Types of ITR & Which ITR Should File? Updated

Who can file ITR-1

1. Total income up to Rs. 50 lakh
2. Income from Salary/ Pension
3. Income from One House Property (excluding cases where loss is brought forward from previous years)
4. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
5. Agricultural income up to Rs.5000.

Who can file ITR-2?

1-Income from Salary/Pension; or
2-Income from House Property; or
3-Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
(Total income from the above should be more than Rs 50 Lakhs)
4-If you are an Individual Director in a company
5-If you have had investments in unlisted equity shares at any time during the financial year
6-Being a resident not ordinarily resident (RNOR) and non-resident
7-Income from Capital Gains; or
8-Foreign Assets/Foreign income
9-Agricultural income of more than Rs 5,000
Further, in a case where the income of another person like one’s spouse, child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who can file ITR-3?

1-Carrying on a business or profession
2-If you are an Individual Director in a company
3-If you have had investments in unlisted equity shares at any time during the financial year
4-A return may include income from House property, Salary/Pension, and Income from other sources
Income of a person as a partner in the firm

Who can file ITR-4?

1-Business income according to the presumptive income scheme under section 44AD or 44AE.
2-Professional income according to presumptive income scheme under section 44ADA.
3-Income from salary or pension up to Rs.50 lakh.
4-Income from one house property, not more than Rs.50 lakh (excluding the amount of brought forward loss or loss to be carried forward).
5-And Income from other sources having income not more than Rs.50 Lakh (excluding income from lottery and race-horses ).
6-Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for a presumptive scheme if their gross receipts are not more than Rs.50 lakhs.

7-A presumptive income scheme under sections 44AD, 44AE, and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i.e. when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR-3.

Who can file ITR-5?

This form can be used a person being a firm, LLPs, AOP, BOI, an artificial juridical person referred to in section 2(31)(vii), the estate of deceased, the estate of insolvent, business trust and investment fund, cooperative society, and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. Not sure which ITR form you need to use? Read our guide for help.

Who can file ITR-7?

1-Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
2-Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount, not chargeable to income tax. And Return under section 139(4C) is required to be filed by every –
Scientific research association;
News agency ;
Association or institution referred to in section 10(23A);
Institution referred to in section 10(23B);
3-Fund or institution or university or other educational institution or any hospital or other medical institution.
4-And Return under section 139(4D) is required to be filed by every university, college, or other institution, which is not required to furnish a return of income or loss under any other provision of this section.
5-Return under section 139(4E) must be filed by every business trust which is not required to furnish a return of income or loss under any other provisions of this section.
6-Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish a return of income or loss under any other provisions of this section.