Know who should file income tax returns for FY 2019-20. Understand if you are liable to file the return.

Age

Annual income exceeding

Up to 60 Years

Rs. 2,50,000

From 61 Years to 80 Years (Senior Citizens)

Rs. 3,00,000

Above 80 years (Super Senior Citizens)

Rs. 5,00,000

ITR form

Who should file ITR?

Who should not file ITR?

Form ITR 1 (Sahaj)

• Individuals qualifying as Ordinarily Resident who have total income up to Rs 50 Lakhs.
• The source of income shall be Salaries, one house property, other sources (Interest, etc.) and
• Agricultural Income up to Rs 5000.

• This form is not applicable to the individual who is either director in a company or has invested in Unlisted Equity Shares.
• Total income exceeding Rs 50 lakh and Agricultural income exceeding Rs 5000
• If you have taxable capital gains
• If you have income from business or profession
• Having income from more than one house property
• If you are a Director in a company
• Owning assets outside India if you are a resident, including signing authority in any account located outside India
• If you are a resident not ordinarily resident (RNOR) and non-resident
• Having foreign assets or foreign income
• If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person.

Form ITR 2

• Individuals and HUF receiving income more than INR 50 lakhs, other than income from “Profits and Gains from Business or Profession”
• Director in a company
• Holding investments in unlisted equity shares
• The source of income shall be as follows:
• Income from Salary /Pension
• Income from House Property (Income Can be from more than one house property)
• Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
• Income from Other Sources (including Winning from Lottery, bets on Race Horses, and other legal means of gambling)
• Foreign Assets/Foreign Income
• Agricultural Income more than Rs 5000
• Resident not ordinarily resident and a Non-resident

• Any individual or HUF having income from Business or Profession
• Individuals who are eligible to fill out the ITR-1 Form

Form ITR 3

This form is for Individuals and HUFs having income from profits and gains of business or profession.

The source of income shall be

• Carrying on a business or profession
• If you are an Individual Director in a company
• If you have had investments in unlisted equity shares at any time during the financial year
• The return may include income from House property, Salary/Pension, and Income from other sources
• Income of a person as a partner in the firm

• Individuals / HUF who do not have business income/income from profession

Form ITR 4 (Sugam)

• Individuals and HUFs, Partnership firms (other than LLPs) which are residents having income from a business or profession.
• Individuals who have opted for the presumptive income scheme
• The turnover of the business exceeds Rs 2 crore

• Individual who is a Director in a company
• Individuals having an investment in unlisted equity shares
• Having foreign assets or foreign income
• If your total income exceeds Rs 50 lakh or Having income from more than one house property
• Have income from any source outside India

Form ITR 5

• Firms
• LLP (Limited Liability Partnership)
• AOPs (Association of Persons)
• BOIs (Body of Individuals)
• Artificial Juridical Person (AJP)
• Estate of deceased
• Estate of insolvent
• Business trust and investment fund.

• Individual, HUF, or company filing ITR 7

Form ITR 6

• All the companies

• Companies claiming exemption under section 11
• Income from property held for charitable or religious purposes

Form ITR 7

• Persons including companies which are a charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, university, college or other institutions such as an NGO or similar organizations.
• For persons including companies required to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

• No other category of taxpayer

Form ITR V

• Indian Income Tax Return Verification Form
• Where the data of the Return of Income in Form ITR-1 (SAHAJ), ITR-2, ITR3, ITR-4(SUGAM), ITR-5, ITR-7 filed but NOT verified electronically

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Time Period of filing

Penalty in INR

After the deadline but on or before December 31, 2020 

5,000

between 1 January 2021 and March 31, 2021

10,000

If you are a small taxpayer whose gross total income does not exceed Rs 5 lakh then the maximum fee you are liable to pay is Rs 1,000.