Income Tax Forms : Things You Should Know

 

Income tax forms are documents that taxpayers use to file their income tax returns with the Income Tax Department of India. There are different types of income tax forms, and each form is designed for different categories of taxpayers based on their sources of income, nature of income, and other factors. Let's take a look at the different types of income tax forms and who should fill them.

 

1. ITR 1 (SAHAJ): ITR 1 (SAHAJ) is the simplest income tax return form, also known as Sahaj. This form is for individual taxpayers who have income from salaries, one house property, and other sources (excluding lottery income and income from race horses). This form is not applicable to taxpayers who have income from capital gains, income from business or profession, or income from more than one house property.

 

2. ITR 2: ITR 2 is for individual taxpayers who have income from salaries, multiple house properties, capital gains, and income from other sources. This form is also applicable to individuals who have foreign assets or foreign income.

 

3. ITR 3: ITR 3 is for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. This form is not applicable to individuals who have income from capital gains or income from more than one house property.

 

4. ITR 4 (SUGAM): ITR 4 (SUGAM) is for individuals, HUFs, and partnership firms who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act. This form is for taxpayers who have income from business or profession and whose total income does not exceed Rs. 50 lakhs.

 

5. ITR 5: ITR 5 is for firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), and Body of Individuals (BOIs).

 

6. ITR 6: ITR 6 is for companies that are not claiming an exemption under Section 11 of the Income Tax Act.

 

7. ITR 7: ITR 7 is for taxpayers who are required to file an income tax return under Section 139(4A), Section 139(4B), Section 139(4C), and Section 139(4D) of the Income Tax Act. This form is for persons including companies who are required to furnish return under Section 139(4A) or Section 139(4B) or Section 139(4C) or Section 139(4D) or Section 139(4E) or Section 139(4F).

 

Income Tax Forms : Things You Should Know