Which ITR Form to file?

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Hiral Vakil

ITR Forms
Last updated on January 24th, 2024

The income tax department every year releases ITR forms for a particular Assessment Year. Taxpayers decide which ITR form to file based on their residential status and sources of income. Furthermore, the income tax return is a comprehensive document wherein the taxpayer declares various types of income earned in India and settles any applicable tax liabilities.

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 numbers, taxpayers have to choose the one that applies to them.

The following ITR Forms are prescribed for Individuals (Non-corporate assesses):

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

Corporate assessees are required to use the prescribed ITR forms listed below:

ITR 5For firms, an association of persons (AOP), Body of Individuals (BOI), co-operative societies, and local authorities.
ITR 6For companies claim that do not claim an exemption under section 11 (such as a charitable or religious trust).
ITR 7For trusts, political parties, scientific research organizations, colleges, and universities.
In the Union Budget 2022, Income tax department issue a new section 139(8A) i.e. if there are any omissions or errors in the ITR filed earlier or if the taxpayer has missed out on filing or revising the ITR up to the due date, then they can still file an Updated ITR. .
In the Union Budget 2022, Income tax department issue a new section 139(8A) i.e. if there are any omissions or errors in the ITR filed earlier or if the taxpayer has missed out on filing or revising the ITR up to the due date, then they can still file an Updated ITR. .

Know Which ITR Form You Are Required to File

Understanding the correct Income Tax Return (ITR) form is essential for individuals to fulfill their tax obligations accurately. To ensure compliance with tax regulations, it is crucial to identify the specific ITR form that aligns with one’s financial circumstances and sources of income

Sources of Income Individual Individual/ HUF
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    


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 lakhs then you need to file ITR 2.

Which ITR form applies to me if I have earned rental income from two properties and interest income during the year?

ITR 2 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 ITR 2. Since ITR-1 cannot be filed if agriculture income exceeds INR 5,000.

As a freelancer which ITR should I file?

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

Which ITR form should I file if I am a salaried individual and engage in trading F&O in the stock market?

For individuals who are both salaried employees and engage in F&O trading in the stock market, the appropriate ITR form to file is ITR-3.

Got Questions? Ask Away!

  1. Which ITR needs to be filled when the source of income is only capital gains?

  2. 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% ?

  3. 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?

  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.

  5. I lost my job in 2022 and started freelancing. For that purpose, I bought a laptop. Registered on freelance platforms, by giving PAN and other relevant details. The income I get from these platforms deduct TDS. However, I don’t have any freelance income till 31st March, 2023. Can I claim my laptop as a deduction? Which ITR should I file?

    My only income for FY22-23 is salary till the day I lost my job in 2022.

  6. 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.

  7.                which ITR to be filed for me,doing LIC AGENT,CAPITALGAINS(STOCKS),please suggest
  8. 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.

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