Before talking about ITR forms, let’s first understand that what is ITR. The income tax return is a statement of the incomes of an individual from different sources and the tax that is to be paid on that income. It also acts as a proof of the tax that is being paid by the Assessee. ITR has to be filed every year by the assessee in the ITR form which is applicable to that assessee.

Filing ITR forms gives legality to the income that is earned by the assessee. The information of the incomes earned is given to the Income Tax Department through ITR forms.

The due date of filing ITR is 31st July 2017 in the case of Individuals and 30th September 2017 for Businesses. 

ITR Forms for A.Y. 2017-18 and who  can file which ITR forms are discussed in this article

ITR forms Who can file
ITR 1
  • Income from Other sources
  • Salary
  • Pension
  • Income from up to one house
  • Agriculture Income less than Rs. 5000
  • Total Income is less than Rs. 50 lakh
ITR 2 For Individuals and HUF having

  • Income from items in ITR 1 which is more than Rs. 50 lakh.
  • Income from capital gains
  • Foreign Income
  • Agricultural Income more than Rs. 5000
  • Income from Business or Profession under a Partnership firm
ITR 3 For Individuals and  HUF having

  • Income from House Property (Multiple)
  • Income from Capital Gains (Short Term and Long Term)
  • Income from Business or Profession carried under a Proprietorship Firm (where the Individual/ HUF is the proprietor)
  • Income from Other Sources (Including Winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Income from Foreign Asset
ITR 4 Income from presumptive business:

ITR 5
  • Firm
  • Limited Liability Partnerships
  • Association of Person
  • Body of Individuals
  • Artificial Juridical Persons
  • Local Authority or Co-operative Society
ITR 6 Companies not claiming exemption under Section 11
ITR 7
  • Section 139(4A)
  • Section 139(4B)
  • Section 139(4C)
  • Section 139(4D)

ITR Forms discussed in detail:

ITR 1

Eligibility to File ITR 1 

ITR 1 is a one-page form for those individuals having income up to Rs. 50 lakhs through the following means:

  • Income from Pension /Salary
  • Income from One House Property (excluding cases where loss is brought forward from previous years)
  • Income from Other Sources

Moreover, if in case the income of some other person like spouse, minor child etc. is being clubbed with the income tax payer, this form can still be used.

Not Eligible to file ITR 1

ITR 1 Return cannot be filed by the persons who were having income of 50 Lakhs or above or in case they have

  • Income from more than one Property
  • Income from taxable Capital Gains (Short term and Long term)
  • Income from agricultural above Rs.5000
  • Income from Business or Profession
  • A person who is a resident of India and has assets outside India or has the authority of any account situated outside India.
  • Income from Lottery, Legal Gambling, Race Horses etc.
  • If Loss under the head ‘Income from other sources’ is claimed.
  • If a person is claiming relief under Double Taxation Scheme.

ITR 2

Eligibility to File ITR 2

ITR 2 is applicable for those Individual or a Hindu Undivided Family (HUF) whose total income for the assessment year includes:

  • Income from Salary/Pension
  • Income from House Property (Multiple)
  • Income from Capital Gains (Short Term and Long Term)
  • Income from Business or Profession carried under a Partnership Firm (where the Individual/ HUF is a partner)
  • Income from Other Sources (Including Winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Foreign Assets

Not Eligible to file ITR 2

  • Any Individual or HUF with income earned from Proprietorship Business/ Profession. He is required to file ITR 3 in this case.
  • Persons who has to file ITR 1 Form

ITR 3

Eligibility to file ITR 3 Form

ITR 3 is applicable for those Individual or a Hindu Undivided Family (HUF) whose total income for the assessment year includes: 

  • Income from House Property (Multiple)
  • Income from Capital Gains (Short Term and Long Term)
  • Income from Business or Profession carried under a Proprietorship Firm (where the Individual/ HUF is the proprietor)
  • Income from Other Sources (Including Winning from Lottery, bets on Race Horses and other legal means of gambling)
  • Foreign Asset

Not Eligible to file ITR 3 

  • If Individual/HUF is having income as a partner of a partnership firm carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

ITR 4

ITR 4 can be filed by all those who choose to pay tax as per presumptive income as under

  • A professional carrying out profession mentioned under section 44AA such as a doctor can choose the scheme under the section 44ADA if his gross receipts are not more than Rs 50 lakhs and can declare 50% of gross receipts as his income. Similarly, an Engineer, Film Artist, Person engaged in the Accountancy profession, Interior decoration, Technical consultancy can also opt for this scheme. Freelancers engaged in the any of the above profession can also opt for this scheme if their gross receipts are not more than Rs 50 lakhs.
  • However, if you are earning income from an eligible Business, you can choose scheme under section 44AD if your gross receipts from the business are less than Rs 2 crore.
  • A person engaged in the business of goods transportation and owns not more than 10 goods carriage and has opted for presumptive taxation scheme under Section 44AE.
  • A person having Income from Salary/ Pension.
  • A person having Income from One House Property.
  • A person having Income from Other Sources (not including income from Winning from Lottery and Income from Race Horses)

Not Eligible to file ITR 4

  • Income from Winnings from lottery or income from Race horses.
  • Income under the head Capital Gains.
  • Income from dividends received from domestic companies.
  • Agricultural income in excess of ₹5,000.
  • Income from Speculative Business and other special incomes.
  • Income from an agency business or income in the nature of commission or brokerage.
  • A person claiming relief under Double Taxation Scheme.
  • Income from asset located outside India.
  • Income from outside India.

ITR 5

Eligibility to file ITR 5 Form

  • Firm
  • Limited Liability Partnership
  • Association of Persons
  • Body of Individuals
  • An Artificial Juridical Person referred to in section 2(31) (vii)
  • Local Authority and Co-operative Society

Not Eligible to file ITR 5 Form

  • Individual
  • Hindu Undivided Family
  • Company
  • Person filing ITR 7 

ITR 6

ITR 6 Form is applicable for those Companies who do not hold any income share from a religious or charitable trust. Any company which does not claim any exemption under Section 11 can use this form to e-file income tax return.

ITR 7

  • It is required to be filed by every person who obtains income from the property if said property is in the name of a trust or other legal obligation wholly for either religious or charitable purpose.
  • It is compulsory for all political parties that earn a net income that is more than the ceiling limit that is exempt from income tax  Return under section 139(4B).
  •  Return under section 139(4C) is required to be filed by every
  1. Scientific research association
  2. News agency
  3. Association or institution referred to in section 10(23A)
  4. Institution referred to in section 10(23B)
  5. Educational institutions such as school, colleges or universities
  • Medical institutions such as hospitals, clinics etc Structure of the ITR 7 Form under section 139(4D).

For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business ReturnBulk Return or Revised Return Filing.