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:
- The Type of Taxpayer,
- 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.
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
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.
Income Tax Return 2 form is applicable if the taxpayer has rental income from 2 properties and interest income.
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.
A freelancer can file ITR-4 or ITR-3 depending on turnover and profit from business/ profession.
Stock Market trader can file ITR-3 or ITR-4 depending on type of trading, turnover and profit from trading activities.
Which ITR needs to be filled when the source of income is only capital gains?
Hi @SAAD625
ITR 2 is to be filed for only reporting Income from capital gains.
You can read about Which ITR Form Number to Fill? - Learn by Quicko.
Hope this helps.
Hi
I have salary income of 1.25 lakhs and f&o loss of 10k. Can I file presumptive ITR-4 with profits declared @ 6% ?
Hi @Neeraj_Choudhary
Based on the information provided, you are eligible to file your income tax return under the presumptive taxation scheme. To proceed with this, you would need to file ITR-4, which is the applicable form for individuals opting for presumptive taxation.
Read more about Section 44AD - Presumptive Taxation for Business - Learn by Quicko.
Hi
I have a salary income of 1.2 lacs and f&o loss of 10k.
Is it compulsory for me to file ITR 3 or can I go for ITR 4?
Hi @Neeraj_Choudhary
Based on the type of income you receive, you will need to choose the appropriate ITR Form.
In your case, since you have a non-speculative income derived from your business, considering a business income, you are required to file ITR 3. However, if you decide to opt for the presumptive taxation scheme, then you would need to file ITR 4.
Hi @Lokesh
If you do not have any business/profession/freelance income in FY 2022-23 then you will not be able to claim the depreciation on the laptop as an expense.
However, for FY 2022-23/AY 2023-24 if you have only salary income up to ₹50, lakhs then you should file ITR 1.
Here’s a read on Which ITR Form Number to Fill? - Learn by Quicko for your reference.
Hi @MAHESH_M
If you’re an LIC agent, and you receive commission income and also have capital gains, you are required to file ITR 3.
thank you @Shrutika_Shah