Which ITR suits me

/Which ITR suits me
Which ITR suits me 2019-05-01T11:16:17+05:30

Income Tax Returns

In India, the incomes are divided under 5 heads by the Income-tax department. An Individual or any organization or enterprise can earn Income under a single head or in more than one heads. For this ITD had issued 7 types of ITR’s.

Types of ITR’s for AY 2018-19.

ITR form
(Links to download)
Detail By whom?
ITR-1(SAHAJ)
Income from the salary, House property (only 1), Other sources and having total income up to ₹ 50 lacs. Resident Individual
ITR-2

 

If ITR-1(SAHAJ) is not applicable and also no business income Individual/HUF
ITR-3

 

Income from profit and gain from business and profession Individual/HUF
ITR-4 (SUGAM)

 

Presumptive income from profit and gain from business and profession Individual/HUF/Partnership Firm
ITR-5

 

Income from sources LLP, AOP, BOI, Artificial Judicial
ITR-6

 

Form for company Company other than section 11 exemption
ITR-7 Form for company For persons including companies required to furnish return under sections 139(4A)/ 139(4B)/ 139(4C)/ 139(4D)/ 139(4E)/ 139(4F)
ITR-V Its an acknowledgment of ITR return submission N.A.

Detail description of ITR-1(SAHAJ) for AY 2018-19.

Ans. ITR-1(SAHAJ) is the name of the form which is issued by income tax department for the purpose of showing income under various heads by the specified person. It is also called Sahaj form.

Ans. ITR-1 (Sahaj) is used by the individuals who are resident and whose total income combination of various sources doesn’t exceed to ₹ 50Lacs.

Ans. Three sources are specified under ITR-1 (SAHAJ) form:

  • Income from Salary/ Pension.
  • Income from One House Property.
  • Income from Other Sources (excluding winning from lottery and income from Race Horses).

Ans. Yes, clubbing of income is possible under ITR-1 (SAHAJ) form but the Rs 50 lacs limit should not be crossed or exhausted.

Ans. ITR-1(SAHAJ) form is divided in 5 parts

  • Part A –              General information
  • Part b –              Gross total information
  • Part C –              Deduction and taxable total income
  • Part D –              Computation of total income
  • Part E –              Other information

Ans. The list below shows the person who is not eligible for filing ITR-1 (SAHAJ) form:

  1. Income from more than one house property.
  2. Brought forward loss or carried forward loss of previous year under the head house property.
  • If agricultural income exceeds to ₹ 5000.
  1. Income from the head PGBP (Profit and gain from business and profession).
  2. Any loss under Other sources head.
  3. Income from the head of Capital gain.
  • Income from winnings from lottery.
  • Income from Race horses.
  1. Income taxable under section 115BBDA.
  2. Income of the nature referred to in section 115BBE.
  3. Person claiming relief of double taxation (DTAA) under section 90 and/or 91;
  • Any income from outside India.

Ans. Income tax department insists to file ITR-1 (SAHAJ) form online i.e. e-file, however, in 2 conditions it allows to file offline return or return via paper. Those 2 conditions are as follows:

  1. An individual should be 80 years or above at the time of filling return during the previous year.
  2. An individual whose income should not exceed ₹ 5Lacs during the previous year and no refund is claimed in the ITR-1 (SAHAJ) form.

Ans. The ITR-1 (Sahaj) form looks like as below.  ITR-1 (SAHAJ)

Detail description of ITR-2 for AY 2018-19.

Ans. ITR-2 form is the form which is issued by the income tax department for the Individuals and HUF (Hindu Undivided Family) who do not have any income from PGBP (Profit and gain from business and profession) source/head and who are not qualified to file ITR-1 (Sahaj) form.

Ans. The individual or HUF having any or combination of different source of incomes.

  • Agricultural income exceeds ₹ 5000.
  • Income from winnings from lottery.
  • Income from Race horses.
  • Income and loss from the head of Capital gain.
  • Individuals or HUF are whether resident (ordinary or non-ordinary) or non-resident.
  • Income from salary.

Ans. The Individuals and HUF (Hindu Undivided Family) who do not have any income from PGBP (Profit and gain from business and profession) source/head and who are not qualified to file ITR-1 (Sahaj) form.

Ans. There are 2 parts in ITR-2 form and 18 “Schedule’s:

  • Part A – General information.
  • Part B – Computation of total income.
  • ““Schedule””-S: Computation of income under the head Salaries.
  • “Schedule”-HP: Computation of income under the head Income from House Property.
  • “Schedule”-CG: Computation of income under the head Capital gains.
  • “Schedule”-OS: Computation of income under the head Income from other sources.
  • “Schedule”-CYLA: Detail of income after set off of current year’s losses
  • “Schedule”-BFLA: Detail of income after set off of unabsorbed loss brought forward from earlier yea₹
  • ““Schedule””- CFL: Detail of losses to be carried forward to future years.
  • “Schedule”-VI-A: Detail of deductions (from total income) under Chapter VIA. (Various types of deductions.
  • “Schedule” 80G: Detail of donations entitled for deduction under section 80G. (Particulars of donations are required).
  • “Schedule” SPI: Income of specified persons (spouse, minor child, etc.) includable in the income of the assessee (income of the minor child, in excess of ₹ 1,500 per child, to be included)
  • “Schedule”-SI: Detail of income which is chargeable to special rates tax.
  • “Schedule”-EI: Detail of exempt income not included in total income (exempt incomes).
  • “Schedule”-PTI: Detail of income from Business Trust or Investment Fund.
  • “Schedule”-FSI: Detail of income from outside India.
  • “Schedule”- TR: Detail of tax relief claimed for DTAA (double taxation avoidance agreement) under section 90 or section 90A or section 91.
  • “Schedule”- FA: Detail of your Foreign Assets and Income.
  • “Schedule”-5A: Detail of apportionment of income between spouses governed by Portuguese Civil Code.
  • “Schedule”-AL: Detail of your Asset and Liability at the end of the year. It is mandatory if your total income exceeds ₹50 lacs.

Ans. ITR-2 form can be filed in any of the three ways: –

  • By filling return online and thereafter sending ITR-V to ITD.
  • By filling return online and thereafter e-verifying it.
  • By filing the return online via DSC.
Ans. The ITR-2 form looks like as below.  ITR-2

Detail description of ITR-3 for AY 2018-19.

Ans. ITR-3 form was introduced by ITD for those Individuals and HUF those who are having income from PGBP (Profit and gain from business and profession) but not any presumptive income.

Ans. ITR-3 form can only be filed by those Individuals and HUF who are having income from PGBP (Profit and gain from business and profession) but not any presumptive income.

Ans. ITR-3 cannot be filed by those Individuals and HUF who are having presumptive income u/s 44AD, 44AE, 44ADA.

Ans. ITR-3 contains 2 parts and 33 “Schedule’s:

  1. Part-A has five sub-divisions as under.
  • Part A-GEN this is for general information.
  • Part A-BS this is for balance sheet.
  • Part A-P&L this is for profit and loss account.
  • Part A-OI this is for other information those who are liable for Income tax audit under section 44 AB.
  • Part A-QD this part of ITR-3 is optional for those who are not liable for audit.
  1. Part-B is for computation of income. Including Income tax sheet and TDS (tax deducted at source).
  2. ITR-3 form contains 33 “Schedule’s:
  • “Schedule” Name-S: Income under the head Salaries.
  • “Schedule”-HP: Income under the head House Property.
  • “Schedule”-BP: Income under the head “profit and gains from business or profession”.
  • “Schedule”-DPM: Detail of depreciation on plant and machinery under the Income-tax Act.
  • “Schedule” DOA: Computation of depreciation on other assets under the Income-tax Act.
  • “Schedule” DEP: Summary of depreciation on all the assets under the Income-tax Act.
  • “Schedule” DCG: Computation of deemed capital gains on sale of depreciable assets.
  • “Schedule” ESR: Deduction under section 35 or 35CCC or 35CCD (expenditure on scientific research).
  • “Schedule”-CG: Computation of income Capital gains.
  • “Schedule”-OS: Detail of income from other sources.
  • “Schedule”-CYLA: Detail of income after set off of current year losses.
  • “Schedule”-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • “Schedule”- CFL: Detail of losses to be carried forward to future years.
  • “Schedule”- UD: Statement of unabsorbed depreciation and allowances under section 35(4).
  • “Schedule”- ICDS: Effect of income computation disclosure standards on profit.
  • “Schedule”- 10AA: Deduction under section 10AA.
  • “Schedule”- 80IA: Computation of deduction under section 80IA.
  • “Schedule”- 80IB: Computation of deduction under section 80IB.
  • “Schedule”- 80IC/80-IE: Computation of deduction under section 80IC/80- IE.
  • “Schedule”-VI-A: Statement of deductions (from total income) under Chapter VIA.
  • “Schedule”- 80G: Details of donation entitled for deduction under section 80G.
  • “Schedule” SPI-SI-IF: Income of specified, Income calculated on special rates, Income from partnership firm in which you are the partner.
  • “Schedule” AMT: Calculation of Alternate Minimum Tax payable under section 115JC.
  • “Schedule” AMTC: Computation of tax credit under section 115JD.
  • “Schedule”-EI: Detail of exempt Income.
  • “Schedule”-PTI: Statement of income from Business Trust or Investment Fund as per section 115UA, 115UB.
  • “Schedule”-FSI: Details of Income from outside India.
  • “Schedule”-TR: Statement of tax relief on DTAA claimed under section 90 or section 90A or section 91.
  • “Schedule”-FA: Detail of Foreign Assets and Income.
  • “Schedule”-5A: Statement of apportionment of income between spouses governed by Portuguese Civil Code.
  • “Schedule”-AL: Detail of your Asset and Liability at the end of the year. It is mandatory if your total income exceeds ₹50 lakh.

Ans. ITR-3 form can be filed in any of the three ways: –

  • By filling return online and thereafter sending ITR-V to ITD.
  • By filing return online via DSC.
Ans. The ITR-3 form looks like as below. ITR-3

Detail description of ITR-4 (SUGAM) for AY 2018-19.

Ans. ITR-4 (SUGAM) form is also called SUGAM, this form is for who choose to opt for presumptive income only if turnover is less than of previous year is less than Rs 2 crores.

Ans. ITR-4 (SUGAM) can be used by Individuals, HUF, Partnership firms who opted for presumptive income.

  • Business income under section 44AD, 44AE.
  • Profession income under section 44ADA.
  • Income under the head Salary or Pension;
  • Income from One House Property excluding any losses either carried forward or brought forward.
  • Income from Other Sources excluding Lottery and horse race income.

Ans. ITR-4 (SUGAM) cannot be used under any of the following conditions:

  1. If income under house property head is of more than 1 house.
  2. If any loss is carried forward or brought forward under house property head.
  3. Income from Winnings from lottery or Race horses.
  4. Income under the head capital Gains.
  5. Income taxable under section 115BBDA.
  6. Income of the nature referred to in section 115BBE.
  7. Income from Agricultural exceed from Rs 5000.
  8. Any income from Speculative Business.
  9. Income from brokerages/ commission/ agency business.
  10. Person claiming relief of DTAA under section 90, 90A or 91
  11. Any resident having any asset outside India or signing authority in any account located outside India.

Ans. ITR-4 (SUGAM) contains 4 parts:

  1. Income detail and General information.
  2. 44AE –              Profit and gain from business of plying, hiring, leasing of goods carriages.
  3. Non-BP –              Presumptive income under section 44AD and profession income under section 44ADA.
  4. TDS (Tax deducted at source) –              “Schedule” for TDS
  5. IT –              Detail of advance tax and self-assessment tax.
  6. TCS (Tax collected at source) –              “Schedule” for TCS.
  7. Taxes paid and verification –              Detail of taxes and verification part.
  8. AL –              “Schedule” for assets and liabilities if exceeds by Rs 50Lacs.
  9. 80G –              detail of Donation (if any).

Ans. Income tax department insists to file ITR-4 (SUGAM) form online i.e. e-file, however, in 2 conditions it allows to file offline return or return via paper. Those 2 conditions are as follows:

  1. An individual should be 80 years or above at the time of filling return during the previous year.
  2. An individual whose income should not exceed ₹ 5Lacs during the previous year and no refund is claimed in the ITR-4 (SUGAM) form.
Ans. The ITR-4 (SUGAM) form looks like as below. ITR-4 (SUGAM)

Detail description of ITR-5 for AY 2018-19.

Ans. As per Income tax act, ITR-5 can be used by firm, LLP (Limited liability partnership), AOP (Association of person), BOI (body of Individuals), Local authorities, Co-operative and registered societies, Artificial judicial persons.

Ans. The following person are eligible to use the ITR-5 form as per ITD:

  • Firm
  • LLP (Limited liability partnership)
  • AOP (Association of person)
  • BOI (Body of Individuals)
  • Local authorities
  • Co-operative and registered societies
  • Artificial judicial persons

Ans. The following person who are required to file the income tax return under the following sections are not required to use ITR-5 form as per ITD:

  • Under section 139(4A) –              Income derived under a Charitable and religious trusts.
  • Under section 139(4B) –              Income of political parties.
  • Under section 139(4C) –              Income exceeds exemption limit under section 10.
  • Under section 139(4D) –              Income referred to any university, college, other institution.
  • Under section 139(4AE and AF) -Income referred to business trust or investment trust.

Ans. ITR-5 contains 2 parts and 28 “Schedule’s:

  1. Part-A has five sub-divisions as under.
  • Part A-GEN this is for general information.
  • Part A-BS this is for balance sheet.
  • Part A-P&L this is for profit and loss account.
  • Part A-OI this is for other information those who are liable for Income tax audit under section 44 AB.
  • Part A-QD this part of ITR-5 is optional for those who are not liable for audit.
  1. Part-B is for computation of income. Including Income tax sheet.
  2. ITR-5 contains 28 “Schedule’s:
  • “Schedule”-HP: Income under the head House Property.
  • “Schedule”-BP: Income under the head “profit and gains from business or profession”.
  • “Schedule”-DPM: Detail of depreciation on plant and machinery under the Income-tax Act.
  • “Schedule” DOA: Computation of depreciation on other assets under the Income-tax Act.
  • “Schedule” DEP: Summary of depreciation on all the assets under the Income-tax Act.
  • “Schedule” DCG: Computation of deemed capital gains on sale of depreciable assets.
  • “Schedule” ESR: Deduction under section 35 or 35CCC or 35CCD (expenditure on scientific research).
  • “Schedule”-CG: Computation of income Capital gains.
  • “Schedule”-OS: Detail of income from other sources.
  • “Schedule”-CYLA: Detail of income after set off of current year losses.
  • “Schedule”-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • “Schedule”- CFL: Detail of losses to be carried forward to future years.
  • “Schedule”- ICDS: Effect of income computation disclosure standards on profit.
  • “Schedule”- UD: Statement of unabsorbed depreciation and allowances under section 35(4).
  • “Schedule”- 10AA: Deduction under section 10AA.
  • “Schedule”- 80IA: Computation of deduction under section 80IA.
  • “Schedule”- 80IB: Computation of deduction under section 80IB.
  • “Schedule”- 80IC/80-IE: Computation of deduction under section 80IC/80- IE.
  • “Schedule”-80P: Deductions under various items.
  • “Schedule”-VI-A: Statement of deductions (from total income) under Chapter VIA.
  • “Schedule”- 80G: Details of donation entitled for deduction under section 80G.
  • “Schedule” SI: Income calculated on special rates.
  • “Schedule” AMT: Calculation of Alternate Minimum Tax payable under section 115JC.
  • “Schedule” AMTC: Computation of tax credit under section 115JD.
  • “Schedule”-EI: Detail of exempt Income.
  • “Schedule”-PTI: Statement of income from Business Trust or Investment Fund as per section 115UA, 115UB.
  • “Schedule”-FSI: Details of Income from outside India.
  • “Schedule”-TR: Statement of tax relief on DTAA claimed under section 90 or section 90A or section 91.
  • “Schedule”-FA: Detail of Foreign Assets and Income.

Ans. ITR-5 form can be filed in any of the three ways: –

  • By filing return through DSC (Digital signature certificate).
  • By filing return and verifying it electronically through EVC (electronic verification code)
  • By filing return and thereafter submitting ITR-V.
Ans. The ITR-5 form looks like as below. ITR-5

Detail description of ITR-6 for AY 2018-19.

Ans. ITR-6 form is used by all companies except those companies who claims the deduction under section 11 (exemptions for trust for charitable purposes).

Ans. This form is filed by the company who do not claim any deduction under section 11 of Income tax act.

Ans. ITR-6 form contains 2 parts and many schedules.

  1. Part A
  • General information – Details of Personal Information, Filing Status & Audit Information
  • Balance sheet – Balance Sheet as on 31st day of March, 2018
  • BS-IND AS – Balance sheet with Indian accounting standards.
  • Profit and loss – P/L statement
  • PL-IND AS – P/L statement with Indian AS.
  • Part A-OI                                other information
  • Quantitative details – Detail of stock.
  • OL – Receipt and payment account of company under liquidation
    1. Part B
      • TI-TTI – Computation of Total Income & Tax Liability on total income
      • IT – Details of payments of Advance Tax and Self-Assessment Tax
      • TDS – Detail of Tax deducted at source.
    1. Schedules of ITR-6 form are as follows:
    • “Schedule”-HP: Income under the head House Property.
    • “Schedule”-BP: Income under the head “profit and gains from business or profession”.
    • “Schedule”-DPM: Detail of depreciation on plant and machinery under the Income-tax Act.
    • “Schedule” DOA: Computation of depreciation on other assets under the Income-tax Act.
    • “Schedule” DEP: Summary of depreciation on all the assets under the Income-tax Act.
    • “Schedule” DCG: Computation of deemed capital gains on sale of depreciable assets.
    • “Schedule” ESR: Deduction under section 35 or 35CCC or 35CCD (expenditure on scientific research).
    • “Schedule”-CG: Computation of income Capital gains.
    • “Schedule”-OS: Detail of income from other sources.
    • “Schedule”-CYLA: Detail of income after set off of current year losses.
    • “Schedule”-BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
    • “Schedule”- CFL: Detail of losses to be carried forward to future years.
    • “Schedule”-10AA: Deduction under section 10A and 10AA.
    • “Schedule”- UD: Statement of unabsorbed depreciation and allowances under section 35(4).
    • “Schedule”- ICDS: Effect of income computation disclosure standards on profit.
    • “Schedule”- 80IA: Computation of deduction under section 80IA.
    • “Schedule”- 80IB: Computation of deduction under section 80IB.
    • “Schedule”- 80IC/80-IE: Computation of deduction under section 80IC/80- IE.
    • “Schedule”-VI-A: Statement of deductions (from total income) under Chapter VIA.
    • “Schedule”- 80G: Details of donation entitled for deduction under section 80G.
    • “Schedule” SI: Income calculated on special rates.
    • “Schedule”-EI: Detail of exempt Income.
    • “Schedule”-PTI: Statement of income from Business Trust or Investment Fund as per section 115UA, 115UB.
    • “Schedule” MAT: Calculation of Minimum alternate Tax payable under section 115JB.
    • “Schedule” MATC: Computation of tax credit under section 115JAA.
    • “Schedule” DDT: Dividend distribution Tax detail.
    • “Schedule” BBS: Detail of tax on DDT on buy back shares.
    • “Schedule”-FSI: Details of Income from outside India.
    • “Schedule”-TR: Statement of tax relief on DTAA claimed under section 90 or section 90A or section 91.
    • “Schedule”-FA: Detail of Foreign Assets and Income.
    • “Schedule”-GST: Detail of breakup of total expenditure whether registered or unregistered under GST (Goods and service Tax).
    • “Schedule”-FD: Detail of breakup of payments and/or receipts in foreign currency.

Ans. ITR-6 form can be only filed digitally by the help of Digital signature certificate (DSC).

Ans. The ITR-6 form looks like as below. ITR-6

Detail description of ITR-7 for AY 2018-19.

Ans. ITR-7 form can only be used under the following circumstances:

  • Under section 139(4A) –              Income derived under a Charitable and religious trusts.
  • Under section 139(4B) –              Income of political parties.
  • Under section 139(4C) –              Income exceeds exemption limit under section 10.
  • Under section 139(4D) –              Income referred to any university, college, other institution.
  • Under section 139(4AE and AF) -Income referred to business trust or investment trust.

Ans. Those people who required to file income under any of the following head of Income tax act.

  1. U/s 139(4A)
  2. U/s 139(4B)
  3. U/s 139(4C)
  4. U/s 139(4D)
  5. U/s 139(4E)
  6. U/s 139(4F)

Ans. ITR 7 contains 2 parts and various schedules.

  1. Part A
  • Personal information – Details of Personal Information, Filing Status & Audit Information
  • Audit – Detail of audit.
  1. Part B
    • TI-TTI – Computation of Total Income & Tax Liability on total income
    • IT – Details of payments of Advance Tax and Self-Assessment Tax
    • TDS – Detail of Tax deducted at source.
    • TCS – Detail of tax deducted at source.
  1. Schedules of ITR-7 form are as follows:
  • “Schedule”-I: Detail of amount accumulated for specified purpose u/s 11(2).
  • “Schedule”-J: Detail of investment of funds.
  • “Schedule”-K: Detail of the trust or institution.
  • “Schedule”-LA: detail of political party.
  • “Schedule”-ET: detail of electoral trust.
  • “Schedule”-AI: Aggregate of income referred to section 11 and 12.
  • “Schedule”-ER: schedule for amount applied for charitable or religious purpose (Revenue account).
  • “Schedule”-EC: schedule for amount applied for charitable or religious purpose (Capital account).
  • “Schedule”-HP: Income under the head House Property.
  • “Schedule”-CG: Computation of income Capital gains.
  • “Schedule”-OS: Detail of income from other sources.
  • “Schedule”-VC: statement for voluntary contribution.
  • “Schedule”-OA: Question for asking any income under head PGBP (profit and gain from business and profession).
  • “Schedule”-BP: Income from PGBP (profit and gain from business and profession).
  • “Schedule”-CYLA: Detail of income after set off of current year losses.
  • “Schedule” MAT: Calculation of Minimum alternate Tax payable under section 115JB.
  • “Schedule” MATC: Computation of tax credit under section 115JAA.
  • “Schedule” AMT: Calculation of Alternate Minimum Tax payable under section 115JC.
  • “Schedule” AMTC: Computation of tax credit under section 115JD.
  • “Schedule”-PTI: Statement of income from Business Trust or Investment Fund as per section 115UA, 115UB.
  • “Schedule” SI: Income calculated on special rates.
  • “Schedule”-115TD: Detail of accreted income under section 115TD.
  • “Schedule”-FSI: Details of Income from outside India.
  • “Schedule”-TR: Statement of tax relief on DTAA claimed under section 90 or section 90A or section 91.
  • “Schedule”-FA: Detail of Foreign Assets and Income.

Ans. ITR-7 form can be filed in any of the three ways: –

  • By filing return through DSC (Digital signature certificate).
  • By filing return and verifying it electronically through EVC (electronic verification code)
  • By filing return and thereafter submitting ITR-V.
Ans. The ITR-7 form looks like as below.  ITR-7

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