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April 29, 2022

Income Tax Return (ITR) applicability for AY -2022-2023

by CA Shivam Jaiswal in Income Tax

Income Tax Return (ITR) applicability for AY -2022-2023

Income Tax Return (ITR) is a form in which the taxpayers file information about the income earned and tax applicable to the income tax department.

The department has issued notifications for ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. Every taxpayer is required to file his ITR on or before the deadline. The applicability of ITR forms varies based on the taxpayer’s sources of income, the quantity of money earned, and the taxpayer’s category (individuals, HUFs, corporations, etc.).Which Indian Income Tax Form Available to which “Persons or Assessee”

FAQ’s on ITR applicability for AY-2022-2023

1. To whom ITR-1 SAHAJ is applicable?

ITR 1 SAHAJ is applicable for individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh having:

  • Agricultural income up to Rs.5,000/-
  • Income from Salaries, and
  • Other sources (Interest etc.),
  • One house property

2. To whom ITR-1 SAHAJ is not applicable?

  • An individual who has invested in unlisted equity shares
  • For an individual who is either Director in a company
  • In the cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP

3. To whom ITR-2 is applicable?

For HUFs and Individuals not having income from profits and gains from business or profession

Under this form you can file your  you can declare Capital Gain, Income from House property of more than one House, Other source of Income, etc.

4. To whom ITR-3 is applicable?

For HUFs and individuals having income from profits and gains from business or profession

5. To whom ITR-4 SUGAM is applicable?

For Firms (other than LLP), HUFs, Individuals being a resident having total income up to Rs.50 lakh and having income of business and profession (under sections 44AD, 44ADA or 44AE)

6. To whom ITR-4 SUGAM is not applicable?

  • If income-tax is deferred on ESOP or has agricultural income more than Rs.5000.
  • An individual who is either Director of a company
  • An individual investing in unlisted equity shares

7. To whom ITR-5 is applicable?

LLP, Partnership Firm, local authority, AOP/BOI , other cooperative bank, other cooperative society, society registered under society registration Act, 1860 or any other Law, Primary agricultural credit society/cooperative bank, Rural development bank, Business trust, investment fund, Trust other than trust eligible to file Return in ITR 7, any other AOP/BOI, artificial juridical, Estate of the deceased, Estate of the insolvent, Other AJP

8. To whom ITR-5 is not applicable?

  • Individual
  • HUF
  • Company
  • Person filing Form ITR-7

9. To whom ITR-6 is applicable?

For Companies other than companies claiming exemption under section 11

10. To whom ITR-7 is applicable?

Those who fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).

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