What is an Income Tax Return (ITR)?
An Income Tax Return (ITR) is a form in which you declare your income, deductions, and tax liability to the government for a financial year. It is generally filed by 31 July (for most individual taxpayers).
Contact Us
Types of ITR Forms – Who Should File Which
ITR-1 (Sahaj)
Individuals with income up to ₹50 lakh from salary/pension, one house property and other sources (like bank interest).
Not for capital gains, business income or foreign assets/income.
ITR-2
Individuals / HUFs having income > ₹50 lakh or income from capital gains, foreign assets/income but no business/profession income.
Partners can also file here if no own business income.
ITR-3
Individuals / HUFs having income from business or profession (proprietorship).
Freelancers, consultants, doctors, CAs, etc.
ITR-1 (Sugam)
Individuals / HUFs / Firms under presumptive income schemes (44AD, 44ADA, 44AE) with total income up to ₹50 lakh.
Small traders, shopkeepers, professionals under presumptive scheme.
ITR-5
Partnership Firms, LLPs, AOP, BOI (except trusts and companies).
Not for individual partners — only the firm files.
ITR-6
Companies (except those claiming exemption under section 11 — charitable/religious trusts).
All other companies.
ITR-7
Trusts, political parties, charitable/religious institutions required to file under sections 139(4A), 4B, 4C, 4D, 4E, 4F
NGO/Charitable bodies.
Who Must File an ITR
– Individuals whose gross total income exceeds the basic exemption limit (₹2.5 lakh / ₹3 lakh / ₹5 lakh depending on age).
– Anyone wanting to claim a refund of TDS/TCS.
– Individuals with foreign income or assets.
– Those who have made large investments or assets exceeding ₹50 lakh.
– Businesses crossing turnover thresholds requiring audit under section 44AB.