Types of ITR

What is ITR?

Answer: ITR stands for "Income Tax Return." It is a document that individuals and businesses are required to file with the tax authorities to report their income, deductions, and other financial information for the purpose of calculating and paying income tax. The specific format and requirements for filing an ITR may vary by country, but it is a common practice in many places to ensure that taxpayers fulfill their tax obligations.

ITR

---

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

In India we have 7 different types of ITR that an individual, company & Non-company can file.

ITR-1 (SAHAJ)

Who can apply this:

1. Individual having net income up to 50 lakhs.
2. Salary or Pension employe.
3. Have One House Property.
4. Get Interest, Dividend etc.
5. Agricolture income up to 5,000 INR.

Not Eligible If you

1. Are a Director in a company.
2. has held any unlisted equity shares at any time during the previous year.
3. has any asset (including financial interest in any entity) located outside India.
4. has signing authority in any account located outside India.
5. has income from any source outside India.
6. Are a person in whose case tax has been deducted u/s 194N.
7. Are a person in whose case payment or deduction of tax has been deferred on ESOP.
8. who has any brought forward loss or loss to be carried forward under any head of income.

ITR-2

Who can apply this:

1. Individual or HUF(Hindu Undivided Family)
2. Not have income as head of a Business or profession
3. Who not eligible for ITR-1

ITR-3

Who can apply this:

1. Individual or HUF(Hindu Undivided Family)
2. Have income as head of a Business or Profession
3. Who is not eligible for ITR-1, ITR-2, ITR-4

ITR-4 (SUGAM)

Who can apply this:

1. Individual or HUF(Hindu Undivided Family) or Firm (other then LLP) income up to 50 lakhs.
2. Salary or Pension employe
3. Have One House Property
4. Get Interest, Dividend etc.
5. Agricolture income up to 5,000 INR.
6. Income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE)

Not Eligible If you

1. Are a Director in a company.
2. has held any unlisted equity shares at any time during the previous year.
3. has any asset (including financial interest in any entity) located outside India.
4. has signing authority in any account located outside India.
5. has income from any source outside India.
6. Are a person in whose case tax has been deducted u/s 194N.
7. Are a person in whose case payment or deduction of tax has been deferred on ESOP.
8. who has any brought forward loss or loss to be carried forward under any head of income.

ITR-5

Who can apply this:

1. Firm
2. Limited Liability Partnership (LLP)
3. Association of Persons (AOP)
4. Body of Individuals (BOI)
5. Artificial Juridical Person (AJP) referred to in clause (vii) of Section 2(31)
6. Local Authority referred to in clause (vi) of Section 2(31)
7. Representative Assessee referred to in Section 160(1)(iii) or (iv)
8. Cooperative Society
9. Society registered under Societies Registration Act, 1860 or under any other law of any State
10. Trust other than Trusts eligible to file Form ITR-7
11. Estate of Deceased Person
12. Estate of an Insolvent
13. Business Trust referred to in Section 139(4E)
14. Investments Fund referred to in Section 139(4F)

ITR-6

Who can apply this:

1. Foreign Company
2. Indian Company
3. Body corporate incorporated by or under the laws of country outside India Any institution, association or body, whether incorporated or not and whether Indian or Non-Indian which is declared by general or special order of the Board, to be Company, etc.

ITR-7

Who can apply this:

1. Person, Non company & Local Authority
2. Income derived from Property held under Trust wholly / in part for charitable or religious purposes
3. Chief Executive Officer of every Political Party
4. Various entities like Research Association, News Agency, etc. mentioned in Section 10 139(4D) – University, College or other Institution referred in Section 35