Income Tax Returns e-filing – Which ITR Should I File?

The following infographic will help you find out what type of income tax credit applies to you for the FY 2017-18.

ITR form

ITR-1 or SAHAJ

This deposit shall be used by an individual whose total income for the 2018-19 assessment year includes:-

  • Income from salaries/pensions; or
  • Income from one housing (with the exception of cases where losses have been transferred from previous years); or
  • Revenues from other sources (excluding winnings and income from hats)

Who can not use ITR 1 Form?

  • If your total income exceeds Rs 50 lakhs.
  • If you have a foreign asset
  • If you have an agricultural income that is more than Rs. 5,000,
  • If you have a taxable profit
  • If you have income from business or profession
  • If you have income from more than one housing

ITR-2

ITR 2 is used by an individual or Hindu non-family family, whose total income for AY 2018-19 contains:

  • Income from salaries/pensions; or
  • Income from the housing; or
  • Revenue from other sources (including winnings from lotteries and income from horses).

(The total income of the above shall be more than Rs 50 Lakhs)

  • Income from capital income; or
  • Income of an individual as a member of the company
  • Foreign assets / Foreign income
  • Agricultural income more than Rs 5,000

Furthermore, if income from other people such as a spouse, child, etc. Being a club with income from a rating agency, this deposit can be used as such income falls into any of the above categories.

  • Who cannot use this backup form
  • This deposit should not be used by an individual whose total income for AY 2018-19 is income from business or occupation.

To describe these types of income, you may need to use ITR-3 or ITR-4.

ITR-3

The current ITR3 form is used by an individual or Hindu non-family member who has income from his own business or is in a profession. Those who have income from the following sources are eligible to register ITR 3:

  • Respond to a company or profession
  • A return may include income from a housing, wages/pensions and income from other sources

ITR-4 or Sugam

The current ITR 4 applies to individuals and HUF who have income from business or profession and have chosen the proposed income insurance scheme under Chapter 44, 44ADA, 44A 44AA and the 44AE section of the Income Tax Act. However, if the company’s turnover exceeds Rs 2 crores, the taxpayer must register ITR-3.

ITR-5

ITR 5 is for companies, LLPs (Limited Liability Partnership), AOPs (Individuals) and Bois (Body of Individuals)

ITR-6

For companies other than those requiring an exemption under Chapter 11 (Income from property held for charitable or religious purposes)

This subscription must only be submitted electronically.

ITR-7

For individuals, including companies that need to submit according to Art. Article 139 Or paragraph 4. Article 139 Or paragraph 4. Article 139 Or paragraph 4. Article 139

  • Delivered under the provisions of Article 139. (4A) of any person who receives income from property that is subject to a trust or other statutory obligations in whole for charity or religious use or for the sole purpose of such purpose.
  • Delivered in accordance with the provisions of Article 139. (4B) to a political organization if total income without providing for paragraph 139 is higher than the maximum amount not subject to income tax.
  • Back according to Section 139 (4C) is required to be filed by –
    • scientific research
    • New Agency
    • organization or organization referred to in section 10 (23A)
    • institution referred to in section 10 (23B);
    • fund or institution or university or other educational institution or other hospital or other medical institution.
    • Required according to Article 139 (4D) to all universities, universities or other institutions that are not required to return income or loss under other provisions of this section.
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Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.

Certicom Consulting

Certicom Consulting [ Kedia Arpana & Co ] is a group of Chartered Accountants in the business of Small Business Setup & Statutory Compliance including for Professionals for the past 15 years. We have been an established and popular company with an excellent track record for the best customer satisfaction.