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What is ITR?_WC

ITR stands for Income Tax Return. It is a form through which taxpayers disclose their income and assets to the Income Tax Department of India. All taxpayers must file their ITR before the due date specified by the department each year. The tax paid by taxpayers depends on the category they fall under – based on their employment type, direct and passive income sources, investments, etc.

There are seven different types of ITR forms available to Indian taxpayers. These forms cater to individual taxpayers and organisations. The type of ITR form you must use will depend on whether you are an individual taxpayer or an organisation, your total income, as well as the sources of your income. Here is a list of 7 types of income tax return forms:

1. ITR-1 or Sahaj

Individuals who fall under the following categories, should opt for ITR-1 form (also known as Sahaj).

  • Salary and pension earners
  • Income earned from other sources (except winning a lottery or horse racing)
  • Agricultural income less than Rs.5,000
  • Payments received for a single house property with certain exclusions

2. ITR-2

Individuals and Hindu United Families (HUF) who fall under the following categories, should opt for ITR-2 form.

  • Income exceeding Rs.50 Lakh
  • Income received through salary, pensions, capital gains and other sources
  • Income generated from foreign assets
  • Agricultural income exceeding Rs.5,000

3. ITR-3

Individuals and Hindu United Families who fall under the following categories, should opt for ITR-3 form.

  • Income from a business or profession
  • Income received from being a partner in a firm
  • Income received through salary, pension, capital gains and other sources
  • Investments in unlisted equity shares
  • Individual director in a company

4. ITR-4 or Sugam

Individuals, Hindu United Families, and firms with an income up to Rs.50 Lakh from businesses or a profession can opt for ITR 4 form. Moreover, those who have chosen the presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act are eligible to file their returns using the ITR 4 form.

5. ITR-5

The ITR-5 form is meant for firms, Body of Individuals, co-operative societies, Limited Liability Partnerships, Association of Persons, local authorities, Artificial Judicial Persons, estate of insolvent, estate of deceased, and business trusts (not individual citizens).

6. ITR-6

The ITR-6 form is to be filed electronically by companies, except for those that claim an exemption under Section 11, which is income from a religious or charitable property.

7. ITR-7

Companies filing their return under below sections of the Income Tax Act can use ITR-7:

Section 139(4A): Individuals holding a property for charitable or religious purposes.

Section 139(4B):  Political parties and affiliates.

Section 139(4C):  Institutions or associations such as medical institutions, news agencies and establishments, educational institutions, think tanks, and agencies involved in scientific research.

Section 139(4D):  Colleges and universities, or other institution where revenue and losses are not required to be reported as per the rules laid under this section of the Act.

Aspiring Home Loan borrowers must familiarise themselves with the Indian tax norms and fill the right ITR form, as lenders require borrowers to submit their income tax returns while availing of a Home Loan. The ITR form serves as an income proof and establishes their sources of income. This allows the lender to assess a borrower's creditworthiness.

​​​Here are the various types of ITR forms based on an assessee’s eligibility:

​​​ITR Form Type​​ ​​​Eligible Assessee ​​​Ineligible Assessee
​​​ITR 1​ ​​​Ordinary residents with a gross income of up to Rs.50 Lakh and with revenue from the following sources:
  • ​​​Wages
  • Single-family residence
  • Revenue from other sources of up to Rs.5000​​
  • Non-resident individuals, Hindu Undivided Family (HUF)​​
  • ​​​Residents with net income exceeding Rs.50 Lakh in the last several years consecutively
  • ​​​Individuals holding stakes in unlisted entities
  • ​​​Individuals carrying forward losses under the head ‘Income from House Property'
  • ​​​Director of a company​​
  • Individuals having revenue sources outside India and real estate situated outside India
​​ITR 2
  • ​Non-resident Indians, residents but not ordinarily residents, resident and ordinarily resident;
  • ​Non-residents, residents but not ordinarily residents, residents and ordinarily resident​
  • ​Hindu Undivided Family​
  • ​An individual with a net revenue of over Rs.50 Lakh.​
  • ​Director of a company​
  • Individuals making equity investments in unlisted companies
  • ​Individuals with revenue from multiple sources include wages, capital returns, multiple house properties and other sources of income​
  • ​Individuals with sources of income from outside India and real estate situated outside India.​
  • ​​​Any individual or Hindu Undivided family with an income source from a profession or a business
  • ​​​Anyone who receives commission, salary, bonus or interest from a partnership firm
​​ITR 3
  • ​Individuals and HUFs with a commercial or professional income, including partners of a firm​
  • ​Individuals or HUFs not eligible to file ITR-1, ITR-2 and ITR-4​
Individuals and HUFs without a commercial or a professional income
​​ITR 4
  • ​Individuals, Hindu Undivided Families and firms with corporate or technical profits calculated on a ‘presumptive basis.’ (except LLPs)​
  • ​Income less than Rs.50 Lakh in a financial year​
  • ​Income from salary, house property and agricultural income less than Rs.5000​
  • An individual who is a director of a corporation or any unlisted stocks held by him/her​
  • ​​​An individual with over Rs.50 Lakh income​​
  • ​​​Individuals with over Rs.5000 in agricultural income​​
​​ITR 5​
  • ​​​Firms, LLPs, AOPs, BOIs, AJPs, local authorities, investment funds, cooperative banks and cooperative societies
  • Any assessee who is not an entity, HUF or any corporation filing ITR 7
  • ​​​Any individual, HUF or a corporation filling ITR 7
  • ​Any person required to file returns as per Section 139(4A), Section 139 (4B) and Section 139 (4D)​
​​​ITR 6
  • All business entities registered under the Companies Act unless explicitly excluded
  • ​​​Any corporate incorporated outside India
  • ​​​Any institution deemed to be a ‘company'
​​​Businesses that seek to be exempted from taxation on revenue generated by charitable or religious trusts
​ITR 7
  • ​Religious or charitable trusts​
  • News agency
  • Hospital
  • ​​​College or University
  • Science research organization​​
  • Trade union​​
  • Political group
  • Organisations like NGOs or any other related organizations
​No alternate type of assesse exists

Individuals who plan on filing an ITR for their Home Loan must select the ITR-1 form (also known as the SAHAJ form). It applies to salaried and professional borrowers repaying their Home Loans for a self-occupied property.

The form allows you to claim the Home Loan tax benefit of up to Rs.1.5 Lakh on the principal repayment, stamp duty and registration charges. One can also be eligible for deductions worth Rs.2 Lakh on interest repaid annually under Section 24. 

Also Read: Tax Deductions Under Section 24 on Home Loan

The process to file your income tax returns on Home Loan is straightforward and easy to follow. The process can be completed through the following steps:

  1. Visit the e-filing portal

  2. Login with your credentials or register yourself if you are a new user

  3. Click on the ‘e-File’ tab and select ‘File Income Tax Return’ from the drop-down menu

  4. Choose the year you wish to file the ITR for, and then click on continue

  5. Select your profile – individual, HUF, or others

  6. Now select the type of ITR form you wish to opt for (ITR-1 form, in the case of Home Loans)

  7. Enter your bank account details or validate the existing details

  8. At the final stage, you will be redirected to a new page

  9. Enter/check all your personal and other details mentioned on this page

  10. Confirm the summary and click on submit

If you wish to download your ITR-V form or the Income Tax Return Verification form, which the Income Tax Department releases as proof of an individual's e-Filing, follow these simple steps.

  • Visit the official website of the Income Tax Department and log in to your account
  • Once you log in, click on 'View Returns/Forms'
  • Next, click on the acknowledgement number of the form you wish to download
  • If you wish to verify your ITR-V, click on 'Click here to view your returns pending for e-verification'
  • Click on ITR-V/Acknowledgement and the downloading process will be initiated
  • Once the document has been downloaded, you will be required to enter your PAN, along with your date of birth as a password to open the document
  • Sign the downloaded document and send it to CPC Bangalore to complete the ITR verification process

*Terms and conditions apply

Also Read: Tax Benefits on Second Home Loan

Types_Of_ITR_Forms_Frequently Asked Questions

Types of ITR Forms: FAQs

The selection of the appropriate Income Tax Return (ITR) form depends on your sources of income, the amount of income earned, and your residential status. It's always recommended to consult with a tax professional or refer to the official website of the tax authority for accurate and personalized advice.​​

​​​Yes, if you realize that you made an error or omission in your filed ITR forms, there are provisions for rectification or filing revised returns. If you want to make substantial changes to your filed ITR forms, you may need to file a revised return. A revised return can be filed under Section 139(5) of the Income Tax Act. It allows you to correct any incorrect or incomplete information in the original return.​​

​​​To check the status of your Income Tax Return (ITR), you can visit the official website. ​Check​ the section or option related to "Income Tax Return (ITR) Status" on the website. Click on it and you will be prompted to enter your acknowledgement number​. ​Additionally, provide your valid registered mobile number and click on 'Continue'. You will receive an OTP (One-Time Password) on your registered mobile number. Enter the OTP and click on 'Submit' to complete the process. Once the process is complete, you will be able to view the status of your IT return​​.

​​​To simplify the tax payment procedure, the Income Tax Department has introduced a dedicated online portal that allows individuals and business organizations to file their income tax returns conveniently. By visiting ​​www.incometaxindiaefiling.gov.in​​, you can complete the process of filing your income tax return within a few minutes.​​

According to the eligibility criteria for income tax return filing, individuals, Hindu Undivided Families (HUFs), and firms have the option to use ITR-1 (Sahaj), ITR-2, and ITR-4S. ITR-1 is suitable for individuals with income from salary or pension, one house property, and other sources excluding business or profession income.​​

The types of ITR Forms available for individuals are: ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7.

ITR-5, ITR-6 and ITR-7 are the ITR forms that can be used by firms and companies to file their income tax return.

ITR-2 or ITR-3 are the ITR Forms for NRIs which they must fill to file their ITR returns.

Section 24 of Income Tax Act_RelatedArticles_Wc

Types of ITR Forms_PAC_WC

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