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Types of Income Tax returns (ITR)Forms

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ITR1 ( Sahaj)

Applicable to any Resident Individual other than not ordinary resident having income from Salary/Pension or Family Pension or Income from only one House Property or Income from Other Sources and having total income upto Rs. 50 lakhs. This return form cannot be used by an individual, whose total income for A.Y. 2018-19 includes:-

  1. Winning from lottery, race horses.
  2. Anyone having Foreign Assets.
  3. Agricultural Income in excess of ?5,000/-.
  4. Income under the head “Capital Gain”.
  5. Income from Business or Profession.

ITR-2:

This Form is to be used by an Individual or a Hindu Undivided Family who is not having any income from Business or Profession and who is not eligible to file Sahaj (ITR-1), whose total income for the A.Y. 2018-19 includes:

  1. Income from Salary/Pension; or
  2. Income from House Property; or
  3. Income from Other Sources including Winnings from Lottery and Income from Race Horses
  4. Income from Capital Gains;
  5. Income of a person as a partner in the firm
  6. Foreign Assets/ Foreign Income.
  7. Agricultural Income More than 5000/-
  8. Further,In a case where the income of another person like one’s spouse,child,etc.is to be clubbed with the income of assessee,this return form can be used where such income falls in any of the above categories.

ITR-3

This form is to be used by an Individual or a Hindu Undivided family who has income from business/profession.Return may include Income from other sources .

ITR-4 (Sugam)

An Individual or a Hindu Undivided Family or a Firm other than LIP (limited liability partnership firm) has income from Profits or Gains of Business or Professions and presumptive income computed in accordance to section 44AD, 44ADA and 44AE of the Income Tax Act.

  • A small business having turnover less than Rs.2 Crores may opt for the scheme u/s.44AD and declare the profits at 8% of gross receipts (6% in case of digital receipts which may be either full or part then to the extent of part).
  • A resident individual carrying out legal, medical, engineering, or architecture, accountancy, Technical Consultancy, or Interior Decorator engaged in the above professions is eligible for presumptive income scheme u/s.44ADA, if his gross receipts do not exceed Rs.50 lakhs, and declare 50% of gross receipts as his income.
  • Business deriving Income from a business of plying, leasing or hiring trucks on account of heavy goods vehicle, owning not more than 10 goods carriages at any time during the year (including carriages taken on hire purchase or on installments) are also eligible to file return under Presumptive Tax Scheme, the taxable total income will be assumed at Rs 7,500 per month or part of a month for each vehicle.

ITR-5

This form can be used by a person being a firm, LLPs, AOP, BOI, Artificial Juridical Person referred to in section 2(31 ) (vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 1 39(4B) or 1 39(4C) or 1 39(4D) shall not use this form.

ITR-6

Companies not claiming exemptions from income tax u/s.1 1 or being Charitable Institutions which are required to file in ITR-7.

ITR-7

All Persons including companies who required to furnish return u/s 139 (4A) or 139 (4B) or 139 (4C) or 139 (40D) or 139 (4E) or 139 (4F) use this Form to file their return of income.

To access the various Income Tax Returns, the taxpayer needs to follow the below mentioned steps.

Step1 : Visit the Income Tax website www.incometaxindiaefiling. gov.in / home

Step 2: Click “Offline Utilities” under “Downloads” tab

Step 3: Click “Income Tax Return Preparation Utilities”

Step 4: Choose Assessment Year

Step5: Click on “Excel Utility” for downloading the XML file for the desired ITR

Step 6: Extract the downloaded file, fill the required details, and save the file.

Step 7: Upload the XML file for submitting the return. (Note: ITR-1 and ITR-4 can also be submitted directly online without downloading the XML file.)

A snapshot of the home page of website https://www.incometaxindiaefiling.gov.in/ home is as follows:

e-filing website

Income tax preparation utilities

Verifying your e-filed Return of Income

You are required to verify your e-filed Return of Income. Verification can be done in the following ways

  1. e-verify through use of Digital Signature Certificate, or by generating EVC through

(i) Net-Banking or

(ii) a pre-validated Bank account or

(iii) a pre-validated Demat Account or by using your own Bank ATM (selected Banks only). 

  1. e-verify through your Aadhaar (OTP will be received on the mobile number registered with UIDAI)
  2. send a printout of ITR-V (generated online), duly signed, to Central Processing Center, Bengaluru through normal post or Speed Post only.

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