Who Can File

ITR - 1

This is also known as the Sahaj form. People who live in India and earn up to Rs 50 lakh annually are qualified for this. Anyone who receives income from a job, a single house property, or other sources such as horse races, lotteries, etc is eligible to submit an ITR1.

However, NRIs are not eligible to submit ITR1. Those who were required to pay more than Rs. 25,000 in TDS (Tax Deducted at Source) in the prior year may also submit ITR 1

ITR - 2

Individuals and HUF who receive income from sources other than their business or line of work. The individual’s annual income must exceed Rs. 50 lakhs and income from agriculture must exceed Rs. 5000.ITR2 can be filed by individuals and NRIs who make money from a job, a home, capital gains, or other means. Those who receive their income from the sale of assets or properties are qualified to file ITR 2. Salaried people who have benefited from stock purchases and sales or suffered losses may submit an ITR-2 too.

ITR - 3

Individuals and HUFs that derive their revenue from a profession or a sole proprietorship must select this form. A person must disclose any income they receive from a business or job. ITR3 must be filed by salaried individuals who make money through dealing in futures and options or intraday stock exchange. ITR3 can be used by individuals to track income from employment, real estate, capital gains, businesses, or trades (including presumed income), among other sources.

ITR - 4 

It is also known by the name Sugam. ITR 4 designates that this form may be used to submit IT returns by people who own a business and receive income from it as well as from other occupations. When a business has a turnover of up to Rs 2 crore and is liable to section 44AD taxation, its revenue is reported using the ITR-4 form. Additionally, ITR-4 is for income from a profession that is liable to section 44ADA taxation and has a turnover of up to Rs 50 lakh. Moreover, a freelancer who performs work in a notified occupation may submit an ITR-4. This form can also be used to submit an ITR for taxpayers who work as physicians, business owners, designers, retailers, agents, contractors, etc. Limited Liability Partnerships (LLPs) cannot choose this form, though.

ITR - 5

The ITR-5 form must be opted for by Investment Funds, Business Trusts, Estate of the deceased and insolvent, Cooperative societies, Local authorities, Artificial Judicial Persons (AJPs), Bodies of Individuals (BOIs), Associations of Persons (AOPs), Limited Liability Partnerships (LLPs), and firms. In order to disclose profits from their businesses and professions as well as some other sources of revenue, these alliance companies submit ITR-5s.

ITR - 6

All companies may choose ITR 6, with the exception of those seeking Section 11 exemption. Housing property rental revenue, business income, and Multiple sources of income must be disclosed on ITR 6. Companies are only permitted to file returns online under this section.

ITR - 7

A charitable or religious trust, a political group, a science research organization, a news agency, a hospital, a trade union, a university, a college, or other organizations such as an NGO or related organizations are all examples of people.