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About Income Tax Returns

Income Tax Return (ITR) is the form by which assessee files information about his Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 on or before speciified due date. However, belated ITR is allowed but carry forward of certain losses are not allowed in case oof belated returns.

The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.

Following are the ITR Forms available in the market:-


This Return Form is to be used by an individual whose total income for the assessment year 2018-19 includes:-

i. Income from Salary/ Pension; or

ii. Income from One House Property (excluding cases where loss is brought forward from previous years); or

iii. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)



ITR 2 is to be used by an individual or a Hindu Undivided Family whose total income for the AY 2018-19 includes:-

i. Income from Salary/Pension; or

ii. Income from House Property; or

iii. 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)

iv. Income from Capital Gains; or

v. Income of a person as a partner in the firm

vi. Foreign Assets/Foreign income

vii. Agricultural income 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.



The Current  ITR3  Form is to be used by an individual or an Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR 3:

i. Carrying on a business or profession

ii. Return may include income from House property,Salary/Pension and Income from other sources


ITR-4 or Sugam

The current ITR 4 is applicable to individuals and HUFs having income from a business or profession and who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crores, the taxpayer will have to file ITR-3.



ITR 5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons) and BOIs (Body of Individuals)



For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)

This return has to be filed electronically only.



For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).


Income Tax Returns

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