ITR-1 Form Filing - Income Tax Return

ITR-1 SAHAJ form is the most widely used form by Individuals to file their Tax Returns with the Income Tax Department of India. Individuals who have their income within ₹ 50 Lakhs and have earned their Income for the Financial Year through Salary or Pension, only one House Property and other sources excluding lottery, racehorses, legal gambling etc are eligible to file their IT Return using ITR-1.

Assessees who have income from foreign assets, agricultural income that exceeds Rs. 5000, Income from Business or Profession and Income from more than one house property are not eligible to file using ITR-1 Form.

ITR-2 Form Filing - Income Tax Return

The ITR-2 Form is an important Income Tax Return form used by Indian citizens, as well as Non Residents to file their Tax Returns with the Income Tax Department of India. Individuals who are not eligible to use ITR-1 can use the ITR-2 Form.

Individuals and Hindu Undivided Families who have their Income for the Financial Year through Salary or Pension, more than House Property, Income from Capital Gains, Income from foreign assets/Income, Income from business or profession as a partner (not proprietor) and other sources including lottery, racehorses, legal gambling are eligible to file their IT Return using ITR-2. Individuals who are not eligible to file using ITR-1, because of their income exceeding ₹ 50 Lakhs, also need to file using ITR-2.

ITR-3 Form Filing - Income Tax Return

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

ITR-4 SUGAM Form Filing - Income Tax Returnspan>

The ITR-4 Form can be used by Individuals, Hindu Undivided Families who are running a business with turnover of less than ₹ 2 Crores and Professionals with gross receipts exceeding ₹ 50 Lakhs, provided they have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act.

ITR-1 must be filed by individuals whose source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).

ITR-1 form should not be filed for below cases :

  1. Income that exceeds Rs. 50 Lakhs
  2. Assessee has Taxable Capital Gains
  3. Assessee has any of the below sources of income :
    1. ncome from foreign assets
    2. Agricultural income that exceeds Rs. 5000
    3. Income from Business or Profession
    4. Income from more than one house property

ITR-1 form is to be used when the assessee has income that is within Rs. 50 Lakhs and when the source of income falls into any of the below categories :

  1. Income from Salary/ Pension
  2. Income from just one house property
  3. Income from other sources excluding Winning from Lottery, Race Horses, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000.

ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year.

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