know-ur-itr-20-21

Applicability of ITRs for AY 2020-21 (FY 2019-20)

Know the applicability of ITR Forms for AY 2020-21.

ITR 1 – SAHAJ

ITR 1- SAHAJ applies to the following:

  1. Any individual who is a resident (not being not ordinarily resident) having total income up to Rs. 50 lakh
  2. An Indian resident who earns income from Salary
  3. An Individual having a Pension Income
  4. An Individual who earns income from House Property
  5. An Individual having income earned from Interest on Fixed Deposit and other Interest
  6. An Individual having Agricultural Income less than Rs 5,000/-
  7. An Individual to whom provisions of clubbing of income apply and such clubbed income falls in the above-mentioned categories.

ITR 2

ITR 2 shall apply to the following:

  1. An Individual or HUF who does not have any income from business or profession.
  2. An individual who is a non-resident in the previous year
  3. An individual or HUF who has an income from capital gains
  4. An individual who has an income from more than one house property
  5. An individual whose agricultural income is more than Rs. 5,000/-

ITR 3

ITR 3 shall apply to the following:

  1. Any individual or HUF who have income earned from business and profession
  2. Any individual who is a director in a company or who has invested in unlisted equity shares of a company
  3. Any individual or HUF who cannot file ITR 1-SAHAJ or ITR 2
  4. All Partners in a Partnership firm or LLP

 ITR 4 – SUGAM

ITR 4 – SUGAM shall apply to the following:

A resident Individual, HUF, and Firm (not being an LLP) who shall declare income from business and profession on Presumptive Basis under section 44AD, 44ADA, and 44AE of the Income Tax Act, where the Business profit is 6%/ 8% or more of the total turnover and Profit from Profession is 50% or more of the total professional receipts and where the total turnover from a business is Rs 2 Crore and total professional Income is Rs 50 Lakhs.

ITR 5

ITR 5 shall apply to the following:

  1. All the Partnership Firms and Limited Liability Partnership Firms
  2. Association of Person (AOP)
  3. Body of Individual
  4. Artificial Judicial Person (AJP)
  5. Local Authority
  6. Representative Assessee referred to in sec 160(1)(iii) or (iv)
  7. Co-operative Society
  8. Society registered under Societies Registration Act, 1860

ITR 6

ITR 6 shall apply to the following:

All the Private limited and Public Limited Companies other than companies claiming exemption under Section 11 of the Income Tax Act, 1961.

ITR 7

ITR 7 shall apply to the following:

All persons, including Companies, who are required to furnish their income tax returns under section 139 of the Income Tax Act.   

ITR 1 and ITR 4 shall NOT apply to the following:

ITR 1 and ITR 4 shall not apply to any individual who;

  1. has assets (including financial interest in any entity) located outside India; or
  2. has signing authority in any account located outside India; or
  3. has income from any source outside India; or
  4. is a Director in any company; or
  5. has held any unlisted equity share at any time during the previous year; or
  6. has income under the head “Income from Other Sources” in the nature of:-
    1. winnings from lottery;
    2. the activity of owning and maintaining race horses;
    3. income taxable at special rates under Section115BBDA or Section 115BBE; or
  7. has any brought forward loss or loss to be carried forward under any head of income; or
  8. is assessable for the whole or any part of the income on which tax has been deducted at source in the hands of a person other than the assessee.
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