Different Types of ITR Forms Required for ITR Filing
Different Types of ITR Forms Required for ITR Filing

Different Types of ITR Forms Required for ITR Filing

Earlier, the government employees were bifurcated into the ‘Central Government’ and ‘State Government’. Now a new option ‘Not Applicable’ has been added so that employees who were earlier in government jobs and now have retired and are receiving pension income can use this option.

Income Tax Return Forms- Under an Income tax, there are 5 different types of Income for which a taxpayer file its Income Tax Return (ITR). For different income, there are different forms issued by the Income Tax Department through which return is filed.

What are ITR forms?

ITR Forms means Income Tax Return forms. An ITR form is a prescribed form through which you communicate the details of your income earned, deductions claimed and taxes paid in a financial year to the Income Tax Department.

What are the different ITR forms for Income Tax Return Filing(ITR) ?

For AY 2020-21, the government has notified only two ITR forms till now. You can check the previous ITR forms for AY 2019-20 (FY 2018-19) here.

ITR-1

Also known as the Sahaj form, this income tax return form is to be filed solely by an individual taxpayer. Any other assesse liable to pay tax is not eligible to avail of this form for filing their returns.

ITR-1

ITR-2

The ITR-2 Form is a type of ITR form which is generally used by individuals who have accrued income through the sale of assets or property. Also, this form is useful for individuals who earn income from countries outside India.

ITR-2

ITR-3

The ITR-3 Form is useful for an individual taxpayer or a Hindu Undivided Family, who solely operates as a partner in a firm but who does not conduct any business under the firm. This is also applicable for individuals who do not earn any income from the business conducted by the firm. 

ITR-3

ITR-4

This type of ITR form is useful for those individuals who conduct a business or who earn income through a profession. This form is applicable for all types of businesses, undertaking or profession, without any limit on the income earned. 

ITR-4

ITR-5

The ITR-5 form is used only by the following bodies to file income tax returns:

  • Firms
  • Limited Liability Partnerships (LLPs)
  • Body of Individuals (BOIs)
  • Association of Persons (AOPs)
  • Co-operative Societies
  • Artificial Judicial Persons
  • Local Authorities
ITR-5

ITR-6

Except for those companies or organizations that claim tax exemption as per Section 11, the ITR-6 form is used only by all companies. Organizations that can claim tax exemptions as per Section 11 are organizations in which the income received is accumulated from the property used for the purpose of religion or charity.

ITR-6

ITR-7

Those individuals or companies that are required to submit their returns under the following sections are required to file their income tax returns through ITR-7:

  • Section 139(4A) – Under this section, returns can be filed by individuals who receive income from any property that is held for the purpose of charity or religion in the form of a trust or legal obligation
  • Section 139(4B) – Under this section, returns are to be filed by political parties provided their total income earned is above the non-taxable limit
  • Section 139(4C) – Under this section, returns are to be filed by the following entities:
  • Any institution or association mentioned under Section 10(23A)
ITR-7

Income Tax Return (ITR)

A tax return is defined as a form or different types of forms filed with a taxing authority that reports income, expenses, and other pertinent tax information. Tax returns make it simple for taxpayers to calculate their tax liability, schedule tax payments, and request refunds for the overpayment of taxes. 

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