31st August is the last date to file Income Tax Return for the Financial Year 2017-18, there are times when taxpayers make mistake while filing ITR and this mistake comes in the form of choosing wrong ITR Form.
Here are the various ITR Forms notified by Central Board of Direct Taxes or CBDT for the Financial Year 2017-18. Using these ITR Forms the taxpayers can file their ITR for the Assessment 2018-19.
ITR 1 Form :-ITR 1 is the ITR Form that is used by maximum number of individuals. It is applicable to the individuals who are ordinary residents in India deriving income from salaries, one house property, other sources and having total income upto Rs. 50 Lakhs.
ITR 2 Form:– ITR 2 Form is applicable to any individual having total income of more than Rs. 50 Lakh or having foreign asset/income or having more than one residential house property or income from capital gain or HUF.
ITR 3 Form:– ITR 3 Form is applicable to individuals and HUFs who earn their income from profits and gains by business or profession along-with any income from salaries or house property or capital gains or any other source.
ITR 4 Form :-ITR 4 Form is applicable for those resident taxpayers who have opted for presumptive income scheme as per section 44AD, 44ADA and 44AE of the Income Tax Act, 1961.
ITR 5 Form :-The ITR 5 Form is used by Private discretionary trust, Limited Liability Partnerships (LLP), a Firm, an Artificial juridical person referred to in section 2(31)(vii), Cooperative Society and Local authority etc.
ITR 6 Form :– The ITR 6 form is filed by company, other than a company claiming exemption under section 11 of the Income Tax Act, 1961.
ITR 7 Form :– The ITR 7 is applicable for those taxpayers who fall under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).