Income Tax Return for Individual/HUF
Deliverables - Timeline
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Deliverables
ITR Copy
Copy of challan if any payment is made
ITR Computation
Copy of challan if any payment is made
Timeline
5 Days
(from receipt of all documents)
ITR-1 OR SAHAJ
This Return Form is for a resident individual whose total income for the AY 2024-25 includes:
1. Income from Salary/ Pension
2. Income from One House Property (excluding cases where loss is brought forward from previous years).
3. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
4. Agricultural income up to Rs 5000.
Who cannot use ITR-1 Form?
1. Total income exceeding Rs 50 lakh
2. Agricultural income exceeding Rs 5000
3. If you have taxable capital gains
4. If you have income from business or profession
5. Having income from more than one house property
6. If you are a Director in a company
7. If you have had investments in unlisted equity shares at any time during the financial year
8. Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
9. If you are a resident not ordinarily resident (RNOR) and non-resident
10. Having any foreign income
11. If you are assessable with respect to the income of another person with respect to which tax is deducted from the hands of the other person,
12. If tax has been deducted under Section 194N
13. If in case payment or deduction of tax has been deferred on ESOP
14. If you have any brought forward loss or loss needs to be carried forward under any income head
ITR-2
ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2024-25 includes:
1. Income from Salary/Pension
2. Income from House Property
3. Income from Other Sources (including Winnings from Lottery and Income from Race Horses)
4. If you are an Individual Director in a company
5. If you have had investments in unlisted equity shares at any time during the financial year
6. Being a resident not ordinarily resident (RNOR) and non-resident
7. Income from Capital Gains
8. Having any foreign income
9. Agricultural income more than Rs 5,000
Who cannot use ITR-2?
This Return Form should not be used by an individual whose total income for the AY 2024-25 includes Income from Business or Profession. For declaring these types of Income, you may have to use ITR-3 or ITR-4. Go through our comprehensive guide on ITR-2 to know how to fill out the ITR-2 form.
ITR-3
The current ITR-3 Form is to be used by an individual or a Hindu Undivided Family who have income from a proprietary business or is carrying on a profession. The persons having income from the following sources are eligible to file ITR-3:
1. Carrying on a business or profession not opting for presumptive income
2. Carrying on a business or profession not opting for presumptive income
3. Carrying on a business or profession who is required to maintain the books of accounts and/or required to get them audited.
4. If you have had investments in unlisted equity shares at any time during the financial year
5. The return may include income from House property, Salary/Pension and Income from other sources
6. Income of a person as a partner in the firm
In short, individuals or HUFs who are not eligible to file ITR-1, ITR-2, and ITR-4, should file ITR-3
ITR 4 or Sugam
The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes:
1. Business income according to the presumptive income scheme under section 44AD or 44AE
2. Professional income according to presumptive income scheme under section 44ADA
3. Income from salary or pension up to Rs 50 lakh
4. Income from one house property, not more than Rs 50 lakh (excluding the amount of brought forward loss or loss to be carried forward)
5. Income from other sources having income not more than Rs 50 Lakh (excluding income from lottery and race-horses )
The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes:
1. Business income according to the presumptive income scheme under section 44AD or 44AE
2. Professional income according to presumptive income scheme under section 44ADA
3. Income from one house property, not more than Rs 50 lakh (excluding the amount of brought forward loss or loss to be carried forward)
4. Income from other sources having income not more than Rs 50 Lakh (excluding income from lottery and race-horses )
A presumptive income scheme under sections 44AD, 44AE and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i.e. when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR-3.
Who cannot use ITR-4 Form?
1. If your total income exceeds Rs 50 lakh
2. Having income from more than one house property
3. Owning any foreign asset
4. If you have signing authority in any account located outside India
5. Having income from any source outside India
6. If you are a Director in a company
7. If you have had investments in unlisted equity shares at any time during the financial year
8. Being a resident not ordinarily resident (RNOR) and non-resident
9. Having foreign income
10. If you are assessable in respect of the income of another person in respect of which tax is deducted in the hands of the other person.
11. If in case payment or deduction of tax has been deferred on ESOP
12. If you have any brought forward loss or loss needs to be carried forward under any income head
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FAQs
The ITR Form applicable for housewives is no different than that for salaried employees. ITR -1 can be filed when the total annual income is less than Rs.50 lakhs and she derives income from only one house property. Whereas, ITR-2 can be filed when the total annual income is more than Rs.50 lakhs, she has more than one house property or Capital Gains on shares and mutual funds.
