All About ITR Forms : ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7

The due date to ITR forms for the AY 2020-21 (FY 2019-20) stands reached out to 31 March 2021 for all citizens.

Let’s Know what is ITR

The Income Tax Return (ITR) is a form on which a taxpayer submits information to the IT Department about his income and the taxes he owes. To date, the department has issued 7 forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.
Every taxpayer is required to file his ITR on or before the deadline. The applicability of ITR forms varies depending on the taxpayer’s sources of income, the amount of income earned, and the category to which the taxpayer belongs, such as individuals, HUFs, companies, and so on.

ITR-1 (SAHAJ)

This Return Form is for an inhabitant person whose complete pay for the appraisal year 2018-19 incorporates:

  • Pay from Salary/Pension; or
  • Salary from One House Property (barring situations where misfortune is presented from earlier years); or
  • Salary from Other work done by an individual
  • Farming pays up to Rs.5000.

ITR Forms

Who can’t utilize ITR 1 Forms? 

  • Absolute pay surpassing Rs 50 lakh
  • Farming pay surpassing Rs 5000
  • In the event that you have a salary from business or calling
  • Having a salary from more than one house property
  • In the event that you are a Director in an organization
  • In the event that you have had interests in unlisted value shares whenever during the money related year
  • Possessing resources (remembering budgetary enthusiasm for any element) outside India in the event that you are an inhabitant, remembering marking expert for any record situated external India
  • On the off chance that you are an occupant not conventionally inhabitant (RNOR) and non-occupant
  • Having unfamiliar resources or unfamiliar pay
  • On the off chance that you are assessable in regard to paying off someone else in regard to which duty is deducted in the possession of the other individual.

ITR-2 

ITR 2 is for the utilization of an individual or a Hindu Undivided Family (HUF) –

  • Pay from Salary/Pension; or
  • Pay from House Property; or
  • Pay from Other Sources (counting Winnings from Lottery and Income from Race Horses). All out pay from the above ought to be more than Rs 50 Lakhs
  • In the event that you have had interests in unlisted value shares whenever during the budgetary year
  • Being an occupant not normally inhabitant (RNOR) and non-occupant
  • Pay from Capital Gains; or
  • Unfamiliar Assets/Foreign pay
  • Horticultural salary more than Rs 5,000

Further, for a situation where the pay of someone else like one’s companion, youngster, and so on is to be clubbed with the salary of the assesses, this Return Form can be utilized where such pay falls in any of the above classes.

Who can’t utilize this Return Form 

This Return Form ought not to be utilized by a person whose complete salary for the AY 2018-19 incorporates Income from Business or Profession.

For announcing these sorts of Income, you may need to utilize ITR-3 or ITR-4.

ITR-3 Forms

The Current ITR3 Form is to be utilized by an individual or a Hindu Undivided Family who have pay from restrictive business or is carrying on calling. The people having pay from the following sources are qualified to document ITR 3 :

  • Carrying on a business or calling
  • On the off chance that you have had interests in unlisted value shares whenever during the monetary year
  • The return may incorporate pay from House property, Salary/Pension, and Income from different sources

ITR-4 

The current ITR 4 is relevant to people and HUFs, Partnership firms (other than LLPs) which are inhabitants having salary from a business or calling. It likewise incorporate the individuals who have settled on the possible salary conspire according to Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. In any case, if the turnover of the business surpasses Rs 2 crore, the citizen should record ITR-3.

Who can’t utilize ITR 4 Form

  • In the event that your all out salary surpasses Rs 50 lakh
  • Having salary from more than one house property
  • On the off chance that you have any presented misfortune or misfortune to be conveyed forward under any head of pay
  • Claiming any unfamiliar resource
  • On the off chance that you have marking expert in any record situated external India
  • Having salary from any source outside India
  • In the event that you are a Director in an organization
  • In the event that you have had interests in unlisted value shares whenever during the monetary year
  • Being an occupant not conventionally inhabitant (RNOR) and non-inhabitant
  • Having unfamiliar resources or unfamiliar pay
  • On the off chance that you are assessable in regard of salary of someone else in regard of which duty is deducted in the possession of the other individual.

ITR-5  Forms

ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of perished, Estate of ruined, Business trust and venture reserve.

ITR-6 

For Companies other than organizations asserting exclusion under area 11 (Income from property held for altruistic or strict purposes), this return must be documented electronically as it were.

ITR-7 Forms

  • Return under segment 139(4A) is needed to be documented by each individual in receipt of pay got from property held under trust or other lawful commitment completely for beneficent or strict purposes or partially just for such purposes.
  • Return under area 139(4B) is needed to be recorded by an ideological group if the complete pay without offering impact to the arrangements of segment 139A surpasses the greatest sum, not chargeable to pay charge.

Return under segment 139(4C) is needed to be documented by each – 

  • Logical exploration affiliation;
  • News office ;
  • Affiliation or organization alluded to in area 10(23A);
  • Organization alluded to in area 10(23B);
  • Asset or organization or college or other instructive foundation or any clinic or other clinical establishment.
  • Return under segment 139(4D) is needed to be recorded by each college, school or other establishment, which isn’t needed to outfit return of salary or misfortune under some other arrangement of this segment.
  • Return under area 139(4E) must be recorded by each business trust which isn’t needed to outfit return of pay or misfortune under some other arrangements of this part.
  • Return under area 139(4F) must be recorded by any venture store alluded to in segment 115UB. It isn’t needed to outfit return of salary or misfortune under some other arrangements of this part.