ITR: Which form should individuals use to file their returns? Details here

Only four days are left for citizens to file their income tax returns (ITRs) as the Union government has already hinted it will not extend the due date beyond the existing deadline, i.e. July 31. However, these days, submitting ITRs has become very easy due to the availability of pre-filled forms on the IT department’s e-filing portal; one only needs to review details on the applicable form, and successfully file their returns.Also Read | Income Tax Returns: How to file ITR online? Here’s a step-by-step guideWhile ITR-1 or SAHAJ is the most commonly used form, six other forms are also available on the e-filing portal.Also Read | ITR: Are you a salaried employee? You should use this form for income tax return(1.) ITR 2: This is only for individuals or Hindu Undivided Family (HUF) who fulfil the following conditions: income more than ₹50 lakh; income generated from one among pension/salary, house property, lottery/horse races, capital gains, foreign assets; individual directorship in a company; agricultural income exceeds ₹5,000; and if invested in equity shares that were unlisted during the financial year.Individuals who make their income from a profession or business are not eligible for ITR 2.(2.) ITR 3: Individuals or HUFs who make from a profession or proprietorship business are eligible for this form. They should satisfy the following conditions: if invested in equity shares that were unlisted during the financial year; individual directorship in a company; individual partnership in a firm; income generated from one among salary/pension, house property, any other source; and turnover of the business exceeds ₹2 crore.(3.) ITR 4 or SUGAM: This is only for HUFs, partnership firms and individuals who are residents in India, and generate their income from a profession or business. Also, taxpayers who have chosen the presumptive income scheme as per Sections 44AD, 44ADA, and 44E of the Income Tax Act, 1961, should also opt for SUGAM.However, Limited Liability Partnerships (LLPs) are not eligible for this form.(4.) ITR 5: This is for investment funds, business trusts, estate of involvement, estate of deceased, Artificial Judicial Person (AJP), Body of Individuals (BoIs), Associations of Persons (AOPs), LLPs, and firms.(5.) ITR 6: Companies that are not claiming exemptions under Section 11 of the IT Act should select this form. However, returns being filed under this section can only be submitted electronically.(6.) ITR 7: Individuals or companies opting for returns under Sections 139(4A), 139(4B), 139(4C), 139(4D), 139(4E), or 139(4F) should go for ITR 7.All these forms can be downloaded from here. Also, you can read more details by clicking on this link.

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