New Delhi: As only six days are left for filing the income tax return (ITR), it is important to know the number of forms a person needs to fill in order to avoid any penalty.
There are seven forms for filing ITR by individuals, corporates, partnership firms which are listed below:
- ITR1 or Sahaj Form: It is for people with an income up to Rs. 50 lakhs. This form is for individual taxpayers in which one has to fill the details income from salary, income from one house property and other sources. The other sources exclude income from the lottery.
- ITR2 Form: This form is for individuals and Hindu undivided families (HUFs) receiving income other than income from “Profits and Gains from Business or Profession”. It includes income from salary, from more than one house property, from capital gains or loss on sales of investments and property, from the lottery and other means of legal gambling. It should be filled if agricultural income is more than Rs 5000.
- ITR3 Form: This is applicable for individual and HUFs who have income from profits and gains from business or profession.
- ITR4 or Sugam Form: It is for those taxpayers, who have opted for the presumptive income scheme as per Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
- ITR5 Form: This form is meant for partnership firms, limited liability partnership, Association of Persons and Body of Individuals, Artificial Juridical Person, Estate of deceased, Estate of insolvent, Business trust and investment fund. This form is not for individuals, HUFs and companies.
- ITR6 Form: It is for the companies other than companies claiming exemption under section 11.
- ITR7 Form: This form should be furnished by charitable firms.