Forms of Return Prescribed under the Income-tax Act 1961

Forms of Return Prescribed under the Income-tax Act 1961

Under the I​ncome-tax Law, different forms of returns are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2020-21 (i.e., financial year 2019-20) are as follows:

Prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.​Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.

 Brief Description Return Form

• ITR - 1  Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA or income referred in section 115BBE).
• ITR - 2  It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”
• ITR - 3  It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession
• ITR - 4  Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.​
• ITR - 5  This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)
• ITR - 6  It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).
• ITR - 7  It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).
• ​ITR - V  It is the acknow​ledgement of filing the return of income.

Click the link below to download electronic income tax return form–https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng

​​​​​​The Return Form can be filed with the Income-tax Department in any of the following ways, -

(i)            by furnishing the return in a paper form;

(ii)           by furnishing the return electronically under digital signature;

(iii)          by transmitting the data in the return electronically under electronic verification code;

(iv)          by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Note - Where the return of income is filed in the manner given at (iv) without digital signature, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to "Income-tax Department - CPC, Post Bag No. 1, Electronic City Post Office, Bengalore-560100 (Karnataka). The other copy may be retained by the taxpayer for his record.