (such as interest etc., but excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs 5000.
ITR-2
For Individuals and HUFs not having income from business or profession, but having income from salary, house property, capital gains, and income from other sources.
ITR-3
For individuals and HUFs having income from profits and gains of business or profession.
ITR-4 (Sugam)
For individuals, HUFs, and firms (other than LLP) having a presumptive business income and income from salary, house property, capital gains, and other sources.
For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
Presumptive business income – Section 44AD
Presumptive profession income – Section 44ADA
ITR-5
For partnerships, LLPs, AOPs, BOIs (Body of Individuals), estate of deceased, trust, and investment funds.
ITR-6
For companies other than those claiming exemption under section 11 (income from property held for charitable or religious purposes).
ITR-7
For persons including companies required to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) (entities claiming exemption under sections 10, 11, 12, 13A, etc.).
It’s important to note that the availability and applicability of ITR forms may change over time. It is advisable to refer to the official website of the Income Tax Department or consult a practicing chartered accountants, tax professional for the most up-to-date information on ITR forms.
