Which ITR should I file?

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By Hiral Vakil on March 7, 2019

Before you start filing your taxes, you need to know the correct ITR form to file. Income tax department issues the ITR forms based on the type of taxpayer and source of income earned by the taxpayer. These ITR Forms will be applicable for a particular financial year. The due date to file ITR for individuals to whom audit is not applicable is 31st July of an assessment year.

What is the due date for return filing?

What are different ITR Forms?

Although the Income Tax Department has prescribed 7 different ITR forms, taxpayers have to choose the one which is applicable to them.

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

ITR-1 (SAHAJ) The most basic ITR form for individuals having income up to Rs. 50,00,000 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.
ITR Forms, TDS Certificate, Tax Credit Statement and Filing

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 other than companies claiming an exemption under section 11 (such as a charitable or religious trust).
ITR-7 For trusts, political parties, scientific research organisations, colleges and universities.
What are the documents required to file ITR?

Know Your ITR

Here is a summary to help you determine which ITR Form is applicable to you.

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    
Know your ITR
Don't know which ITR to file?Use this tool to know correct ITR.

FAQs:

1. Which ITR should I file if I have earned salary income during the year?

You need to file ITR-1 if you have only earned salary income during the year. However, if the salary earned during the year is more than Rs. 50 lacs then you need to file ITR-2.

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

ITR-2 form is applicable if the taxpayer has rental income from 2 properties and interest income.

3. I have earned an agriculture income of Rs. 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 Rs. 5,000.

4. 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.