Last Updated on October 1, 2023 at 5:39 pm
I have updated the two guest posts written by CK Aparna that explain how to e-file income tax returns using ITR1, ITR2, ITR3, ITR5 for AY 2018-2019. Do consider sharing it with assessees who are filing tax return for the first time or filing tax returns with capital gains for the first time.
First Know which ITR you are supposed to file.
| ITR | Description |
| ITR 1 | For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income upto Rs.50 lakh Salaried with no capital gains use this |
| ITR 2 | For Individuals and HUFs not having income from profits and gains of business or profession If are salaried with capital gains, this is the one for you |
| ITR 3 | For individuals and HUFs having income from profits and gains of business or profession |
| ITR 4 | For presumptive income from Business & Profession |
| ITR 5 | For persons other than:- (i) Individual, (ii) HUF, (iii) Company and (iv) Person filing Form ITR-7 |
| ITR 6 | For Companies other than companies claiming an exemption under section 11 |
| ITR 7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or |
For full details and explanation refer to Which ITR Form Should I use for A.Y. 2019-20? (this was published yesterday)
a)If you have an income from just salary, house property and bank deposits (Savings, FD, RD, Flexi RD), it is ITR1 (total income up to 50 L)
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b)If you have income specified in a) and income from selling Real Estate, Stocks, Mutual fund units, derivatives, gold etc, or you have withdrawn EPF/PPF, it is ITR2 (individual or HUF with no business income)
If in addition to the above, you (or HUF) have income from a business or proprietorship, ITR3
e) For people having a presumptive business, it is ITR4 (no capital gains allowed)For all others, it is ITR5 (other than an individual)
Guest post 1: This explains how to e-file using the online ITR1 form: Guide to e-file ITR1 Income Tax Return For AY 2019-20
Guest post 2: This explains how to file short-term and long-term capital gains, carry forward and set off losses. Guide to e-file Income Tax Return: ITR2, ITR3 and ITR5
Do let me know if anything more needs to be added.
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