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Incometax filing for Individuals, Individual ITR filing
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Individuals

Income tax Filing for Individuals

Income tax filing of Individuals includes the following forms:-

  • ITR 1
  • ITR 2
  • ITR 3
  • ITR 4 or SUGAM

ITR 1

ITR 1 Return Form must be filed by an individual who is,

A resident other than not ordinarily resident, whose total income for the assessment year 2018-19 comprise of,

(a) Income from Salary/ Pension; or

(b) Income from One House Property (other than cases in which there is brought forward loss or loss to be carried forward from the previous year); or

(c) Income from Other Sources (other than earning money on winning lottery and income from Race Horses, Income tax under section 115BBDA or Income of nature referred to in section 115BBE).

In case, the income of another person like spouse, minor child, etc. is to be combined with the income of the assessee, this Return Form can be used only if the income being combined falls into the above income categories.

ITR 1 form cannot be used by,

An individual whose total income for the assessment year 2018-19 exceeds Fifty lakh or comprises,

(a) Income through more than one house property and where there is brought forward loss or loss to be carried forward from the previous year; or

(b) Income through winnings a lottery or income from Racehorses; or

(c) Taxable income under section 115BBDA; or

(d) Income through nature referred to in section 115BBE; or

(e) Income received under the head “Capital Gains” e.g., short-term capital gains or long-term capital gains from the sale of the house, plot, shares etc.; or

(f) Income to be shared in accordance with provisions of Section 5A. (g) Agricultural income which exceeds ₹5,000; or

(h) Income earned through Business or Profession; or

(i) The loss occurred under the head ‘Income from other sources’; or

(j) Individual claiming relief under section 90 and/or 91; or

(k) Any resident in India having any asset (comprising financial interest in any entity) located outside India or signing authority in any account located outside India; or

(l) Any resident in India having income from any source outside India.

ITR 2

ITR 2 Return Form must be filed by

An individual who is not eligible to file Sahaj (ITR-1) and who is not having any income under the head “Profits or gains of business or profession”.

ITR 2 form cannot be used by,

Individual whose total income of the assessment year 2018-19 includes Income under the head “Profits or Gains of Business or Profession”.

ITR 3

ITR 3 Return Form must be filed by

An individual who is having income under the head “profits or gains of business or profession” and who is not eligible to file Sugam (ITR-4).

ITR 4

ITR 4 Return Form must be filed by

An individual whose total income for the assessment year 2018-19 comprises,

(a) Income from Business where such income is computed in accordance with special provisions referred to in sections 44AD and 44AE of the Act for computation of business income; or

(b) Professional Income, where such income is computed in accordance with special provisions referred to in sections 44ADA; or

(c) Salary or Pension; or

(d) Income obtained from One House Property (other than cases where there is brought forward loss or loss to be carried forward under this head); or

(e) Income earned through Other Sources (other than Winning from Lottery and Income from Race Horses).

  • The income computed shall be presumed to have been computed after full effect to every loss, allowance, depreciation or deduction under the Income-tax Act is given.
  • In case, the income of another person like spouse, minor child, etc. is to be combined with the income of the assessee, this Return Form can be used only if the income being combined falls into the above income categories. For presumptive income through Business & profession

ITR 4 cannot be used in the following cases: –

(a) Income obtained through more than one house property or where there is brought forward loss or loss to be carried forward under this head; or

(b) Income earned through Winnings lottery or income from Racehorses; or

(c) Income obtained under “Capital Gains”, e.g. Short-term capital gains or long-term capital gains earned through the sale of house, plot, shares etc.; or

(d) Taxable income under section 115BBDA; or

(e) Income from nature referred to in section 115BBE; or

(f) Agricultural income which exceeds ₹5,000; or

(g) Income obtained from Speculative Business and other special incomes; or

(h) Income earned from an agency business or income commission or brokerage; or

(i) Individual claiming relief of foreign tax paid under section 90, 90A or 91; or

(j) Any resident of India having any asset (comprising financial interest in any entity) located outside India or signing authority in any account located outside India; or

(k) Any resident of India having income from any source outside India.

ITR 4 form is not mandatory

SUGAM or ITR 4 Form is not mandatory for the assessee

  • if assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect of the business or profession;
  • (ii) if the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business or profession. In the above scenarios, regular ITR-3 as the case may, should be filed and not SUGAM.
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  • Starting At
  • Rs 1180
  • ITR-1
  • Starting At
  • Rs 1180
  • ITR-2
  • Starting At
  • Rs 3540
  • ITR-3
  • Starting At
  • Rs 2360
  • ITR-4

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