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7 Types of ITR forms and ExplanationITR-1 or SAHAJ
This form must be used by resident Indians who fall under the :
Income is generated from a pension or salary
Income is generated from a single house property. However, in case the losses have been brought forward from the previous
The total income that is generated can be a maximum of Rs.50 lakh.
Income that has been generated from other sources such as winning horse races, lottery, etc.
Who cannot opt for this form?
Individuals who fall under the below-mentioned categories cannot opt for ITR-1:
In case the total income that has been generated is more than Rs.50,000.
In case individuals have capital gains that are taxable.
In case income is generated from more than one house property.
During the financial year, if any investments were present in unlisted equity shares.
In case you are a Non-Resident Indian (NRI) and Resident Not Ordinary Resident (RNOR).
In case income that is generated from agriculture is more than Rs.5,000.
In case income is generated from profession or business.
In case the individual is the director of a company.
In case any income is generated from a property that is located outside India.
In case an individual has foreign assets or foreign income.
ITR-2
ITR-2 form must be used by individuals and Hindu Undivided Families (HUFs) who fall under the below-mentioned categories:
Income of the individual must be more than Rs.50 lakh.
Income can be generated via a pension or from salary.
Income that is generated from house property.
Income that is generated from winning a lottery or horse races.
In case the individual is the Director of a company.
Agricultural income of the individual is more than Rs.5,000.
Income has been generated from capital gains.
In case any investments were present in equity shares that were unlisted during the financial year.
Income is generated from foreign income and foreign assets.
Who cannot opt for this form?
Individuals who make an income from profession and business can opt for the form.
ITR-3
, they must opt for ITR-4. However, Limited Liability Partnerships (LLPs) cannot opt for this form. Individuals who have also chosen the presumptive income scheme according to Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act 1961, should also opt for this form.
Who cannot opt for this form?
The below-mentioned individuals and HUFs are not allowed to opt for ITR-4:
In case the total income that has been generated is more Rs.50 lakh.
In case the individual has a signing authority at a place that is not located in India.
In case any investments are present in equity shares that are unlisted at any time during the financial year.
In case individuals have foreign assets or have generated a foreign income.
In case the income has been generated from more than one house property.
In case the individual is a Director of a company.
In case the individual is a non-resident or an RNOR.
ITR-5
Investment funds, Business trusts, Estate of insolvent, Estate of deceased, Artificial Juridical Person (AJP), Body of Individuals (BOIs), Associations of Persons (AOPs), LLPs, and firms must opt for ITR-5 form.
ITR-6
ITR-6, For any companies that are not claiming exemptions under Section 11, this form must be chosen. Companies that are filing returns under this section can only do it electronically.
ITR-7
ITR-7, Individuals and companies that have furnished returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E), or Section 139(4F) must opt for this form.
