REPUTAX

Which ITR to be choose for Return Filling

The Income Tax Return (ITR) form that is applicable for return filing depends on various factors such as the type of taxpayer, nature of income, and the total income earned during the financial year. As of my knowledge cutoff in September 2021, the following ITR forms were applicable:

1. ITR-1 (SAHAJ): This form is applicable for individuals being a resident, having income from salary, one house property, other sources (excluding winning from lottery and income from racehorses), and total income up to ₹50 lakh.

2. ITR-2: This form is applicable for individuals and Hindu Undivided Families (HUFs) not having income from business or profession. It includes income from salary, multiple house properties, capital gains, and other sources.

3. ITR-3: This form is applicable for individuals and HUFs having income from a proprietary business or profession.

4. ITR-4 (SUGAM): This form is applicable for individuals, HUFs, and firms (other than LLP) having income from a presumptive business.

5. ITR-5: This form is applicable for firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), Body of Individuals (BOIs), Artificial Judicial Persons, Cooperative Societies, and local authorities.

6. ITR-6: This form is applicable for companies, other than those claiming exemption under Section 11 (Income from property held for charitable or religious purposes).

7. ITR-7: This form is applicable for persons including companies required to furnish a return under Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D) (income from charitable or religious trusts, political parties, research associations, news agencies, and institutions).

Please note that the applicability of ITR forms may change over time, and there may be additional forms introduced by the Income Tax Department. It is important to check the latest guidelines and updates from the Income Tax Department or consult a tax professional to determine the specific ITR form applicable to your income and taxpayer category when filing your returns.