ITR Forms

Income Tax Return (ITR) forms refer to those forms in which taxpayers file information about their income earned and tax applicable to the department of income tax. The department has notified 7 types of ITR forms –

• ITR 1
• ITR 2
• ITR 3
• ITR 4
• ITR 5
• ITR 6
• ITR 7

Every taxpayer must know all the ITR forms details and file the ITR before the specified due date to avoid penalties. The applicability of ITR forms depends on the amount of the income earned, sources of income of the taxpayer, and the category the taxpayer belongs to, such as individuals, HUF, and company.

2.If you earn from more than one source,such ascapital gains or house property

3.If you want to claim a refund from the income tax department

4. If you have invested in or earned from foreign assets during the FY

5. If you wish to apply for a visa or a loan

6. If the individual is a company or a firm, irrespective of profit or loss

**Also Read**: Income Tax Slab for FY 2025-26

This form is for resident Indians who fall under the below-mentioned categories:

• If income is created from a pension or salary
• If income is created from single house property, however, in case the losses have been carried forward from the previous year, the exclusion is allowed.
• In case the income is generated from agriculture (not more than Rs.5,000)
• The total income produced can be a maximum of Rs.50 lakh and not more
• Income that has been created from other sources such as lottery or winning horse races

Also Read: TDS on Salary

Individuals who fall under the following groups cannot opt for ITR-1:

• If the total income created is more than Rs.50,000
• In case individuals have taxable capital gains
• In case income is created from more than one house property
• During the financial year, if any investments were made in unlisted equity bonds
• If you are an NRI (Non-Resident Indian) or RNOR (Resident Not Ordinary Resident)
• In case there is an income produced from agriculture more than Rs.5,000
• In case income is produced from profession or business
• In case the taxpayer is the director of a company
• In case any income is created from a property located abroad
• In case an individual possesses foreign income or foreign assets.

ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who fall under any of the following categories:

• The income of the taxpayer must be more than Rs.50 lakh
• Income can be created via salary or from a pension
• Income generated from house property
• Income generated from sources such as lottery or horse races
• In case the taxpayer is a company’s director)
• Agricultural income of the taxpayer is higher than Rs.5,000
• Revenue produced from capital gains
• In case any investments were made in equity bonds unlisted during the financial year
• Income is generated from foreign assets and foreign income

Taxpayers who make an income from profession and business cannot opt for ITR 2 form.

**Also Read:** TDS Rates for FY 2023-24 & AY 2024-25

This form must be chosen by individual taxpayers and HUFs who make an income from a profession or from owning a business. The following mentioned taxpayers can select the ITR-3 form:

• Individuals creating a profit from a business or profession
• In case any investments were made in equity shares unlisted at any time during a financial year
• In case the taxpayer is a partner in a company
• In case the taxpayer is a Director of a company
• If income is produced from salary or a pension, house property, or any other source of income
• Turnover of the business pension exceeds Rs.2 crore

In the case ofindividuals, HUFs and Partnership Firmswho are residents of India create an income from a business or profession; they must select ITR-4. Limited Liability Partnerships (LLPs) cannot choose this type of ITR form. Taxpayers who have also selected the presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act 1961, must also choose this form.

The below-mentioned taxpayers and HUFs are not allowed to opt for ITR-4:

• In case the gross income generated is higher Rs.50 lakh
• In case any losses have been carried forward from previous years
• In case the taxpayer has a signing authority at a place outside India
• In case any investments were made in equity bonds unlisted at any time during the financial year
• In case taxpayers have generated a foreign income or foreign assets
• In case the income has been produced from more than one house property
• In case the taxpayer is the Director of a company
• In case the taxpayer is an NRI or an RNOR

Anyone following under the categories mentioned below can file ITR 5 Form:

• Artificial Juridical Person (AJP)
• Business trusts
• Estate of insolvent
• Estate of deceased
• Associations of Persons (AOPs)
• Body of Individuals (BOIs)
• LLPs and companies

ITR-6 is for any company that are not claiming exemptions related to Section 11 of the Income Tax Act, 1961. Firms that are filing income tax returns under this section can only do it electronically.

**Also Read: ** Top 3 Reasons to File Your ITR on Time

Individuals and firms that have furnished returns related to Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E) and Section 139(4F) must choose this ITR form.

Listed below are the details of the returns that should be filed section-wise:

• Section 139(4A): The ITR forms must be submitted by individuals who gain an income from a property that belongs to a charity/trust or other legal obligations and the income that is produced is solely used for charitable or religious purposes
• Section 139(4B): ITR forms must be filed under this section by a political party if the gross income that has been generated is more than the maximum sum
• Section 139(4C): ITR forms must be submitted under this section if it is a Scientific Research association, hospitals, medical institutions, universities, funds, News agencies and other educational institutions
• Section 139(4D): Any educational institution such as a college or university that are not required to furnish any income or loss must submit ITR forms under this section
• Section 139(4E): Business trusts that do not need to furnish any kind of income or loss must file ITR forms under this section
• Section 139(4F): Investment funds present under Section 115UB and do not need to furnish any income or losses must also submit ITR forms under this section

Step 2: If you are already listed on the portal, click ‘Login Here’. In case you are not listed on the portal, select ‘Register Yourself’.

**Step 3:** Next, you will have first to choose your ‘User Type’. The options available to you will include Individual, Hindu Undivided Family (HUF), Other than Individual/HUF, Chartered Accountants, External Agency, Tax Deductor and Collector, and Third-Party Software Utility Developer.

Fill in your current address and your permanent address before entering the Captcha code and hit ‘Submit’.

**Step 5:** The system will then verify your pan number, and your transaction ID will be displayed on the screen.

**Step 6:** Finally, activate your Income Tax Department account through the link received by your email id.

**Read more: ** How to File ITR Online & Offline