All the ITR forms

20 Oct 2022

Which ITR to file for FY 2021-22 (AY 2022-23) ?



Taxbuddy is here, do not fear.



What is ITR ?

Return of income is the format in which the assessee furnishes information as to his total income and tax payable.The particulars of income earned under different heads, gross total income, deductions from gross total income, total income and tax payable by the assessee are generally required to be furnished in a return of income. In short, a return of income is the declaration of income and the resultant tax by the assessee in the prescribed format. Assessee to file a return of loss in the same manner as in the case of return of income within the time.


The Income Tax Department has prescribed 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and the applicability of the form will depend on the nature and amount of income and the type of taxpayer.


Who should file return of income?

Every individual has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or 54 or 54B or 54D or 54EC or 54F or 54G or 54GA or 54GB Chapter VIA (i.e., deduction under section 80C to section 80U), exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption limit.


Filing of return is mandatory in the following cases:


1) If an individual has assets outside India:

An Individual, being a resident and ordinary resident in India, shall file his return of Income, even if his income does not exceed the maximum exemption limit, if he:

a) Holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India,

b) Has signing authority in any account located outside India,

c) Is a beneficiary of any asset (including any financial interest in any entity) located outside India.


2) If he deposits more than Rs. 1 crore in bank account

An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has deposited an amount (or aggregate of amount) exceeding Rs. 1 crore in one or more current accounts maintained with a banking company or a co-operative bank.


3) If foreign travel expenses are more than Rs. 2 lakh .

An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred more than Rs. 2 lakh on travel to a foreign country, either for himself or for any other person.


4) If electricity consumption is more than Rs. 1 lakh

An Individual or HUF shall file his return of Income, even if income does not exceed the maximum exemption limit, if he has incurred an expenditure exceeding Rs. 1 lakh on electricity consumption.


5) If total sales, turnover or gross receipt of the business exceeds Rs. 60 lakh during the previous year.


6) If total gross receipt of profession exceeds Rs. 10 lakh during the previous year.


7) If the total of tax deducted and collected in case of a person during the previous year is Rs. 25,000 or more (Rs. 50,000 in case of resident senior citizen).


8) If the aggregate deposit in one or more savings bank accounts of the person is Rs. 50 lakhs or more during the previous year.


Applicability of Income Tax Return (ITR)

1. ITR-1 (SAHAJ) – Applicable for Individual

It is applicable for a Resident (other than Not Ordinarily Resident) Individual having,


Total Income from any of the following sources up to ₹ 50 lakh



Note: ITR-1 is not applicable to these following person who:

(a) is a Director in a company 

(b) has held any unlisted equity shares at any time during the previous year 

(c) has any asset (including financial interest in any entity) located outside India 

(d) has signing authority in any account located outside India 

(e) has income from any source outside India 

(f) is a person in whose case tax has been deducted u/s 194N 

(g) is a person in whose case payment or deduction of tax has been deferred on ESOP

(h) who has any brought forward loss or loss to be carried forward under any head of income


2. ITR-2 - Applicable for Individual and HUF

It is applicable for Individual and Hindu Undivided Family (HUF)



3. ITR-3- Applicable for Individual and HUF

It is applicable for Individual and Hindu Undivided Family (HUF)



4. ITR-4 (SUGAM) – Applicable for Individual, HUF and Firm (other than LLP)

  • It is applicable for an Individual or Hindu Undivided Family (HUF), 

  • who is Resident other than Not Ordinarily Resident or a Firm (other than LLP) which is a Resident having,


Total Income up to ₹ 50 lakh and having income from Business or Profession which is computed on a presumptive basis (u/s 44AD / 44ADA / 44AE) and income from any of the following sources:



Note: ITR-4 is not applicable to these following person who:

(a) is a Director in a company

(b) has held any unlisted equity shares at any time during the previous year 

(c) has any asset (including financial interest in any entity) located outside India 

(d) has signing authority in any account located outside India 

(e) has income from any source outside India 

(f) is a person in whose case payment or deduction of tax has been deferred on ESOP

(g) who has any brought forward loss or loss to be carried forward under any head of income


Please note that  ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business or Profession on presumptive basis u/s 44AD, 44ADA or 44AE.


ITR-5

It is applicable for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund.


ITR-6

It is applicable for companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes), this return has to be filed electronically only.


ITR-7