What is Income Tax Return Filing?

Crisp income tax returns (ITR) form for salaried individuals has been introduced, doing away with some columns to simplify the filing of returns.

ITR 1,2 can be used by individual or Hindu Undivided Families whose income does not include income from a business. ITR 4 can be used by an individual or HUF whose income includes business income assessable on a presumptive basis.

Here are the lists of various ITR forms explaining who can use the return form

ITR-1

This Return Form is to be used by an individual whose total income for the assessment year respectively includes:-

However, further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

FORM ITR-2

This Return Form is to be used by an individual or a Hindu Undivided Family who is not eligible to file ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.

FORM ITR-3

This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

ITR-4

This Return Form is to be used by an individual/ HUF/ Partnership Firm whose total income for the assessment year respectively includes:-

Note 1: The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income-tax Act.

Note 2: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

FORM 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), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies, and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.

FORM ITR-6

This Form can be used by a company, other than a company claiming exemption under section 11.

Form ITR-7

This Form can be 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).

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