Income Tax Return Forms

Income tax return forms or ITR forms are categorized in seven different forms. These are ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 and ITR7. When you initiate to file your ITR, the first and foremost thing you have to do is to choose your ITR form accordingly.

ITR-1

ITR Form 1 is applicable to those whose total annual income does not exceed Rs 5000000. And who earn their income by means of
  • i) salary, wages or pension.
  • ii) other sources like interest from SB or FD.
  • iii) income from house property (not more than one). 
NB: If you are a salaried person having total income less than 50 lakh, you need to file ITR 1.

ITR-2

ITR Form 2 applicable to when your income from salary or pension or wages exceeds rupees 50 lakh. It is also applicable to if you possess more than one house property and earn from those. Besides, to show your capital gains or losses, you need to file ITR 2.

ITR-3

ITR Form 3 applicable to taxpayers who earned from business or profession or partnership in the form of salary,  commission, bonus, remuneration, interest, etc.

ITR-4

Income Tax Return Form ITR 4 is used by the individual having income from business and profession with an income of no limit.

ITR-5

You need to file ITR 5 if you are one of the following categories
  • Firms
  • Limited Liability Partnerships (LLPs)
  • Body of Individuals
  • Association of Persons (AOPs)
  • Co-operative Societies
  • Artificial Judicial Persons
  • Local Authorities

ITR-6

Companies, other than companies claiming an exemption under Sec. 11 use form ITR 6 to file their income tax return.

ITR-7

You have to file ITR 7 if you are a Person or even companies who require to furnish return under Section 139(4A); Section 139(4B); Section 139(4C); or Section 139(4D).