Like last year, ITR1 can be filed by individuals having total income up to Rs 50 lakh. The source of such income can include: salaries, income from one house property and other sources such as interest income, dividend etc. and agricultural income up to Rs 5,000.
An individual will not be eligible to file ITR-1 if he/she is a director of a company or has invested in unlisted equity shares or income tax on ESOPs is deferred or where TDS has been deducted under section 194N of the Income-tax Act, 1961. TDS under section 194N is deducted on cash withdrawal from bank account exceeding a specified limit.
Further, individuals filing tax return using ITR-1 will be required to provide break up of their salary details such as salary, perquisite, allowances exempt under section 10 (such as HRA, LTA etc. in case they have opted for old tax regime) etc.
Individuals receiving pension from accounts held in foreign countries and filing ITR-1 in India will be required to provide additional details. They will have to give details of the retirement benefit account maintained in a notified country under section 89A and retirement account maintained with non-notified countries.
Individuals will have to file ITR-2 if they have capital gains from sale of assets such as mutual funds, stocks etc. or have more than one house property. However, they will not be able to use ITR-2 if they have profits and gains from business or profession. Though there is no major change in the ITR-2 form. This year too, individuals will be required to provide additional details of their employer. These include nature of employer and complete address of the employer.
ITR-4, also known as SUGAM, is applicable for individuals and HUFs (Hindu Undivided Family) (other than LLP) having total income up to Rs 50 lakh and having income from business and profession. The income from business and profession is computed under sections 44AD, 44ADA or 44AE. This is not for an individual who is either director in a company or has invested in unlisted equity shares or if income tax is deferred on ESOP or has agriculture income more than Rs 5,000.
ITR-3 will be applicable for individuals and HUFs having income from profits and gains of business or profession except those eligible for ITR-4.
ITR-5 is for persons other than individuals, HUFs, company or person filing ITR-7.
ITR-6 is for companies other than those claiming exemption under section 11 of the Income-tax Act.
ITR-7 is yet to be notified by the government.