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Which ITR Form Number to fill?

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Hiral Vakil

ITR Forms
ITR-1
ITR-2
ITR-3
ITR-4
Last updated on April 2nd, 2021

Before you start filing your Income Tax Return – ITR, you need to know Which ITR form number to fill. Income tax department issues the ITR forms based on:

  1. The Type of Taxpayer,
  2. Source of Income earned by the taxpayer.

These ITR Forms will be applicable for a particular financial year. Hence one needs to select the correct ITR Form before filing it.

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

What are the different ITR Forms?

Although the Income Tax Department (ITD) has prescribed 7 different ITR form number, taxpayers have to choose the one which is applicable to them.

Following ITR Forms are prescribed for Individuals (Non-corporate assessees):

ITR Form Description
ITR 1 The most basic ITR form for individuals having income up to Rs. 50,00,000 from or income from salary/pension, one house property, and interest.
ITR 2 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and partner’s income from the partnership firm.
ITR 3 For individuals/HUF having income from salary/pension, multiple house property, capital gains, interest, and income from proprietary business or profession.
ITR 4 For individuals/HUF/Partnership firms having income from presumptive business or profession, salary/pension, one house property, and interest up to Rs. 50,00,000. 

Following ITR Forms are prescribed for corporate assesses:

ITR-5 For firms, an association of persons (AOP), Body of Individuals (BOI), co-operative societies, and local authorities.
ITR-6 For companies claim that do not claim an exemption under section 11 (such as a charitable or religious trust).
ITR-7 For trusts, political parties, scientific research organizations, colleges, and universities.

Know Which ITR Form you are Required to Fill

Sources of Income Individual Individual/ HUF
ITR-1 (SAHAJ) ITR-2 ITR-3 ITR-4 (SUGAM)
Salary/Pension income

Income From One House Property
Income From Multiple House Property     
Agricultural income exceeding Rs. 5,000/-    
Income from Other Sources
Winnings from lottery and racehorses    
Capital Gains    
Profit from a Partnership Firm      
Proprietary Business/ Profession income      
Income from Presumptive Business/ Profession      
Income From Foreign Assets     
Tax Relief under sections 90, 90A or 91    

FAQs

Which ITR should I fill if I have earned salary income during the year?

You need to file ITR-1 if you have only earned a salary income during the year. However, if the salary earned during the year is more than INR 50 lacs then you need to file Income Tax Return Form 2.

I have earned rental income from 2 properties and interest income during the year, which ITR form is applicable to me?

Income Tax Return 2 form is applicable if the taxpayer has rental income from 2 properties and interest income.

I have earned an agriculture income of INR 3,50,000 during the year, which ITR needs to be filed?

Even though agriculture income is an exempt income. You need to file Income Tax Return 2. Since ITR-1 cannot be filed if agriculture income exceeds INR 5,000.

I am freelancer which ITR should I file?

A freelancer can file ITR-4 or ITR-3 depending on turnover and profit from business/ profession.

I am Stock Market Trader, which ITR should I file?

Stock Market trader can file ITR-3 or ITR-4 depending on type of trading, turnover and profit from trading activities.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @ameyj

    The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
    Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.

    Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.

    Hope this helps :slightly_smiling_face:

  5. Hi @TeamQuicko

    Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.

    The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.

    Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…

  6. Hey @Abdul_Kaleem_shah

    As per sec.194 of income tax act, TDS liability will arise when the amount of such dividend or the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, exceeds 5000 Rs.

    Here, the term company not includes aggregate companies and hence limit of 5000 Rs. should be applicable to each company.

    Here, you can read below article covering TDS on dividend income:

    Since, it is purely based on interpretation and ambiguous as opinion vary from experts.

  7. Hey @TeamQuicko

    I tried to file ITR-3 via Quicko’s integration with Zerodha. While filing the ITR, I got an option to switch to the New Tax regime to save additional taxes.
    Since I had some turnover from intraday and FnO (speculative/ business), am I eligible to switch to the new regime through Quicko while filing?
    How do I fill the Form 10-IE? If I haven’t filled the form, would the portal preent me from filing returns altogether?
    Also, once I get rebate (if opted for new regime) / pay dues (if opted for old regime), do I need to go through the hassles of replicating it on the new ITR portal (i.e manually answering the schedule sections)?

    Kind regards

  8. Hi @ChinmayB,

    Yes, you can opt for the new tax regime. However, keep in mind in case a taxpayer has business income and they opt for the new tax regime, they can switch to the old tax regime only once.

    If you opt for the new tax regime, you need to file Form 10-IE before filing the ITR

    Here’s how you can file the Form 10-IE

    When filing your ITR through Quicko, you do not need to enter details on the new ITR portal, since Quicko is a ERI (e-return intermediary) registered with the Income Tax Department.

    Note: ITR filing will be enabled on Quicko in the coming week. So stay tuned for more exciting features!

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