Income Tax Returns or ITR is a form used to declare the net tax liability, claiming of tax deductions, and to report the gross taxable income. It is mandatory for individuals who earn a certain amount of money have to File IT Returns.
Firms or companies, Hindu Undivided Families (HUFs), and self-employed or salaried individuals must file ITR to the Income Tax Department of India.
ITR filing is the process by which taxpayer has to file a report of his total income earned on financial year. Through Income Tax Department official portal individual can complete their filing of returns. It has notified with seven various forms - ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.
Note: You can now file your taxes through the New income tax portal. The new portal comes with a plethora of features and is designed to ease the tax filing process.
It is mandatory for one to file income tax returns in India, if he comes under any of the following conditions:
With the implementation of efiling of Income Tax Returns, the following cases will require an e-filing Income Tax :
Here is a step-by-step procedure to download the ITR forms from Income Tax Department of India's website:
Step 1: Visit the official income tax department (ITD) website at https://www.incometaxindia.gov.in
Step 2: From the menu bar on the home page, click on the 'Forms/Downloads' option and navigate to the 'Income Tax Returns' menu.
Step 3: You will be redirected to a new webpage wherein you can find a list of all the ITR forms. Click on the 'PDF' option next to the respective forms to download them.
Depending on the type of income that is generated by the taxpayer, the form that must be submitted will be different. The various forms can be downloaded from the official website of the income tax department. The different types of ITR forms that are available are mentioned below:
ITR Form Name |
Applicability |
ITR-1 or Sahaj |
The form must be used by individuals who make an annual income of less than Rs.50 lakh via pension or salary and from only one house property. |
ITR-2 |
The form must be used by shareholders of private companies, Directors of Companies, Non-Resident Indians (NRIs), or individuals who make an income via capital gains, from two or more house properties, and from foreign sources. However, the income of the individual must be more than Rs.50 lakh. |
ITR-3 |
The form must be used by individuals who run a proprietorship or are professionals in India. |
ITR-4 or Sugam |
Individuals who are under the presumptive taxation scheme must use this form. In order for individuals to join the scheme, they must earn less than Rs.50 lakh from professional income or less than Rs.2 crore from business income. |
ITR-5 |
In order for association and body of individuals, Limited Liability Partnerships (LLPs), and partnership firms to report their income and tax computation, this form must be used. |
ITR-6 |
Companies that are registered in India must use this form. |
ITR-7 |
In case entities are claiming an exemption as universities or colleges, scientific research institutions, political parties, and religious or charitable trusts, this form must be used. |
For Filing IT returns Online, the following documents are needed:
