Income Tax Return Filing

ITR-1 is for Individual, and includes:

• Salary person
• House Property Income (except the cases where loss from previous year is to carry forward)
• Other Sources (not including the Lottery and Income from racehorses)

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ITR-2 is for Individual or Hindu Undivided Family (HUF), whose total income includes:

• Income from Salary or Pension; or
• Income from House Property; or
• Income from Capital Gain; or
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
• Income from Agriculture more than Rs.5000
• Having any Foreign Asset or Foreign Income

Also, if you are a Director of a company or if you have investments in unlisted equity shares at any time during the financial year, ITR-2 needs to be filed. ITR-2 is not for any person who has income from Business or Profession.

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ITR-3 is for Individuals and HUF having income from Business or Profession(PGBP) and may also include:

• Income from Salary or Pension; or
• Income from House Property; or
• Income from Capital Gain; or
• Income from Other Sources (including Winnings from Lottery and Income from Race Horses)

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Upto INR 50 Lakhs and Profits from Business or Profession is computed under Section 44AD, 44ADA, 44AE.ITR-4 can not be filed by an Individual/HUF whose a Non-resident Indian.
File ITR 4

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ITR-5 is applicable for firms, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Juridical Person (AJP).
File ITR 5

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ITR-6 is applicable for Companies other than Companies claiming exemption under Section 11(i.e. Income from property held for charitable or religious purposes).
File ITR 6

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ITR-7 can be used by persons including companies who are required to furnish return under section

• 139(4A) – related with trust income
• 139(4B) – deals with political parties
• 139(4C) – deals with scientific research
• 139(4D) – related with the university and college

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HIRE A Tax Expert :- ITR Filing, Business and Legal Compliance