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Know all about ITR Forms and their role in determining your overall tax liability


What are ITR Forms

What are ITR forms? Income tax return is a form which is filed with the taxing authority. It reports income, expenses, and other relevant tax information. Tax returns make it easy for taxpayers to determine their tax liability, plan their tax payments and request refunds for its over payment. Taxpayers are required first to determine the type of ITR forms they need to fill before actually submitting the returns. ITR forms are solely dependent on the income of taxpayers.

  • Every taxpayer must know all the ITR forms details and file the ITR before the specified due date to avoid penalties. The applicability of ITR forms depends on the amount of the income earned, sources of income of the taxpayer, and the category the taxpayer belongs to, such as individuals, HUF, and company.


Types of ITR Forms

To know more about ITR forms details let us look at the types of ITR forms. There are various types of ITR forms available for taxpayers to file taxes. Depending on the type/source of income generated, the group of the taxpayer falls under (individual, company, and Hindu Undivided Families). The income of the individual will make the income Tax Returns (ITR) form to be submitted vary.

The following forms are to be taken into consideration by individuals while filing returns as per the Central Board of Direct Taxes in India:

ITR-1 Form or SAHAJ

This form is for resident Indians who fall under the below-mentioned categories:

1. If income is created from a pension or salary

2. If income is created from single house property, however, in case the losses have been carried forward from the previous year, the exclusion is allowed.

3. In case the income is generated from agriculture (not more than Rs.5,000)

4. The total income produced can be a maximum of Rs.50 lakh and not more

5. Income that has been created from other sources such as lottery or winning horse races

Individuals who fall under the following groups cannot opt for ITR-1:

 If the total income created is more than Rs.50,000

 In case individuals have taxable capital gains

 In case income is created from more than one house property

 During the financial year, if any investments were made in unlisted equity bonds

 If you are an NRI (Non-Resident Indian) or RNOR (Resident Not Ordinary Resident)

 In case there is an income produced from agriculture more than Rs.5,000

 In case income is produced from profession or business

 In case the taxpayer is the director of a company

10· In case any income is created from a property located abroad

11· In case an individual possesses foreign income or foreign assets.

ITR 4 Form (Sugam)

In the case ofindividuals, HUFs and Partnership Firmswho are residents of India create an income from a business or profession; they must select ITR-4. Limited Liability Partnerships (LLPs) cannot choose this type of ITR form. Taxpayers who have also selected the presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act 1961, must also choose this form.

  • Digital signatures are easily transportable.
  • Digital signatures cannot be duplicated by someone else.
  • The scheme ensures that the sender cannot deny it

The below-mentioned taxpayers and HUFs are not allowed to opt for ITR-4:

1. In case the gross income generated is higher Rs.50 lakh

2. In case any losses have been carried forward from previous years

3. In case the taxpayer has a signing authority at a place outside India

4. In case any investments were made in equity bonds unlisted at any time during the financial year

5. In case taxpayers have generated a foreign income or foreign assets

6. In case the income has been produced from more than one house property

7. In case the taxpayer is the Director of a company

8. In case the taxpayer is an NRI or an RNOR

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