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Income Tax Return Forms: Types of ITR Forms & Which ITR to File?

Income Tax Return Forms: Types of ITR Forms for FY 2022-23, AY 2023-24 & Which ITR to File?

Updated on: 06 Feb, 2024 12:19 PM

Type of ITR forms for FY 2022-23 (AY 2023-24) | Know the correct form applicable to you

Don't be late to file your tax returns - File your ITR today. The Income Tax Department has notified different ITR forms for different categories of taxpayers and their income sources. While filing your taxes, the first and foremost step is to figure out “Which ITR Form applies to you ? How to choose the appropriate Income Tax Return form ? so on…”.
Choosing a wrong income tax return form for filing ITR can make your ITR defective. Through this guide, we will provide a complete understanding of each and every aspect related to Income Tax Return Forms in a very simplified manner.

What are ITR forms?
Can ITR forms and Income Tax Returns be used as interchangeable terms?
Who should file the ITR?
How many types of ITR forms are there?
What key changes are notified in the new ITR forms for FY 2022-23 (AY 2023-24)?
How can I download the ITR Form utility online?
Which ITR to file for the FY 2022-23 (AY 2023-24)?
Frequently Asked Questions

What are ITR forms?

ITR 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.

Different ITR forms are prescribed for different categories of taxpayers (individual, HUF, company,LLP, Partnership firms etc). The department has notified 7 various forms i.e., ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7, till date. The selection will depend upon Taxpayer’s status, Nature of income, Residential Status in India, etc.

Can ITR forms and Income Tax Returns be used as interchangeable terms?

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

Who should file the ITR?

Individuals who earn income above a certain threshold limit are generally required to file an Income Tax Return (ITR). Individuals with Total Income exceeding the Basic Exemption Limit: For the financial year 2022-2023 (AY 2023-2024), the basic exemption limits for filing ITR in India were as follows:

1. a. For individuals below 60 years of age: ₹2.5 lakh.
b. For individuals between 60 and 80 years of age (senior citizens): ₹3 lakh.
c. For individuals above 80 years of age (super senior citizens): ₹5 lakh
If your total income (before deductions) exceeds these thresholds, you are required to file an ITR.
2. Individuals with certain types of Income:- Regardless of the income threshold, certain individuals are required to file an ITR in India, including
a.Individuals who have earned income from business or profession.
b. Individuals who have earned income from capital gains, such as sale of property or investments.
c. Individuals who have earned income from foreign assets or have foreign income.
d. Individuals who are claiming a refund of taxes.
e. Individuals who are eligible for relief or deduction under double taxation avoidance agreements.

How many types of ITR forms are there?

The Income Tax Department’s official website lists different ITR forms that taxpayers may be required to fill out based on their income. Some forms 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 for FY 2022-23

Sahaj is one of the most simplified one-page ITR forms.

Who can file ITR 1?

This form is for a resident individual whose total income includes-

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.
However, income from One House Property, in this form, the loss brought forward from previous years or carried forward of losses are not eligible.
Income from agriculture activities up to Rs 5000.
The total income of the individual should not exceed 50 Lakhs.

Who cannot file ITR 1(Sahaj)?

Non-Resident
Not Ordinarily Resident
Person having business or profession
Anyone having total 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 having foreign income or 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
Any tax has been deducted under Section 194N
In case where payment or deduction of tax has been deferred on ESOP

ITR 2 FY 2022-23

Who can file 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.
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 having a financial interest in assets located outside India, which includes any signing authority for accounts held outside India
One who desires to carry forward or brought forward loss under income from house property
Any tax has been deducted under Section 194N
In case where payment or deduction of tax has been deferred on ESOP
(Total income can exceed 50 lakhs in this ITR Form)

Who cannot file ITR 2?

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

ITR 3 for FY 2022-23

Who can file 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).
In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should file ITR-3

Who cannot file ITR 3?

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

ITR 4 or Sugam for FY 2022-23

Who can file ITR 4?

This form is applicable to both the resident individuals and HUFs.
Other than LLPs all partnership firms which are residents and have an income which is either professional or from business.
Those persons who have opted for a presumptive income scheme according to Section 44AD, Section 44AE and Section 44ADA of the Income Tax Act.
If the person’s business turnover exceeds Rs. 2 crore, then he is required to file ITR-3 with Audit report, and not ITR 4.
The total income for ITR 4 should not exceed Rs. 50 lakhs.
Income from One House Property(loss brought forward from previous years or carry forward of losses are not eligible in this ITR Form ).
Income 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 115BE).

Who cannot file ITR 4(SUGAM)?

Anyone who maintains books of accounts and is willing to set off expenses with income earned and not want to file as per the 44AD / 44ADA and 44AE provisions i.e. presumptive taxation basis.
Income earned through capital gains.
If you own more than one house property whether let out or self occupied
A person having Agricultural income in excess of Rs 5,000.
Person who is a Director in a company
Person has held any unlisted equity shares at any time during the previous year
Persons having financial interest in assets located outside India, which includes any signing authority for accounts held outside India
Income arising from Winnings from Lottery or owning and maintaining of Race Horses, Gambling or speculation income
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
Any claim of credit of TDS in the hands of any other person
In case where payment or deduction of tax has been deferred on ESOP

ITR-5

Who can file ITR 5?

The following should choose ITR-5 form :

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

Who cannot file ITR 5?

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

ITR-6

Who can file ITR 6?

This form can be used by companies which are not claiming any exemptions under Section 11(Income from property held for charitable or religious purposes) and by a person which is required to file the return in Form ITR-7.

Who cannot file ITR 6?

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

ITR-7

Who can file ITR 7?

Persons including companies that are required to file returns under Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E) or Section 139(4F) 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 provision under this section.

Who cannot file ITR 7?

Any other person from those specified above cannot report using ITR 7 Form. From A.Y.2022-23 onwards ITR 7 will not be applicable to the persons whose income is unconditionally exempt.

What are the key changes notified in the new ITR forms for FY 2022-23 (AY 2023-24)?

ITR forms are announced in advance this financial year 2022-23. The CBDT released Notification No. 04/2023 on February 10, 2023, with revised versions of Income Tax Return (ITR) forms and the ITR Acknowledgement for the Assessment Year 2023-24. The ITR forms comprise ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V, and ITR Acknowledgement. For ITR filing, these forms will be available from April 01, 2023.

There are no major changes in the form. The substantial changes that are made are provided below:-

There are no changes with respect to the eligibility criteria for the ITR-1 form. Individuals whose TDS have been deducted under Section 194N (cash withdrawal from banks) or have a deferred income tax liability for ESOPs cannot use the ITR-1 form for filing tax returns. Furthermore, Hindu undivided families (HUFs) cannot use ITR-1 for FY 2022-23 to file their ITR. Also, individuals who are the directors of any company or hold unlisted equity shares cannot use ITR-1.
Section for VDA
Other than ITR-1 for the rest of the forms, a new schedule for reporting Income from Virtual Digital Assets (VDA) such as cryptocurrencies has been included under Capital Gains. As per this amendment, taxpayers must report the date of acquisition, date of transfer, cost of acquisition, and the proceeds received on the sale of VDAs. A quarterly breakup must be provided under the Capital Gains Schedule for Income from VDA. Schedule VDA has been added.
OLD and NEW Tax Regime
The taxpayers have to report in the ITR3 and ITR4 forms if they have opted out of the new regime in the last assessment year and the year they opted out.
Income from other sources
A disclosure for ‘Income from retirement benefit accounts’ is added, as per which the taxpayers need to make a disclosure about the taxable income on which relief under section 89A was claimed in any of the earlier years.
Intraday Trading
In the forms ITR3/ITR5/ITR6, a new section for turnover and income from intraday trading must be reported under the ‘Trading Account’ section.
Foreign institutional investors disclosure measure
Foreign institutional investors (FII/FPI) must share their SEBI registration number as an additional disclosure measure.
Balance Sheet Reporting
In the balance sheet reporting, a small change is introduced. Income received via advances from individuals specified in Sec 40A(2)(b) of the Income Tax Act and others is to be reported under the ‘Advances ‘ section in Source of Funds.

How can I download the ITR Form utility online?

ITR forms can be downloaded from the Income Tax India website for any year.

Steps to download the ITR forms utility online -

Visit the official website of the Income Tax department of India.
Go to the “Downloads” head on the right side of the screen
Choose the specific assessment year.
Click on the option ‘Common Offline Utility (ITR 1 to ITR 4)
Click on ‘Utility Excel Based’ to download the excel file for desired ITR.

Which ITR to file for the AY 2023-24 (FY 2022-23)?

ITR Form Number	Description
ITR 1	For individuals who are a resident other than Not ordinarily Resident, who have a total income upto Rs. 50 lakhs. Having income from salaries, one house property, other sources and agricultural Income upto Rs. 5 thousand ( not for any individual who is holding the position of a director in a company or invested in unlisted equity shares)
ITR 2	Income of both individuals and HUFs from salaries,multiple house property, capital gains , foreign investments and agricultural Income Rs. 5 thousand or more. The total annual income can exceed Rs. 50 Lakhs. The individual should not have gains and profits of a business or profession.
ITR 3	The individual and HUF having all income applicable for FORM ITR 2 and gains and profits of business or profession. Partners of a firm can file this ITR FORM.
ITR 4	For individuals, HUFs and firms other than LLP, a resident having total income of upto 50 lakhs and having income from business and profession which is computed under section 44AD, 44ADA and 44AE. ( not for any individual who is holding the position of a director in a company or invested in unlisted equity shares)
ITR 5	For persons other than Individual, HUFs, company and person filing for ITR-7. This form is applicable for Firms, LLP, AOI,, BOP.
ITR 6	For all the companies other than the ones claiming exemption under Section-11
ITR 7	Persons/Companies who are required to furnish returns under sections 139(4A), 139(4B), 139 (4C) and 139 (4D).

FAQs on ITR Forms

Q- Can I file ITR for AY 2023-24 now?

The deadline to file ITR as per sec 139(1) of Income Tax Act for AY 2023-24 (FY 2022-23) is 31st July 2023.

Q- How to know which ITR form to be filled?

You can refer to the above blog for knowing the applicability of ITR form.

Q- What is the ITR form for individuals?

ITR - 1 / ITR-2 / ITR-3 / ITR-4 can be filed by Individuals depending on the sources of income and other relevant information.

Q- Which ITR form for salary income?

If a resident individual is having only Salary income then Form ITR-1 is relevant subject to other conditions.

Q- Which ITR should be filed for the commission agent?

The applicability of ITR form depends upon the source of income. For example, the commission agency income can be treated as other sources of income or business income.
If an individual is having a major source of income as salary and is also earning commission income, then he can choose to file ITR1. Whereas if the individual is having the main source of income as commission then it may be treated as business income and he can choose to file ITR3 in this case.

Q- What is the difference between ITR 3 and ITR 4?

ITR-4 is applicable in case business/ professional income is reported on presumptive basis under section 44AD/ 44ADA/ 44AE whereas ITR-3 is applicable on business or professional income reported on other than presumptive basis. There are many other differences which can be derived from the blog above.

Q- What is the difference between ITR 1 and ITR 4?

ITR-1 is applicable on Resident Individuals having Income from Salaries, One House property , Other sources of income as specified .On the other hand, ITR-4 is applicable on Resident Individuals, HUF or Firms except LLP having Income from business and profession which is computed under Section 44AD/ 44ADA/ 44AE (i.e.,on presumptive basis)

Q- Which ITR form is applicable for nil return?

ITR Form depends on the type of taxpayer , source of income and such other factors. For eg., If a nil return is to be filed of a HUF then ITR-2 or ITR-3 or ITR-4 shall be relevant depending on sources of income and other factors.

Q- Which ITR form is to be used for commission income?

If the commission is business income of an individual then it should be reported as business income and accordingly, ITR-3 shall be applicable and if it is not his business income then it shall be treated as income from other sources, consequently, ITR-1 or ITR-2 shall be relevant subject to other conditions.

Q- Which ITR form should NRI use?

ITR-2 or ITR-3 is applicable on Non- resident Individuals.

Q- Which ITR form to fill for self employed?

ITR-3 or ITR-4 shall be applicable on a self-employed.

Q- How to file ITR if I have form 16?

ITR is to be filed using details appearing in Form-16. ITR can be filed either on the income tax website directly or online or by downloading Excel or the utility of the Income Tax Return Form from the IT website. Tax2win.in also assists in ITR filing in a smooth and simplified manner with maximum tax saving.

Q- I am a salaried person. I also deal in share trading. Which ITR should I file?

ITR 1 is used for salaried persons. But in case assessee is dealing in shares trading which may result in capital gains then ITR 2 is filed.

Q- Where do you declare profession tax on the ITR-1 form?

Professional tax is declared in deductions u/s 16 in ITR 1

Q- Which ITR form should I use for dual income from salary and consultancy charges under section 194J?

ITR 4 is filed if a person is having income from salary and profession, if the person wants to report consultancy income on presumptive basis.

Q- In which month do ITR forms become available?

ITR forms are available throughout the year and every year updated ITR forms are released after the end of the relevant financial year. There is no fixed specified date in this regard.

Q- ITR: Which ITR I have to fill for 2 incomes (commissions -194H and Salary)?

ITR 1 is applicable for salary income and other sources of income. If the commission is business income of an individual then it should be reported as business income and accordingly, ITR-3 shall be applicable

Q- Which ITR form should you use if you have a rental income from two houses?

ITR form 2 is filled for income from multiple house property.

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