ITR Form

What is Income Tax Return Form?

The Income tax return form is used to file taxes and report the income to the income tax department. Individuals as well as organisations use it. There are seven types of ITR forms, and each is dependent on various factors, including income amount, source, and taxpayer category.

Choosing the correct type of form is essential while filing the ITR. It is essential to file your ITR before the due date each year; otherwise, penalties and interest will be imposed on your ITR.

Different types of ITR forms

The different types of ITR forms and their applications are explained below:

ITR-1 or SAHAJ

ITR Form 1 is filled by resident individuals who earn up to 50 lakhs annually. It does not include HUFs or companies.

ITR-2

This form is filed by individuals and the Hindu Undivided families of India who do not have income from any profession or business.

ITR-3

ITR Form 3 is for resident Indians and Hindu Undivided Families who earn income from a business or profession.

ITR-4 or Sugam

The ITR-4 form is also known as Sugam, and it is used by individuals, HUFs, and firms (except LLPs) who have applied for the presumptive income scheme under the IT Act.

ITR-5

The ITR-5 form is for all entities, excluding individuals, HUFs, companies, and those filing ITR-7. Primarily, it applies to LLPs, partnership firms, AOPs, BOIs, and similar entities.

ITR-6

ITR 6 form is filed by companies other than those that are claiming exemption under section 11 of the Income Tax Act.

ITR-7

The ITR form applies to individuals or companies required to file it under Section 139 (4A, 4B, 4C, or 4D).

There are several other forms, such as Form 16, Form 26AS, Form 10-IEA, and Form 10B, which need to be filed under specific conditions.