Filing Your Income Tax Return? Find Out Which Form Is For You

Have you filed your income tax return (ITR)? If not, you have to file your I-T return by July 31 in order to avoid penalty up to Rs 10,000. The Income Tax Department has provided seven ITR forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 - to enable assessees to file their income tax return online. The process of filing of an I-T return online is known as e-filing. These tax forms are applicable for assessment year 2018-19, which means they relate to income earned in financial year 2017-18, according to the I-T department's website - incometaxindia.gov.in. Do you know which ITR form is applicable to you for your income tax return? (Also read: Find out your tax slab for FY2017-18).Here's what you need to know to choose the income tax return form or tax form applicable to you for your income tax return:.ITR 1 or 'Sahaj'.Income tax return form 1, also known as 'Sajah' or ITR 1, is for individuals who are residents and have income up to Rs 50 lakh from salaries, one house properly or other sources. Income from other sources excludes income such as that earned from winning of a lottery and income through a horse race, according to the taxman..Here's what the income tax return form Sahaj looks like: . ITR 2: This form is meant for the individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of a business or profession. Form ITR 2 is meant for an individual or an HUF "who is not eligible to file Sahaj (ITR-1) and who is not having any income under the head 'Profits or gains of business or profession'," according to the Income Tax Department. That means individuals whose total income for assessment year 2018-19 includes one earned from a business cannot use this form. ITR 3: Income tax return form 3, also known as ITR 3, is for individuals and HUFs having income from profits and gains of business or profession. Such entities - individuals or HUFs - should not be eligible for the next ITR form, known as 'Sugam', to be able to use ITR 3, the taxman explains on its portal..But what is ITR 4 and who is it for? ITR 4: Income tax return form 4, also known as 'Sugam', is for those with presumptive income from a business or profession. This includes income from a business which is computed in accordance with special provisions referred to in Sections 44AD and 44AE of the Income Tax Act, income from a profession where it is computed in accordance with special provisions referred to in Section 44ADA of the Income Tax Act and income from salary or pension..Here's what ITR 4, or Form 'Sugam', looks like: . ITR 5: This form can be used by entities such as firm, limited liability partnership (LLP), association of persons (AOP), body of individuals (BOI), artificial juridical person and cooperative society and registered societies. ITR 6: This form is meant for the companies other than companies claiming exemption under Section 11. ITR 7: This form is meant for persons including companies required to furnish return under sections 139 (4A) or 139 (4B) or 139 (4C) or 139 (4D) or 139 (4E) or 139 (4F) (Also read: Key changes in new ITR forms for assessment year 2018-19).All seven ITRs can be filed electronically through the taxman's e-filing portal -incometaxindiaefiling.gov.in. Form ITR-1 or Sahaj is largely used by the salaried class of taxpayers with income up to Rs 50 lakh from salary, one house property only and additional income such as interest earned from fixed deposits and recurring deposits.

Filing Your Income Tax Return? Find Out Which Form Is For You

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