Which Income Tax Return to File?

Identify which Income Tax Return to file

Which Income Tax Return to File?
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People generally are in a dilemma as to which income tax return shall be applicable to them that they have to file with the income tax department. Here in this article the applicability is clarified making it easy for all to select the apt income tax return for them.

The financial year 2017-18 has ended on March 31, 2018 and now the business people and the professionals are busy finalizing their books of accounts and the salaried ones are chasing the HR to get their Form 16s as they have to file their INCOME TAX RETURNS (also referred to as ITR).

But how many of us know which income tax return is applicable to whom. There are 7 different types income tax returns and who should file which one is a big question.

To ease out the dilemma, I have given below the list of all the income tax returns along with the description of when it should be used. It is a ready reference for all to easily select the income tax return that is applicable to them and go ahead with the filing of the return.

The applicabilty is as follows-

ITR Applicability
ITR-1 For individuals only being ordinary resident and having Income from Salaries, one house property, other sources (like bank Interest, interest from fixed deposits etc.) and having total income upto Rs.50 lakh
ITR-2 For Individuals and Hindu Undivided Family (HUF) who do not have income from profits and gains of business or profession
ITR-3 For individuals and HUFs having income from profits and gains of business or profession
ITR-4 For assessee opting for presumptive income from Business & Profession 
ITR-5 For persons other than:- 
(i) Individual,
(ii) HUF,
(iii) Company and 
(iv) Person filing Form ITR-7
ITR-6 For Companies other than companies claiming exemption for trusts
ITR-7

For persons including companies -

- having income from property held by trust or charitable institutions

- Chief executive officer of a political party

- research assocation, news agency, university, educational institution, hospital, medical institution, mutual fund, securitisation fund, investor protection fund, venture capital company, infrastructure debt fund

- business trust

- investment fund

 

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