Different Types OF Forms to File Income Tax Returns(ITR)

The government provides multiple sections under which you may claim benefits to reduce your income tax liability. Here are 19 deductions that are available:

Filing your income tax returns (ITR) is very important. There are different forms that are available and you must know the right form to use to file your ITR.

Here are the different forms that are available:

If you earn income under either of the following heads, you need to file ITR 1:

• Salary or pension
• Single house property
• From other sources excluding lottery or racehorse winnings

As an individual or Hindu Undivided Family (HUF) taxpayer, if your income is from the following sources, you must file returns using this form.

• Salary or pension
• House property
• From other sources excluding lottery or racehorse winning

Your income from the above must exceed INR 50 lakh Additional sources include

• Capital gains
• Income as a partner in a firm
• Foreign asset income
• Agriculture revenue exceeding INR 5,000

If you club the income of your spouse or children (that falls within the aforementioned categories) with your income, you may file returns using ITR 2.

If you earn income from a proprietary firm or as a professional, you may file returns using this form.

If you opt for the presumptive income scheme under sections 44AD, 44ADA, and 44AE and earn income from a business or profession, you may file returns using ITR 4. However, if your income exceeds INR 2 crore, you must use ITR 3 to file your returns.

This form is used by Limited Liability Partnerships (LLPs), firms, Body of Individuals (BOIs), and Association of Persons (AOPs) to file returns.

All companies except those that claim exemption under section 11 must file ITR 6 electronically. Section 11 exempts companies that earn income from property that is held for religious or charitable purposes.

All taxpayers including companies that need to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) must do so using ITR 7. You will need Form 26AS that shows the Tax Deducted at Source (TDS) during the year. You may import the information available on this form at the time of filing the ITR. When you are employed, your company issues the income tax form 16 that shows the TDS deduction that has been filed with the regulators. The form is issued by the employers before June 15 of the year that follows the year when TDS was deducted. Form 16 download is a quick and simple process. You can download the form through the Internet. The form comprises of two parts Form 16A and Form 16B.

If you are planning to purchase health insurance then you can also claim tax benefits on the health insurance premium. Explore our guide about income tax basics, tax slabs, income tax sections and forms like Form 26AS to learn more.