Wondering Which Form To Use For Filing Income Tax Return? Here Are Key Details

The Income Tax Department provides various forms for income tax assessees to file their ITR or income tax return. Meant for different types of taxpayers, such as salaried or self-employed individuals and companies, these income tax forms are known as ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V (verification). The Income Tax Department has prescribed eight different forms for assessees to file and verify their income tax return. For filing and verification of income tax return, the Income Tax Department has provided eight forms, according to its website - incometaxindia.gov.in. .Out of these eight income tax return forms, income tax return form ITR-1 - also known as "Sahaj" - is applicable to individuals having an income from salary, pension, house property or other sources under certain conditions..Here are key details about when to use income tax return forms ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 ITR-6, ITR-7 and ITR-V:.ITR-V.This form is used for acknowledgement of a filed income tax return. The taxman has mandated the public to also verify the income tax return after submitting it. Traditionally, income tax assessees used to get their ITR submission verified by way of sending a signed ITR-V form to the Centralized Processing Centre (CPC), Bengaluru. Other than that, the taxman supports other ways such as net banking, ATM and Aadhaar to verify an ITR once it is submitted..Form ITR-1.This form is meant for resident individuals with income up to Rs 50 lakh from salary, one house property or other sources. Income from other sources excludes income such as one earned from winning of a lottery and income through a horse race, according to the I-T department's website. Form ITR-1 or Sahaj is largely used by the salaried assessees, say financial advisors. .Form 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. The form 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 portal. That means an individual whose total income for assessment year 2018-19 includes income earned from a business cannot use this form. Form ITR-3.Also known as ITR 3, this form is meant 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, according to the Income Tax Department..Form ITR-4 Form ITR 4 - also known as "Sugam" - is meant for those with a presumptive income from a business or profession. .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 those claiming exemption under Section 11 of the Income Tax Act. Exemption under Section 11 can be claimed by a charitable/religious trust, according to the taxman. ITR-7.This form is meant for assessees including companies required to furnish return under Sections 139 (4A), 139 (4B), 139 (4C), 139 (4D), 139 (4E) or 139 (4F), according to the I-T department. These include trusts, political parties, institutions, colleges and investment funds..Meanwhile, the Income Tax Department has provided an independent portal for e-filing of income tax return - www.incometaxindiaefiling.gov.in. The online services provided by the taxman enables income tax assessees to file and submit their income tax return online in a paperless way..The Income Tax Department has set a March 31 deadline for income tax assessees to link their PAN or Permanent Account Number with Aadhaar. The taxman has listed out several ways for the assessees to link their Aadhaar with PAN: through SMS, through the income tax e-filing portal and through ITR.

Wondering Which Form To Use For Filing Income Tax Return? Here Are Key Details

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