Which itr form to use

If you are wondering about which itr forms to use then read on. If you are preparing for filing your income tax returns in india then you must be wondering which itr form to use. Itr2 form filing income tax return income tax india. This form can be used by a hindu undivided family huf or an individual taxpayer. Mar 23, 2020 itr 1 or sahaj is a simplified onepage income tax return form that can be used to file the income tax return. Y 201920 page 1 of 67 instructions for filling out form itr 3 these instructions are guidelines for filling the particulars in incometax return form 3 for the assessment year 201920 relating to the financial year 201819. Corporate entities are to file by 30 th september the big question is which form should one use according to their status, income level, sources of income etc. Hence, i have taken this topic which itr form to file ay 201920 to clarify the readers. In this post we tell you which is the right itr form for you for ay 201819 fy 201718. Any income from single or multiple house property is eligible for this income tax return type. The income tax return itr that most people refer to is actually the annual tax form that an individual files every april 15th of the following year. The itr2 form is applicable for the individuals who have earned income through the sale of assets or property. Form itr1 can be used by individuals who fall in one of the following categories.

The income tax return itr forms were notified on april 5 by cbdt. Usually, the deadline for filing income tax return with itr1 form is 31st of july. The primary difference between the two is that we cannot use itr2a form in cases where the individual has earned an income from capital gains. This form can be used only for the income generated during fy 201617. Itr forms check out various types of income tax return forms and compare. While, individuals are due to file their itr by 31 st july. Here, we discuss about all the forms to let taxpayers use the correct form to file. Log on to efiling portal at if you are not registered with the efiling portal, use the register. The difference between itr1 and itr2 will be clearer now as we have seen the different uses of itr1, itr2a and itr2. This return form is to be used by an individual who is a resident other than not ordinarily resident and whose total income for the assessment year 201819. Know the correct income tax return form applicable to you. Here is a detailed list of who can use this form and who cant. If you yet to file income tax returns and looking which it form to use for income tax filing for fy20142015 i.

Who can use itr 1, itr 2, itr 3 and itr 4 sugam for a. How to use itr utility for filing income tax return step 4. The itr 5 form is divided into 2 parts and many schedules. Who can file which itr, types of itr forms and who can. Income from capital gains short term and long term is eligible for the itr 2 form. These itr forms are related for assessment year 201920 only i. This form must be used by resident indians who fall under the belowmentioned categories. Apr 06, 2017 now let us see the new income tax return forms ay 201718 fy 201617 one by one. Itr 1 form or the income tax return sahaj form is a singlepage form concerning to individuals earning income up to rs.

When you file a belated return, you are not allowed to carry forward certain losses. Income from salary pension income from one house property not being brought forward losses from previous years income from other sources not being income from lottery or race horses moreover, in case any income of spouse, minor child, etc. In 20, income tax department issued letters to 12,19,832 nonfilers who had done high value transactions. Know the correct income tax return form applicable to you for fy 201819. Now let us see the new income tax return forms ay 201718 fy 201617 one by one.

Which itr form to file ay 201920 fy 201819 investdunia. Itr1 sahaj cannot be used by someone whose total income exceeds rs. However, if someone is needed to file the income tax return us 94a, 94c, 94b, or 94d is not eligible to use this form. Right click on the downloaded zip file and click on extract all. The forms available are meant for different purposes so ensure that you understand your scenario first and then pick up which form to use. There are itr 1, itr 2, itr 3 and itr 4 which can be used by individuals. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. The sugam itr4s form is a presumptive income tax return form and is part of the income tax returns filing process with the income tax department of india. How to file an itr for income from trading in the nsebse. There are seven types of income tax return forms available in india from itr 1 to. Business or professioninitiated individuals can file the itr 2 form if they have an income under a partnership firm where the individual huf is a partner.

The applicability of itr forms for the current year has been explained in below tables. Individuals use forms itr 1, 2, 3 or 4, depending on their sources of income. In this post we tell you which is the right itr form for you for ay 201920 fy 201819. Every year income tax department releases itr forms which are to be used in filing tax. The big question is which form should one use according to their status, income level, sources of income etc. Itr1 form is also referred as sahaj form, is designed for the salaried person to file income tax return with. If we compare itr 2a and itr 2, we will realize that itr 2 is a more comprehensive form. Income tax return forms ay 201718 fy 201617 which form.

How to file your annual itr 1701 or 1701a or 1700 using taxumo. Itr1 form is to be used by an individual having income from following sources. This year, the government has introduced the need toread more. Income tax return is the form in which assessee files information about his income and tax thereon to income tax department. Which itr form to use for assessment year 201920 money boat. Aug 17, 2015 which itr form to use for income tax filing for fy201415 a. How to use itr utility for filing income tax return. By shalini jain the central board of direct taxes cbdt notified tax return forms for the financial year fy 201819 on april 01, 2019. Know the correct income tax return form applicable. The income tax act, 1961, and the income tax rules, 1962. The form is required to be filled out and submitted by those who are eligible to use it under the income tax act, 1961, and the income tax rules, 1962. Itr filing for ay 201920 explained in 3 steps livemint. Here is a quick guide itr 1 forms eligibility, and procedure.

Which itr form to use for income tax filing for fy201415. Jul 19, 2019 though the return in itr form 1 can be filed through excel and java utilities, it is advisable to use the efiling platform as it is the easiest way to file the return. However, in case the losses have been brought forward from the previous year, exclusion is allowed. I will update this section as and when the cbdt notifies the other forms. Apr 01, 2019 the income tax return itr that most people refer to is actually the annual tax form that an individual files every april 15th of the following year. Now that we have seen different uses of itr 1, itr 2a and itr 2, let us take a look at itr 2 and itr 2a. This return form should be used by an individual or an hindu undivided family whose total income for the financial year 201617 includes income from. Article discusses who can use itr 1 sahaj, itr 2, itr 3 and itr 4 sugam form for assessment year 201819 or say financial year 201718. Further, various basic information and tax details are prefilled in the itr form prepared through the efiling platform. Itr2a form has been discontinued and merged with itr2 form. Also, do remember that as the forms have been notified without the return filing utility, the taxpayer, who is required to file the return before the previous year ends, cannot.

A housewife does not have any income unless she is also involved in some activities like home tuitions, some small business or consultancy, has investments like fds, shares, mutual fu. Also last year after filling itr my refund got deposited in bank account within 5 working days. Different forms are required to be used for filing your itr depending on whether you are a resident or not and what are the sources of your income. Thankfully there is no change in the number and name of forms as compared to last year. All the itr forms are already available on income tax website. How to file itr 1 with salary, home loan and other income for. Use income tax calendar to know about the due dates of all itr forms. Click here to download the latest itr3 form from the income tax department. The form is also applicable to individuals who have income sources outside india.

Filing returns using the right itr form is very important. Director in a company or an individual having investment in unlisted equity shares of a company is not eligible to file itr 1 and itr 4. A new format of itr 4 form is notified for the assessment year 2019 20. Time has come to file your income tax return but which itr form to use is still a big confusion for many taxpayers especially for the first timers. For individuals being a resident other than not ordinarily resident having total income upto rs. The itr2a form is applicable for the following people.

Who can use itr1 form for filing returns and who cant. For individuals, hufs and firms other than llp being a resident having total income upto rs. Every taxpayer should file his itr on or before the specified due date. Know the correct income tax return form applicable to you for. This form summarizes all of the income or loss you have incurred for the past year.

Itr 5 is to be used by firms, llps limited liability partnerships, aops association of persons and bois body of individuals. Who can file which itr, types of itr forms and who can fill them. The income tax act, 1961, and the income tax rules, 1962, obligates citizens to file returns with the income tax. On the other hand, itr 5, itr 6 and itr 7 are applicable to firms and companies. As per the central board of direct taxes, forms itr 1, itr 2, itr 3, and itr 4 are applicable to individuals. Filing of itr of nse and bse if you are trading in equities in delivery basis then you can file it by showing capital gain or capital loss if its capital loss you should file the return timely before july 31st to carry forward the losses. This return form should not be used by an individual whose total income for the ay 201819 includes income. However, after concerns raised by taxpayers, the government issued a clarification on january 9, 2020 clarifying that abovementioned high spenders would be eligible to use simple itr1, if they satisfy other conditions for using the same. Download income tax return forms ay 202021 itr1 sahaj.

Though the return in itr form 1 can be filed through excel and java utilities, it is advisable to use the efiling platform as it is the easiest way to file the return. This return form is to be used by an individual who is a resident other than not ordinarily resident and. Sahaj stands for easy in hindi and any salaried person including pensioners, family pension holder and person earn income by interest can use this form to file itr. The choice of itr form mainly depends on the source and amount of income. Jul 18, 2014 which itr to file for assessment year 201415. Thought it is little late now, but still many of us yet to file income tax returns for fy201415 a. Various forms are itr 1, itr 2, itr 3, itr 4, itr 5, itr 6 and itr 7. Form description microsoft excel java instructions. Any salary or pension earned by an individual from hisher employer and taxable under the category income from salary income from house property. The form varies based on the source of your income and if you use the wrong form to file your itr, it will be considered invalid.

You can use the link in the table of contents to quickly find out who can and who cannot file itr forms 1,2,3,4,5,6 and 7. In 2014, income tax department has identified additional 22,09,464 nonfilers who have done high value transactions. Income tax return itr form 1, itr2, itr3, itr4, itr5. The sugam itr 4s form is a presumptive income tax return form and is part of the income tax returns filing process with the income tax department of india. It has allowed taxpayers holding a single house property to use itr1 or itr4, even if they hold it jointly. Y 201920 page 1 of 67 instructions for filling out form itr3 these instructions are guidelines for filling the particulars in incometax return form3 for the assessment year 201920 relating to the financial year 201819. Income tax return is a document about the income and tax details that you submit the government concerned tax authority. Jul 19, 2019 director in a company or an individual having investment in unlisted equity shares of a company is not eligible to file itr 1 and itr 4.

Income tax return itr is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The income tax department has provided seven itr forms itr 1, itr 2, itr 3, itr 4, itr 5, itr 6 and itr 7 to enable assessees to file their income tax return online. This return form should be used by an individual or an hindu undivided family whose total income for the financial year 201617 includes income from salary pension, income from more than. Apr 17, 2018 article discusses who can use itr 1 sahaj, itr 2, itr 3 and itr 4 sugam form for assessment year 201819 or say financial year 201718. Which itr form to use for filing income tax returns in india. We need to know the source of income for the particular case. In simple words, if you are using the itr 2a you can, on the other hand, can use itr 2 form too. Itr efiling income tax returns which itr should i file. Filling forms can sometimes be a tedious process but the income tax returns itr 1 form is an easy one to file. How to file itr 1 with salary, home loan and other income. Income from other sources like interest income, dividends earned, etc. We tell you which form out of itr 1, 2, 3, 4, 5, 6 or 7 to use to file your tax return in 2018. There are various itr forms namely itr1sahaj, itr2, itr3, itr4, itr4s sugam, itr5, itr6 and itr7.

The cbdt has notified 7 types of incometax return forms. May 01, 2017 filing of itr of nse and bse if you are trading in equities in delivery basis then you can file it by showing capital gain or capital loss if its capital loss you should file the return timely before july 31st to carry forward the losses. From this assessment year, there is a penalty under section 234f of the income tax act. Each return form is applicable according to the status of taxpayer and type of income he earns during the year. The income tax return itr forms for ay 201920 fy 201819 were notified on april 9, 2019 by cbdt. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. An individual having income above rs 50 lakh cannot use this form. This form works as a return form for the taxpayers who opt for presumptive income scheme under section 44ad, section 44ae, and section 44ada and those who have income less than rs. Lets first look at the classification of source of income as per income tax laws. How to file an itr for income from trading in the nsebse quora. The instructions to fill itr 2 and itr 3 tax return forms released by cbdt last week should help the. My it returns for the last 10 years ever since this was conceived.

This form must be used by resident indians who fall under the belowmentioned. For filing of income tax return, the income tax department has provided seven forms named itr 1, itr 2, itr 3, itr 4, itr 5, itr 6 and itr 7, and one form itrv for verification, according. In financial year 201718, maximum number of people filed itr129. In case of any doubt, please refer to relevant provisions of the incometax act, 1961. Selection and filing of the correct tax return form as per the residential status, source and quantum of income is necessary as filing of an incorrect tax form may render the income tax return as defective. Which itr form to use for income tax filing for fy201415 a. Open the location by default it will be in downloads folder of the system where the zip file compressed file is downloaded. Moreover in that situation you can not use this form and have to use form no. Apr 08, 2019 you can use the link in the table of contents to quickly find out who can and who cannot file itr forms 1,2,3,4,5,6 and 7. We tell you which form out of itr 1, 2, 3, 4, 5, 6 or 7 to use to file your income tax return in ay. Thank u income tax department and government of india. Income from salary, business, commission, house property, capital gains, share trading. Learn about these different types of itr forms here and find out which itr form to file.