Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable to the income tax department.
The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, company, etc.
It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:
|For individuals below 60 years||Rs 2.5 lakh|
|For individuals above 60 years but below 80 years||Rs 3.0 lakh|
|For individuals above 80 years||Rs 5.0 lakh|
Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:
|Form||Applicability||Salary||Exempt Income||Capital Gains||House Property||Business Income||Other Sources|
|ITR 1||Resident Indian individuals and HUFs||Yes||Yes. However, income from agriculture cannot be more than Rs.5,000.||No||Yes. However, it can be only for one house property.||No||Yes|
|ITR 2||HUFs and individuals||Yes||Yes||No||Yes||No||Yes|
|ITR 3||Partner in a firm, HUF, or individuals||Yes||Yes||No||Yes||Yes||Yes|
|ITR 4||Firm, HUF, or individual||Yes||Yes. However, income from agriculture cannot be more than Rs.5,000.||Yes||Yes. However, it can be only for one house property.||Only for business income that is presumptive||Yes|
|ITR 5||LLPs or Partnership Firms||No||Yes||No||Yes||Yes||Yes|