Types of ITR Forms and Their Applicability
Everybody i.e. Individual, Hindu undivided family(HUF), partnership firms, LLP, trusts and companies are required to file income tax returns. Every individual whose total income is more than Rs. 2, 50,000 per year should file their returns. Therefore it’s important for everybody to know how to file them.
Income tax return (ITR) forms are forms found online in the form of excel asking for taxpayer’s personal details, income details, investments made, etc. to calculate the tax needed to be paid by them. There are 7 different forms for different people. ‘
Below is the list provided that can help choose which form is the best for taxpayer as per their type of income.
ITR 1 – It is for Individuals and HUFs, who stay more than 6 months in India, have total income up to Rs. 50 lakhs, have income from salary, one house property, income from other sources (interest, brokerage, etc.) and agricultural income up to Rs. 5000. Any other income cannot be filed here. Also it is not for NRIs.
ITR 2 – It is for Individuals and HUFs who do not have any business or profession. All types of income except income from business or profession can be filed here.
ITR 3 – Every individual and HUFs having any type of income can file this form.
ITR 4 – It is for individuals, HUFs, and Firms (other than LLP) having total income up to Rs. 50 lakhs, who has applied for Sec 44AD, 44ADA or 44AE.
ITR 5 – It is for someone other than individual, HUF, company and person filing ITR 7.
ITR 6 – It is for all companies except companies claiming exemption under sec 11.
ITR 7 – It is for persons including companies who are required to file their returns under section 139(4A), 139(4B) 139(4C) and 139(4D) of Income tax act.
Q1. I am an individual. I am confused which form to file?
ITR 3 can be filed by any individual irrespective of their type of income.
Q2. How many forms can one file in a year?
Just one. That’s why it’s important to know which form suits as per your income type.