Avoid penalties and interest charges by filing your taxes on time.
File ITR and claim your eligible refunds quickly.
Set off losses and carry them forward to offset future income.
Having a clean tax record helps improve your credit score.
ITR filing can help you secure loans or financial aid.
ITR-1 (Sahaj)
This form is for resident individuals whose total income is less than ₹50 lakhs and includes income from only the following sources:
Income from Salary or Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winnings from lotteries and income from race horses)
Agricultural Income up to ₹5,000
ITR-2
This form is for individuals or Hindu Undivided Families (HUFs) whose total income includes:
Income from Salary/Pension
Income from House Property
Income from Other Sources
Income from Capital Gains
Income from Foreign Sources
Agricultural Income above ₹5,000
Additionally, ITR-2 is to be filed in the following cases:
If you are an Individual Director in a company
If you have had investments in unlisted equity shares at any time during the financial year
Resident but Not Ordinarily Resident (RNOR) and Non-Resident taxpayers
Tax deducted under Section 194N (e.g., cash withdrawals above ₹1 crore)
If you have any brought forward losses or need to carry forward losses under any income head
If the income of another person (like a spouse or child) needs to be clubbed with the taxpayer's income
The total income can exceed ₹50 lakh.
ITR-4 (Sugam)
This form is applicable to:
Individuals and Hindu Undivided Families (HUFs), and Partnership firms (excluding LLPs)
Residents whose total income includes:
Business Income according to the presumptive income scheme under Section 44AD or 44AE
Professional Income under the presumptive scheme Section 44ADA
Income from Salary/Pension (up to ₹50 lakh)
Income from One House Property (not exceeding ₹50 lakh, excluding brought forward loss)
Long-term capital gains income up to Rs. 1.25 lakhs (having no brought-forward or carry-forward capital loss)
Income from Other Sources (up to ₹50 lakh, excluding lottery and race-horses)
This is a simplified return for smaller businesses and professionals who opt for the presumptive taxation scheme.
ITR-3
This form applies to individuals or HUFs who have income from the following sources:
Carrying on a business or profession and not opting for presumptive income
Business or profession requiring the maintenance of books of accounts and/or audit
Investments in unlisted equity shares
Income from House Property, Salary/Pension, and Other Sources
Income as a partner in a firm
In short, ITR-3 is for individuals or HUFs who do not qualify for ITR-1, ITR-2, or ITR-4.
ITR-5
For firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.
ITR 6
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.
ITR 7
For persons including companies required to furnish returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).