Income Tax Return Forms ITR

The tax department has approved document formats that are used to file the Income-tax. These document formats are said to be the IT Income Tax forms. Income tax is paid on the income earned by the individuals during the FY Financial year. These forms are divided into two categories as

  1. One which is applicable for the companies and firms
  2. And the other category forms which are applicable for the individuals.

There is a total of seven forms known as ITR Form 1 to 7. Each form is applicable to the particular tax. Further details about the Income Tax forms are given here in the following content.

Income Tax Form

IT Return Forms-

  • Which form is used to e-file for the financial year of 2018-2019 and for the Annual year of 2019-2020?
  • The direct taxes central board has decided that ITR5, ITR6, and ITR7 are for the companies and firms and
  • ITR1, ITR2, ITR3, ITR4 are for the individuals.

These ITR Forms are divided as

  • ITR Form 1
  • ITR Form 2
  • IT Return Form 3
  • ITR Form 4
  • ITR Form 5
  • IT Return Form 6
  • ITR Form 7

ITR FORM 1

This is also said to be the SAHAJ. This form is applicable only to individuals. The individuals who are not eligible under the tax brackets are not eligible to apply for this ITR Form 1. The following are the cases in which this form can be used.

  • Individuals who earned income from the interest and dividend, etc.
  • If income earned from single house property.
  • If individuals who earn the income from the pension or salary.

In the following cases, ITR 1 form is not applicable-

  • If any residents are having the assets it also includes the financial interests located outside India.
  • Any signing authority located outside India in any account.
  • For the one who earns income from outside the country.
  • If the agricultural income is exceeding Rs.5000/-.
  • If the total income of the individual includes capital gains with the loss/income.
  • The income earned from the winning lottery or horse racings.
  • If anyone claiming double taxation relief under section 90/90A/91 of the I-T Act.
  • Having investments in the unlisted equity shares by the tax assessed.
  • If the tax assessed is a company director.

ITR FORM2

HUF’s and any individuals can use these forms in the following cases,

  • If HUF/individuals having the income with the income from the capital gains.
  • If income is through pension/Salary.
  • The total income of the HUF/candidates includes the capital gains income.
  • Other sources income includes income from the other sources. This includes windfall income such as income gained from the horse racing’s/ lotteries.

ITR FORM3

The individuals/ HUF having income from the profession/business this form are applicable. In the following below given cases, form3 can be sued.

  • HUF/Individual having income from the property or house.
  • Gaining income from pension/ income.
  • If the total income of the financial year of the HUF/Individual exceeds Rs.50 Lakhs.
  • When the total income of the HUF/ individual includes loss/income form the capital gains.
  • The income from other sources like windfall income which can be gained from the horse racings/ lotteries.
  • For the business with a presumptive turnover of over 2crore for the year.
  • It is applicable even if the partner in the partnership is not having any of the income as salary/remuneration etc. This is applicable except profit of the share of the firms is exempted under Sec 10(2A0 of the IT Act.
  • This form is not applicable if the total income of the individual includes the income of their proprietorship firm.

ITR FORM 4-

This form is also said to be the SUGAM. This form can be filled by the HUF/individuals and also from the firms apart from the Limited Liability Partnership who gains the income from the professions/ business. The form is also applicable for those whose income tax computation is under sec 44AD, Sec 44ADA, or Sec 44AE.

The form can be opted by the

  • interior decorators/
  • technical/
  • professional consultants/
  • architects
  • which means who charge money by giving professional advice.

Even this form is not applicable if the annual income of the assessee exceeds rs.50 lakhs/ When the income tax assessee is a company director/ or invested in the utilized equity shares.

ITR FORM 5-

The following entities have to use this ITR FORM 5 to file their ITR-

  • Local authorities.
  • Co-operative services
  • Artificial Judicial People
  • BOI Body of Individuals
  • LLPs Limited liability Partnerships
  • Firms
  • Association of Persons AOPs

ITR FORM 6-

These forms are applicable to companies/firms.  All the companies have to file their ITR ^ forms except the one who claims the exemptions according to the Sec 11. The companies who claimed the exemptions under Section 11 are the ones who have income from religious purposes or charitable trusts. With digitally and electronically signature files all the companies shave to file this ITR6 form.

ITR FORM 7

Individuals who are having their returns under the following sections of the UT Act, 1961 have to use the ITR7Form. These are the following sections which under which the ITR Form 7 has to be used.

  1. Section 139(4A)
  2. Section 139 (4B)
  3. Under Section 139 (4C)
  4. Section 139 (4D)
  5. Section 139 (4E0 or Section 139 (4F)

How to Download IT Returns Forms-

  • Reach the official web portal which is Income tax Official Website.
  • In the following page under the download section select the “Offline Utilities”.
  • Then click on the “Income Tax return Preparation Utilities”.
  • Choose the assessment year.
  • Then select the “Excel Utility” and under this select the ITR Form which you want to download.
  • Fill the details required in the file after extracting it.