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Income Tax Filing Time: Which Form Should You Fill?

The Income Tax department has announced the last date for filing income tax for assessment year 2017-18. It is July 31, 2017 and it is sure to make everyone scramble for their requisite papers. Filing tax is not as difficult as it seems. The real problem lies in a few steps. One of those problems is choosing the right form for filing income tax. Just because you have to file income tax and hence, fill a form, it doesn’t mean any form will do. Filling the right form will ensure you are not asked to file your ITR all over again. To remove this confusion, we are here to tell you about the various ITR forms you can fill. Take a look.

ITR Forms

ITR Forms

Form 1

This form is for individual tax payers who earn less than Rs 50 lakh in a year. The income which is eligible for mention here is income from salary and/or pension, one house property and other sources such as race horses and lottery tickets. Also, your spouse and/or kid’s income can be clubbed here, though there is threshold of income under which it should fall (don’t forget to ask this bit).

Form 2

This form is meant for individuals or Hindu Undivided Families who cannot use Form 1. Also, those earning an income from profit/gain of business or through commission, bonus or salary in a partnership firm have to fill this form. However, those earning from a proprietorship form of business cannot use this form.

Also Read: Methods to e-Verify IT return

Form 3

Individuals or Hindu Undivided Families carrying out a proprietorship form of business/profession need to use this form. Such parties need to file their returns using this form using three means – (a)filing the return electronically with digital signature; (b) by transmitting data electronically via electronic verification code or; (c) by transmitting data electronically and submitting verification of the same in Form 5.

Form 4

This form is meant for individuals, Hindu Undivided Families or Partnership firms whose income comes from – (a) salary/pension; (b) business income under special provisions of Sec 44AD and AE; (c) income from profession under Sec 44AD; (d) income from one property, and; (e) income from other sources excluding lottery and race horses.

Form 5

This form is meant for as person operating as a firm, limited liability partnership, association of persons, body of persons, artificial juridical person, cooperative society, registered societies and local authorities.

Also Read: How Filing ITR In 2017 Will Be Easier

Form 6

This form is for use by a company. Also, taxpayers are asked to match the tax deducted, collected, paid by or paid on behalf of them with their Tax Credit Statement.

Form 7

This form is for use of those parties who are required to declare returns under Section 139 (4A) – 139 (4F).

While we were not able to completely simplify this ITR forms’ list for you. However, with most folks paying taxes as individuals, they will be required to fill the Form 1. For the rest, do read up on the forms you are supposed to fill for taxation purposes. Pay your taxes on time and live easy.

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About the Author: Praveen Unnikrishnan

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