ITR-1 Form Filing

ITR-1 SAHAJ form is the most widely used form by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.

Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

ITR-2 Form Filing

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Residents to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.

Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

ITR-3 Form Filing

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

ITR-4 Form Filing

he ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

ITR-5 Form Filing

ITR-5 Form can be used by Firms, Limited Liability Partnerships(LLPs), Association of persons(AOPs) and Body of Individuals(BOIs), Artificial Juridical Person, Cooperative society and Local authority, provided they are not required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., Trusts, Political party, Institutions, Colleges, etc.).

Individuals, HUFs (Hindu Undivided Families), Companies cannot use the ITR-5 Form.

ITR-6 Form Filing

ITR-6 Form can be used only by Companies. Only companies that are not claiming exemption under section 11 (Income from property held for charitable or religious purposes) can use the form to file their Tax Returns with the Income Tax Department of India.

ITR-7 Form Filing

ITR-7 Form can be used by Companies, Firms, Local authority, Association of Person (AOP) and Artificial Judiciary Person that are claiming exemption as one the following :

Charitable /Religious trust under Section 139 (4A)
Political party under Section 139 (4B)
Scientific research institutions under Section 139 (4C)
University or Colleges or Institutions or Khadi and Village industries under Section 139 (4D)