Income Tax Return

Who Should File an Income Tax Return?

• Salaried employees
• Freelancers and consultants
• Business owners
• Partners in LLPs
• Company directors
• Individuals with capital gains
• People claiming tax refunds
• Individuals with foreign assets or foreign income
• Anyone required to file under the Income Tax Act

How Online ITR Filing with a CA Works

Old Regime or New Regime, We compare both for You

Types of ITR Forms Available under Income Tax Act

ITR-1 (SAHAJ):

This form is for individuals who have income from salary, house property, and other sources, excluding lottery and horse races.

• Total income should be up to ₹50 lakh per annum.
• Income from up to two house properties can be reported
• Other Sources include bank interest from savings account, fixed deposit, and recurring deposit, as well as dividend income.
• Long-term capital gains under Section 112A (from listed shares or equity mutual funds) up to ₹1.25 lakh can now be reported, provided there are no brought-forward or carry-forward capital losses.
• Short-term capital gains, or LTCG above ₹1.25 lakh, still require ITR-2.
• Cannot be filed by HUFs, non-residents, or company directors.

ITR-2:

This form is for individuals and HUFs who have income from salary, house property, capital gains, and other sources.

• Used when you are not eligible for ITR-1 — e.g., total income exceeds ₹50 lakh, you have capital gains beyond the ITR-1 limit (any short-term gains, or LTCG over ₹1.25 lakh), more than two house properties, foreign assets or income, or you are a company director.
• Disclosure regarding all assets and liabilities including outside India will be required.
• Capital Gain from Selling of Shares or MF will be considered in this ITR.
• HUF can’t have salary so they can’t file ITR 1(Sahaj)

ITR-3:

This form is for individuals and HUFs who have income from business or profession.

• All the person having any income arising from any Business & profession will file ITR 3.
• Person having Freelancing Income from any Business or profession will fall under this category.
• If you have Salary Income along with Business Income then you need to file ITR 3
• Partners of Partnership Firms or LLP will fall in this category too.
• Individuals & HUF are eligible to file ITR 3

ITR-4 (SUGAM):

This form is for individuals, HUFs, and firms (other than LLP) who have presumptive income from business or profession.

• This is for persons who do not want to maintain books and want to show presumptive income.
• A Pvt Ltd Company and LLP cannot file ITR 4(SUGAM).
• Minimum profit to declare is 6% / 8% for eligible businesses (Section 44AD) and 50% for professionals/freelancers (Section 44ADA).
• All business or profession, which are eligible, are mentioned in section 44AD, 44ADA, and 44AE.

ITR-5:

This form is for LLPs, AOPs, BOIs, and firms.

• Only Partnership Firms, LLP, AOPs BOI can file ITR 5.
• No other person can file this ITR.
• Partners of Firms or LLP will file ITR 3 and not ITR 5.

ITR-6:

This form is for companies other than those claiming exemption under section 11 of the Income Tax Act, 1961.

• All Pvt Ltd Companies will compulsorily file ITR 6.
• One Person Company will also fall in this category

ITR-7:

This form is for persons and companies required to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

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