In India, Income Tax Returns (ITRs) are filed using different forms depending on the nature and amount of income earned by the taxpayer. As of my last update, here are the common types of ITR forms prescribed under the Income Tax Act:
- ITR-1 (Sahaj): Used by individuals having income from salaries, one house property, other sources (excluding winning from lottery and racehorses), and total income up to ₹50 lakh.
- ITR-2: Applicable for individuals and HUFs (Hindu Undivided Families) not having income from profits and gains of business or profession.
- ITR-3: Filed by individuals and HUFs having income from profits and gains of business or profession.
- ITR-4 (Sugam): Applicable for individuals, HUFs, and firms (other than LLPs) having presumptive income from business and profession.
- ITR-5: Used by firms, LLPs (Limited Liability Partnerships), AOPs (Association of Persons), BOIs (Body of Individuals), artificial juridical persons, co-operative societies, and local authorities.
- ITR-6: Filed by companies other than companies claiming exemption under section 11 (income from property held for charitable or religious purposes).
- ITR-7: Applicable for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D).
These forms are updated periodically by the Income Tax Department to align with changes in tax laws and regulations. Taxpayers must choose the appropriate form based on their income sources and other relevant criteria for accurate filing of income tax returns.
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