Wondering which ITR form to use for income tax return filing? Check details here
The last date for filing income tax return for the financial year 2017-18 was July 31, 2018. In case you have missed filing, you can still file the return of your income till March 31 along with a late payment.
The last date for filing the income tax return for the financial year 2017-18 was July 31, 2018. In case you have missed filing, you can still file the return of your income till March 31 along with a late payment fee.
The Income-Tax Department (I-T department) provides various forms to file and Income-Tax return (ITR). Each form is for a different type of taxpayer. These forms are ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V. ITR-1 form is also known as ‘Sahaj’and ITR-4 as ‘Sugam’. It is applicable to those individuals who get income from salary, pension, house property or other sources under certain circumstances.
Given below are the key details about income-tax return forms as mentioned on the Income-Tax website- www.incometaxindia.gov.in.
- ITR-1 SAHAJ: This is used by the resident individuals whose total income for the particular assessment year includes income for salary or pension, one house property or the income from the other sources (excluding winning from lottery and income from horse race, income taxable under section 115BBDA or Income of the nature referred to in section 115BBE).
- ITR-2: This return form is used by an individual or a Hindu Undivided Family (HUF) who is not eligible to file Sahaj (ITR-1) and also who is not having any income under the head “profits or gains of business or profession”.
- ITR-3: This form is used by the individual or Hindu Undivided Family whose income is under the head “profits or gains of business or profession” and not eligible to file Sugam (ITR-4).
- ITR-4 SUGAM: This can be used by an individual or HUF or partnership firm whose total income for the assessment year 2018-19 includes business income where it is computed according to the special provisions referred in sections 44AD and 44AE of the Act for computation of business income, income from profession where such income is calculated in accordance with special provisions referred in section 44ADA, salary or pension, income from one house property or income from other sources (excluding winning from lottery and income from horse race).
- ITR-5: This form is used by entities such as firm, limited liability partnership (LLPs), association of persons (AOP), body of individuals (BOI), artificial juridical person and cooperative society, and registered societies and local authority.
- ITR-6: This can be used by a company other than a company claiming exemption under section 11 of the Income-Tax Act. This form has to be compulsorily furnished electronically under digital signature to the I-T Department.
- ITR-7: According to the I-T department, it is used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F) of the Income-Tax Act. Taxpayers are advised to furnish their correct mobile number and e-mail address so as to facilitate the department in sending updates relating to demand, refund etc.
- ITR-V: This is used for acknowledgment of a filed income-tax return.