Income Tax Return Forms Decoded: How To Choose The Right ITR Form This Year?

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Different ITR forms are applicable to individual taxpayers based on the type of income and residential status.

Income Tax Return FY 2022-23: One should carefully read the instructions provided along with each income tax return form and choose the appropriate ITR form based on your income sources, residential status, and other factors. While filing ITR, the question that first comes into many people’s minds is which form they need to use. In order to make filing returns easier, the Income Tax Department has put out several different forms that an individual taxpayer can use, as per their type of income and other criteria.

Also Read– Filing ITR For FY 2022-23? Know These Differences In Old And New Income Tax Regimes

If you are confused about which form you need to use while filing your ITR, we have got you covered. Read below to understand the different types of tax returns forms and which one you should file.

ITR-1 SAHAJ

For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5,000.

ITR-2

For Individuals and HUFs not having income from profits and gains of business or profession

ITR 3

For individuals and HUFs having income from profits and gains of business or profession

Also Read– Don’t forget to pre-validate bank account before filing ITR

ITR-4 Sugam

For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE

ITR-5

For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7

ITR-6

For Companies other than companies claiming exemption under section 11

ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only

ITR-V

Where the data of the Return of Income in Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-7 filed but NOT verified electronically

Also Read– Income Tax Calendar 2023: Full list of due dates and activities to be completed by December

Acknowledgement

Where the data of the Return of Income in Form SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 filed and verified

What is the “Help me decide which ITR form to file” service?

Different ITR forms are applicable to individual taxpayers based on the type of income and residential status.

Till AY 2019-20, there was no service to help individual taxpayers to know which ITR form and schedules within the ITR form were relevant to them.

From AY 2020-21 onwards, individual taxpayers will have the Help me decide which ITR form to file service to determine the correct ITR applicable to them (both online and in the offline utility).

How does the “Help me decide which ITR form to file” service help me know the correct ITR form and schedules?

This service helps individual taxpayers determine the correct ITR form and applicable schedules with these options:

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Help me decide which ITR form to file:

• Proceed based on qualifying conditions: You will see the qualifying conditions for ITR-1, ITR-2, ITR-3 and ITR-4. If you find the conditions clear and understand which ITR to file, select one of ITR based on the qualifying conditions (as applicable to your case) and you can proceed with ITR filing.
• Still not clear, let us help you: After reading the conditions, if you are still not sure which ITR to file, select this option. Select answers to the wizard-based questions (relevant to you) to determine your ITR.
• Help me determine the schedules by clicking Learn more: If you do not know which schedules are applicable, click Learn more and select answers to the relevant questions for that schedule. The applicable schedules are activated based on your responses to the questions.

Do you have to use the “Help me decide which ITR form to file” service on the e-Filing portal, and then go to the offline utility to file return?

No. You can access this service directly from the offline utility. There is no need to log in to the e-Filing portal separately to use this service.

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The deadline to file the tax returns for AY 2022-2023 is July 31. If you fail to file your tax returns by then, you will have time till December 31 to file belated returns, and pay a penalty of Rs 5,000.

It is always advisable to seek professional help if you are not sure which ITR form to file.