Which ITR Form to Use for Filing Income Tax Return?

To file income tax return (ITR), one needs to fill the appropriate form. But which form to fill? The form to be filled depends on the type of income earned. Income Tax Department has divided income earned under the following heads-

Income from salary- It covers income earned out of the employer–employee relation between the payer and payee. It covers pension also.
Income from proprietary/business/profession- It covers income earned through business or profession.
Income from house property- Any income you earn from a residential or commercial property is taxable. However, rental income is taxable subject to some exemptions.
Income from capital gains- Any profit arising from the transfer of a capital asset, such as property and gold.
Income from other sources- Any income that doesn’t fall under any of the above four heads of income is taxed under ‘income from other sources’. It includes interest on saving bank account, dividend, income from royalty, interest on securities, etc.

Now as you know the nature of your income, refer to the following table to find out the ITR form applicable to you.


Nature of Income	Individual	Individual/Hindu Undivided Family
	ITR-1 (Sahaj)	ITR-2	ITR-2A	ITR-3	ITR-4	ITR-4S (Sugam)
Income from salary/pension	√	√	√	√	√
Income/loss from 1 house property	√	√	√	√	√
Income/loss from more than 1 houses		√	√	√	√
Income from proprietary/ business/profession					√
Income from presumptive business						√
Share as a partner in a partnership firm				√	√
Capital gains/losses on sale of investment/property		√		√	√
Income from interest income or family pension	√	√	√	√	√
Income from foreign assets		√		√	√
Income/loss from Other Sources		√	√	√	√

Written By: PolicyBazaar - Updated: 23 September 2020

Articles

Post Office Recurring Deposit

How to Open Post Office Savings Account Online

SBI Senior Citizen Savings Scheme

Beginners Guide to Futures and Options

Know the Right Investment Products to Invest in Times of COVID-19

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Calculators

You May Also Want to Know About

Best LIC Policies For Investment in 2021

Best LIC Policies for Investment in 2021 When it comes to purchasing a life insurance plan, LIC plans are the most popular choice of customers. LIC is one of the most trusted and leading insurance provider companies in India. The company has a str...

What is Investment and What is Its Purpose?

What is Investment and What is Its Purpose? Different people possess different notions and understanding of “investment”. To start with, first of all, let’s try to get a clear understanding of what is investment and how it can be useful for ...

Post Office Monthly Income Scheme (POMIS)

Post Office Monthly Income Scheme (POMIS) Are you looking for an investment avenue which is safe and secure, earns substantial returns with a short locking period, which says no to equities and is absolutely risk free? Well then, think about inves...

SBI Life Insurance Plans in India

SBI Life Insurance Plans SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides comprehensive life insurance cover at competitive prices. SBI Life Insurance provides Unit Linked Plans, Child Educa...

State Bank Of India Investment Plans

Monthly Investment Plan Monthly investments plan is a popular investment options for individuals who wants to gain a profitable investment returns and wants to achieve their short-term and long-term financial goals of life. Nowadays, monthly inves...