Paper Filings


Income Tax Returns

Income tax returns (ITR) are the forms that individuals or entities use to report their income and calculate the income tax payable to the government.

Income Tax Returns

Income tax returns (ITR) are the forms that individuals or entities use to report their income and calculate the income tax payable to the government. The income tax return forms are numbered from ITR-1 to ITR-7, and each form caters to specific categories of taxpayers based on their income sources, residential status, and other factors. The forms may vary from country to country, so I’ll provide a general overview based on the Indian income tax return forms as of my last update in September 2021.

  1. ITR-1 (Sahaj): ITR-1 is the simplest and most commonly used form, suitable for individual taxpayers with income from salary, pension, or one house property. It is not applicable if the taxpayer has income from other sources or has income exceeding a certain threshold.

  2. ITR-2: ITR-2 is for individual taxpayers who have income from sources other than business or profession. This form is applicable to those having income from multiple house properties, capital gains, or foreign income.

  3. ITR-3: ITR-3 is for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. This form is used when the taxpayer has income from a proprietary business or is a partner in a firm.

  4. ITR-4 (Sugam): ITR-4, also known as Sugam, is for individuals, HUFs, and firms opting for the presumptive taxation scheme under Section 44AD, 44ADA, or 44AE of the Income Tax Act. This form is applicable for small taxpayers with limited business turnover or professional income.

  5. ITR-5: ITR-5 is for entities other than individuals, HUFs, companies, and those filing ITR-7. It includes partnership firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), and Body of Individuals (BOIs).

  6. ITR-6: ITR-6 is for companies not claiming exemption under Section 11 (income from property held for charitable or religious purposes) of the Income Tax Act.

  7. ITR-7: ITR-7 is for persons, including companies, who are required to file returns under Sections 139(4A), 139(4B), 139(4C), and 139(4D). This includes trusts, political parties, colleges, and associations falling under specified sections of the Income Tax Act.

It’s essential for taxpayers to select the appropriate income tax return form based on their income sources and residential status to ensure accurate reporting and compliance with tax laws. Additionally, tax laws and forms may change over time, so taxpayers should refer to the latest guidelines issued by the tax authorities in their respective countries.

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