Types of ITRs

ITR-1

This income tax return form is to be filed exclusively by an individual taxpayer. Any other assessee who is required to pay tax is not eligible to utilize this form to file their returns.

This form is intended for the following individuals-

• A person who makes their living by a salary or other means such as a pension.
• A person who makes a living from a single piece of real estate.
• An individual who receives no income from any other business or from the sale of any assets, i.e., capital gains.
• Individuals who have not received any windfall wealth through lotteries, horse racing, or other sources.
• People who desire to combine their spouse''s or underage child''s income with their own, as long as the income to be combined meets the aforementioned criteria.
• An individual whose agricultural income is less than Rs. 5,000.
• A person whose income is derived from numerous investments or sources such as schemes, fixed deposits, and so on.
• Individuals that have no assets or property in countries other than India.
• An individual who receives no revenue from any country other than India.

ITR-2

The ITR-2 Form is a type of ITR form used by individuals who have earned money from the sale of assets or property. This form is also beneficial for people who earn money in countries other than India. Individuals or Hindu Undivided Families (HUF) can usually use this form to file their ITR.

This form is intended for the following individuals-

• People earn a living through a wage or other methods such as a pension.
• A person whose income is derived from the sale of assets or property in India, i.e., capital gains.
• People who do not make a profit from any commercial activity.
• A person who has assets in nations other than India.
• A person who generates money from more than one residential property.
• People who earn a living in countries other than India.
• An individual who earns more than Rs 5,000 from agriculture.
• A person who makes a living from a windfall, such as lotteries or horse racing.

ITR-2A

The ITR-2A form is a new income tax return form that was introduced in the 2015-16 tax year. A Hindu Undivided Family (HUF) or an individual taxpayer can utilize this form.

The ITR-2A form is for the following individuals-

• Individuals whose primary source of income is a wage or a pension.
• People who earn a living from more than one rental property.
• A person who receives no income from any other business or from the sale of any assets, i.e., capital gains.
• A person who does not receive revenue from any country other than India.
• An individual whose agricultural income is less than Rs 5,000.
• Individuals who have not received any windfall fortune from lotteries or horse racing.
• People who generate money through various investments or sources such as Fixed Deposits, Investments, Shares, and so on.
• A person who has no property or assets in any country other than India.

ITR-3

The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided Family who is a partner in a firm but does not conduct any business via the firm. This also applies to those who do not make any money from the firm''s operations.

This form is typically filed by taxpayers whose only taxable income from the business is in the form of the following-

• Commission
• Remuneration
• Interest
• Bonus
• Salary

ITR-4

This sort of ITR form is useful for persons who own a business or earn a living through a vocation.

This form is appropriate to all types of businesses, undertakings, or professions, with no income restriction. Taxpayers can also combine income from windfalls, speculation, salaries, lotteries, real estate, and other sources with income from their business. Anyone, from shopkeepers, doctors, and designers to agents, retailers, and contractors, is entitled to file their ITR using this form.

ITR-4S

The ITR-4S form could be used to file income tax returns by any person or Hindu Undivided Family (HUF). This form is intended for the following individuals-

• Individuals who make a living through any type of company.
• Individuals who derive their income from a single residential property.
• Individuals who do not generate income in India from the sale of assets or property, i.e., capital gains.
• Individuals with an agricultural income of less than Rs 5,000.
• Individuals who have no assets or property in any country other than India.
• Individuals who do not earn a living in any country other than India.

ITR-5

The ITR-5 form is exclusively used to file income tax returns by the following organizations-

• Firms
• Local authorities
• Co-operative societies
• Artificial Judicial persons
• Body of individuals

ITR-6

Except for firms or organizations that claim tax exemption under Section 11, all companies utilize the ITR-6 form. Organizations that can claim tax exemptions under Section 11 are those whose income is derived from property utilized for religious or charitable purposes. This particular income tax return form can only be filed online.

ITR-7

Individuals and businesses who need to file income tax returns under the following sections must use ITR-7-

Section 139(4A) - Individuals who receive income from property held in trust or legal obligation for the purpose of charity or religion may file returns under this section. Section 139(4B) - Under this section, political parties must submit returns if their total revenue exceeds the non-taxable limit. Section 139(4C) - The following entities are required to file returns under this section-

• Section 10 mentions any institution or group (23A).
• Any organization that is interested in scientific research.
• Any of the institutions listed in Section 10 (23B).
• Any news organization.