Types of ITR Forms: Which ITR Form to Download & File ITR Online?

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. It also allows you to carry forward the losses and claim a refund from the Income Tax Department.

There are different ITR forms prescribed for different categories of taxpayers. The selection will depend upon your Taxpayer status, Nature of income and Residential Status in India etc.

ITR forms and Income Tax Return,are the two terms interchangeable?

People tend to use ITR forms and ITR as interchangeable terms but they are not really so. ITR forms are the forms in which the income tax return is filed. Once your form is submitted successfully with the tax department, it can be called as Income Tax Return, and not at any stage before that.

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

Every year new updated ITR forms are released by CBDT (Central Board of Direct Taxes) for duly furnishing your ITR of the relevant Financial Year with the tax department.
Let's discuss as to which form you need to file.

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Which ITR to file for the AY 2020-21(FY 2019-20) ?

The Income Tax department’s official website lists different ITR forms that the taxpayers may be required to fill on the basis of their income. Some forms out of these are easy to file while others need some additional disclosures like P/L (profit and loss) statements etc. Know which ITR form is applicable for your e-filing of ITR -

ITR 1 or SAHAJ

Sahaj being one of the most simplified one page forms.

This form is for a resident individual whose total income includes the following:

• Income earned from salary or Pension.
• Income from other sources excluding income from winning a lottery or income from owning and maintaining race horses, income taxable under section 115BBDA or section 115E.
• Income from One House Property, however, in this form, loss brought forward from previous years or carry forward of losses are not eligible.
• Income from agriculture activities upto ? 5000.
• Total income of the individual should not exceed 50 Lakhs.

• Non Resident
• Not Ordinarily Resident
• Person having business or profession
• Anyone having income exceeding Rs 50 lakhs
• If you own more than one house property
• Income arising from Winnings from Lottery or Race Horses, Gambling or speculation income
• An assessee having Capital Gains income
• Individual having financial interest in assets located outside India, which includes any signing authority for accounts held outside India
• Person claiming relief u/s 90/90A/91 for taxes paid in foreign country
• Loss under income from other sources
• One who desires to carry forward or brought forward loss under income from house property
• An individual who is holding the position of a Director in a company
• An Individual who has held any unlisted equity shares at any time during the previous year
• Agricultural income exceeding Rs. 5,000/-
• Any claim of credit of TDS in the hands of any other person

ITR 2 :

This form is for individuals or a HUF (Hindu Undivided Family) whose income includes:

• Income from salary or Pension
• Income from House Property(one or more)
• Income from other sources including income from winning a lottery or income from owning and maintaining a race horse or income taxable at special rates.

(Total income can exceed 50 lakhs in this ITR Form)

• Persons who had investments in unlisted equity shares at any time during the entire financial year.
• Individual who is a director in a company.
• Individual who is a Resident(ROR/RNOR)or non resident.
• Income earned from capital gains
• Income from foreign assets/ other foreign income.
• Agricultural income more than Rs 5,000/-
• Incomes where clubbing provisions are applicable

• Individual or HUF accruing income from business or profession
• Partner of a partnership firm having income from partnership

ITR 3 :

This form is to be used by either an individual or a Hindu Undivided Family who are carrying on profession or a business. The following persons are eligible to fill this form:

• The residential status can be either Non-resident or Resident(ROR/RNOR)
• If a person is the director of the company.
• Persons who had investments in unlisted equity shares at any time during the entire financial year.
• Income from other sources, Income of a person who is a partner in a firm.
• Income from salary or Pension
• Income from House Property(one or more)
• Total income can exceed 50 lakhs in this case.
• Income earned from capital gains or foreign assets/foreign income.
• who is having income under the head ?profits or gains of business or profession and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam).

• Companies
• Trusts
• Co-operative Society
• Local Authority
• Artificial Juridical Person
• Firm including LLP
• AOP, BOI

ITR 4 or Sugam :

ITR-5 :

The following should choose ITR-5 form :

• Investment funds
• Business trusts
• Estate of insolvent
• Artificial Juridical Person (AJP)
• Body of individuals (BOIs)
• LLPs
• Associations of Persons (AOPs) and Firms.

• Individuals
• HUF
• Company
• Person require to file Form ITR-7 i.e. Trusts etc claiming the exemption of Section 11.

ITR-6 :

This form can be used by companies which are not claiming any exemptions under Section 11 and by a company other than a company which is required to file return in Form ITR-7.

• Section 11 companies being companies formed with charitable or religious purpose
• Companies on which Form ITR-7 is applicable

ITR-7 :

Persons including companies that are required to file returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D) should choose ITR-7 form. The details against each section is briefed for you below:

• Section 139(4A): The return to be filed in respect of Income from a property, of which the true owner is a trust or such property is held under any other legal obligation. In this case the income generated should be used only for charitable or religious purposes.
• Section 139(4B): The return to be filed in respect of total Income derived by a Political party
• Section 139(4C): The below mentioned entities should file returns under this section:
  i.) Scientific Research association.
  ii.) Educational institutions, hospitals and other medical institutions.
  iii.)Associations and institutions covered under section 10(23A) and Section 10(23B).
  iv.) News agencies.
  v.) Others as may be prescribed.
• Section 139(4D): The returns by colleges, universities or any other institutions which are not required to furnish return of income or loss under any other section need to be filed under this section.

Any other person from those specified above cannot report using ITR 7 Form.

How can I download ITR Form utility online?

ITR forms can be downloaded for any year from the Income Tax India website.
Steps to download ITR forms utility online -

1. Visit the official website of the Income Tax department of India. By clicking on www.incometaxindiaefiling.gov.in
2. Go to the “Downloads” head on the right side of the screen
3. Click on the option ‘IT Return Preparation Software ’.
4. Choose the specific assessment year.
5. Click on ‘Excel Utility’ to download the excel file for desired ITR.

What are the changes in the new ITR forms for AY 2020-21 (FY 2019-20)?

The ITR forms have been notified vide Notification 1/2020 on 3rd Jan 2020 by CBDT. The changes brought are

One or more bank accounts can be selected for refunds. In case more than one account is selected, the final decision will be made by the CPC regarding the selection of one account to credit the refund.Earlier, only one account can be selected.

As per income tax provisions if the income exceeds basic exemption limit [ Rs 2.5 lakhs for those below 60 years of age] it is mandatory to file the ITR. In addition to this a proviso 7th has been added section 139(1) as per which filing should be done even if your income is below basic exemption limit in the following cases

• Amount of aggregate electricity expense if it exceeds Rs 1,00,000/-
• Amount of aggregate deposits in the current account(s) if it exceeds Rs 1cr
• Amount of aggregate expenditure on foreign travel if it exceeds Rs 2,00,000/-

The quantum of actual expenditure done in above categories should also be reported while filing ITR for FY 2019-20.

Which ITR to file for the AY 2019-20 (FY 2018-19)?