Which ITR is applicable for me ?
This is the most common question and undoubtedly the most important one as well.
Selection of Correct ITR (Income Tax Return) form is very important.
Income Tax Department has already announced ITR Forms for A.Y. 2018-09 i.e. Financial year 2017-18 and the same can be downloaded from their website.
There has been slight changes in the ITR Forms compared to the last assessment year.
At present we have seven ITR Forms and five broad heads of Income.
No person bearing a Unique PAN (Permanent Identification Number) can file its Return of Income more than once under two different ITR Forms for the same Assessment year unless where the Orginal Return was filed using an ITR which was not applicable to that person and a subsequent ITR was filed within the allowed time frame to rectify the first.
Discussed below are the Seven ITR Foms and the most common heads and sub-heads of Income
|Applicability||Resident Individual only||Individuals & HUF||Individuals & HUF||Individual , HUF, Firms||Person other than Individual, HUF, Company and person filing Form ITR-7||Companies other than Companies claiming exemption under section 11||Trust, Political Parties including Companies required to furnish return under 139(4A) or 139(4B) or 39(4C) or 139(4D) or 139(4E) or 139(4F)|
|N||Indicates Not Applicable||Y||Indicates Applicable|
|Income From Salary/ Pension||Y||Y||Y||Y||N||N||N|
|Income/ Loss from House Property||One House Property Only||Y||Y||One House Property Only||Y||Y||Y|
|Income From Profits & Gains of Business or Profession||N||N||Y||Presumptive income From Business & Profession||Y||Y||Y|
|Income/ Loss from Capital Gains||N||Y||Y||N||Y||Y||Y|
|Other Sources||Interest Income only||Y||Y||Other than Winning from Lottery & Race Horse Or Loss under this head||Y||Y||Y|
|Total Income Limit||50 lakhs||No Limit||No Limit||No Limit||No Limit||No Limit||No Limit|
|Interest , Salary, Share of Profit e.tc Received by a partner from Partnership Firm||N||N||Y||N||N||N||N|
|Income from Non-Speculative Business / Profession||N||N||Y||N||Y||Y||Y|
|Income from Speculative Business & other Special Income||N||N||Y||N||Y||Y||Y|
|Income from Agency Business/ Income from Commission/ Brokerage||N||N||Y||N||Y||Y||Y|
|Income from Presumptive Business||N||N||Y||Y||N||N||N|
|Income from Foreign Sources / assets /any account outside India||N||Y||Y||N||Y||Y||Y|
|Claim of relief of Tax under Section 90,90A, 91||N||Y||Y||N|
|Dividend Income Exceeding RS. 10 Lakhs taxable under section 115BBDA||N||Y||Y||N|
|Voluntary offer of Income under Section 68, 69, 69A, e.t.c||N||Y||Y||N|
|Income to be apportioned under Section 5A||N||Y||Y||Y|
|Adjustments of Brought forward Losses of Earlier Years||N||Y||Y||N||Y||Y||Y|
|E-filing Mandatory||Exemption in Certain Cases||Y||Y||Exemption in Certain Cases||Y||Y||Y|
|Exception from E filing||Income <5 Lakh + No Refund Age >80 years||N||N||Income <5 Lakh + No Refund Age >80 years||N||N||N|
|Digital Signature||Optional||Optional||Optional||Optional||Mandatory in Audit Cases||Mandatory||Mandatory for Political Parties|