A Summary Of Seven Income Tax Return (ITR) Forms And Who Can Use Them

A Summary Of Seven Income Tax Return (ITR) Forms And Who Can Use Them

In order to ease tax compliance, the Income Tax department has introduced pre-filled Income Tax Return (ITR) forms for certain class of taxpayers. There are seven ITR forms available to file returns, out of which four are currently available in pre-filled XML format. Other ITR forms will be available in pre-filled format shortly, according to the I-T department’s website – incometaxindiaefiling.gov.in. The tax department has, however, advised the taxpayers to verify the pre-filled data carefully and add any other taxable income which is not pre-filled. The last day for filing Income Tax Return (ITR) for assessment year 2019-20 is July 31. (Also read: How To File ITR)

Given below are key things to know about Income Tax Return (ITR) forms for assessment year 2019-2
The forms for filing of income tax return are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. ITR 1, also known as Sahaj, is available for individuals who is a resident (other than not ordinarily resident) having total income up to Rs. 50 lakh, having Income from salaries, one house property, other sources (interest etc.), and agricultural income up to Rs. 5,000., according to Income Tax’s website.

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ITR-2 is available for individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.

ITR-3 is available for individuals and HUFs having income from profits and gains of business or profession. ITR-4, also known as Sugam, is available for Individuals, HUFs and firms (other than LLP) being a resident having total income up to Rs. 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE under Income Tax Act. LLP or limited liability partnership is a partnership in which some or all partners have limited liabilities.

ITR-5 is available for persons other than individual, HUF, company and person filing Form ITR-7.

ITR-6 is available for companies other than companies claiming exemption under section 11 of Income Tax Act. ITR-7 is available for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only under Income Tax Act.

Source:-ndtv

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