ITR Form have been released by the Income Tax Department for Financial Year 2011-12 i.e. Assessment Year 2012-13. There are Different ITR Forms (Income Tax Forms) for Different Classes of Assesses and the same has been explained below.
Each type of ITR Form is in 2 Formats – Excel File and PDF File. Assessee’s opting for efiling of Income Tax Returns are requested to use the Excel File Utility and assessee’s opting for Physical Filing of ITR shall download and print the PDF File and physically submit the same after completing all relevant particulars.
- Recommended Read: Income Tax Slabs for AY 2012-13
No Document (eg: Form 16 / Form 16A etc) is required to be attached with the ITR. In case the Assessee is filing the Income Tax Returns online without using Digital Signature, the Assessee shall take a print of ITR-V, duly sign the same and send to the following address within 120 days of filing the Income Tax Return Online by ordinary post to:-
“Post Bag No. 1, Electronic City Office, Bangaluru – 560100, Karnataka”
- Recommended Read: Procedure for sending ITR V Acknowledgement
ITR Form 1- Sahaj: For Salaried Individuals
ITR Form 1 (Sahaj) can be used by the following class of Individuals for the Assessment Year 2012-13 who’s Total Income includes
- Income from Salary/Pension or
- Income from 1 House Property (excluding cases where loss is brought forward from previous year)
- Income from Other Sources (excluding Winning from Lottery and Income from Horse Race)
This Income Tax Form (ITR Form) shall not be used by the following class of Individuals whose Total Income includes
- Income from more than 1 House Property, or
- Income from Winning from Lottery or Income from Horse Race, or
- Income from Capital Gains which are not exempt from Tax. For eg: Short Term Capital Gains from Sale of Shares, Short Term or Long Term Capital Gains from the sale of House, Plot etc.,or
- Income from Agriculture in excess of Rs 5000, or
- Income from Business or Profession
ITR Form 2: For Individuals and HUF not having Income from Business or Profession
This Income Tax Form (ITR Form 2) can be used by Individuals or HUF whose Total Income includes:-
- Income from Salary/Pension, or
- Income from House Property, or
- Income from Capital Gains, or
- Income from Other Sources
This Income Tax Form (ITR Form 2) can be used by all individuals specified above but cannot be used by Individuals earning Income from Business or Profession
ITR Form 3: For Individuals and HUF being partners in Firm but not carrying business under Proprietorship
This Income Tax Form (ITR Form 3) can be used by an Individual or a HUF who is a
- Partner in a Firm
However, ITR Form 3 cannot be used by Individuals who are also earning Income from any Proprietorship Firm
ITR Form 4: For Individuals earning Income from Proprietorship
This Income Tax Form (ITR Form 4) can be used by any Individuals who is earning Income from any Proprietary Business or Profession
ITR Form 4S: Sugam – Presumptive Income Tax Form
This Income Tax Form (ITR Form 4S) can be used by an Individual or HUF whose Total Income includes
- Business Income where such Income is computed in accordance with special provisions referred to in Section 44AD and 44AE for the computation of Business Income, or
- Income from Salary/Pension, or
- Income from 1 House Property ( excl. cases where the loss is brought forward from previous years)
- Income from Other Sources (excl. Winning from Lottery and Income from Horse Races)
The Income computed above shall be deemed to have been computed after giving full effect to every loss, allowance, depreciation under the Income Tax Act
ITR Form 5: For Firms, AOP’s, BOI’s
This Income Tax Form can be used by a person being a firm, LLP, AOP, BOI, Artificial Judicial Person, Co-operative Society or a Local Authority.
Assessee’s whose Total Sales/ Total Turnover/ Gross Receipts exceeds Rs. 60 Lakhs from Business or Rs. 15 Lakhs from Profession are mandatorily required to get their Tax Audit done under section 44AB by a Chartered Accountant and the due date of submitting the Income Tax Form shall be 30th September. For all other assessees the due date for submitting the ITR Form is 31st July.
