The following infographic will help you find out which type of income tax return is applicable to you for FY 2017-18. Once you figure out which ITR you need, click on the links below to learn more about them.
ITR-1 OR SAHAJ
This Return Form is to be used by an individual whose total income for the assessment year 2018-19 includes:-
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Who cannot use ITR 1 Form?
- If your total income exceeds Rs 50 lakhs.
- If you have foreign assets
- If you have agricultural income which is more than Rs. 5,000,
- If you have taxable capital gains
- If you have income from business or profession
- If you have income from more than one house property
ITR 2 is to be used by an individual or a Hindu Undivided Family whose total income for the AY 2018-19 includes:-
- Income from Salary/Pension; or
- Income from House Property; or
- 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)
- Income from Capital Gains; or
- Income of a person as a partner in the firm
- Foreign Assets/Foreign income
- 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.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the AY 2018-19 includes Income from Business or Profession .
For declaring these types of Income, you may have to use ITR-3 or ITR-4 .
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 :
- Carrying on a business or profession
- 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).
- 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.
- 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 which is not chargeable to income-tax.
- 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);
- fund or institution or university or other educational institution or any hospital or other medical institution.
- Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.
|ITR Form||Applicable to||Salary||House Property||Business Income||Capital Gains||Other Sources||Exempt Income||Lottery Income||Foreign Assets/Foreign Income||Carry Forward Loss|
|ITR 1 / Sahaj||Individual, HUF (Residents)||Yes||Yes(One House Property)||No||No||Yes||Yes (Agricultural Income less than Rs 5,000)||No||No||No|
|ITR 2||Individual, HUF||Yes||Yes||No||Yes||Yes||Yes||Yes||Yes||Yes|
|ITR 3||Individual or HUF, partner in a Firm||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|
|ITR 4||Individual, HUF, Firm||Yes||Yes(One House Property)||Presumptive Business Income||No||Yes||Yes (Agricultural Income less than Rs 5,000)||No||No||No|
|ITR 5||Partnership Firm/ LLP||No||Yes||Yes||Yes||Yes||Yes||Yes||Yes||Yes|