ITR1 (Sahaj)
Applicability: Resident individuals with total income up to ₹50 lakh
- Sources of Income:
- Salary/Pension
- One House Property (excluding brought forward loss)
- Other Sources (Interest, etc.)
- Exclusions:
- Income from business/profession
- Capital Gains
- Agricultural income exceeding ₹5,000
ITR2
Applicability: Individuals and HUFs not having income from business/profession
- Sources of Income:
- Salary/Pension
- Multiple House Properties
- Capital Gains
- Other Sources (Interest, etc.)
- Foreign Assets/Income
- Exclusions:
- Income from business/profession
ITR3
Applicability: Individuals and HUFs having income from business/profession
- Sources of Income:
- Salary/Pension
- House Property
- Capital Gains
- Other Sources
- Business/Profession
- Additional Reporting:
- Director in a company
- Investments in unlisted equity shares
ITR4 (Sugam)
Applicability: Resident individuals, HUFs, and Firms (other than LLP) opting for presumptive taxation
- Sources of Income:
- Presumptive Income from Business/Profession (Section 44AD, 44ADA, 44AE)
- Salary/Pension
- One House Property
- Other Sources
- Exclusions:
- Total income exceeding ₹50 lakh
- Income from more than one house property
- Capital Gains
- Agricultural income exceeding ₹5,000
Key Points to Note:
- ITR1 is the simplest form for salaried individuals with limited sources of income.
- ITR2 is for those with income from capital gains, multiple house properties, or foreign assets but no business income.
- ITR3 is for individuals with income from business/profession.
- ITR4 is for those opting for presumptive taxation under specific sections.
Filing Deadlines and Requirements:
- Filing Deadline: Typically July 31st for individuals, though extensions can be announced.
- Audit Requirements: ITR3 may require audit if turnover exceeds specific limits under tax laws.
Here’s the detailed comparison in a tabular format
| Feature | ITR1 (Sahaj) | ITR2 | ITR3 | ITR4 (Sugam) |
|---|---|---|---|---|
| Applicability | Resident individuals with income up to ₹50 lakh | Individuals and HUFs not having income from business/profession | Individuals and HUFs having income from business/profession | Resident individuals, HUFs, and firms (other than LLP) opting for presumptive taxation |
| Sources of Income | Salary/Pension, One House Property, Other Sources (Interest, etc.) | Salary/Pension, Multiple House Properties, Capital Gains, Other Sources (Interest, etc.), Foreign Assets/Income | Salary/Pension, House Property, Capital Gains, Other Sources, Business/Profession | Presumptive Income from Business/Profession (Section 44AD, 44ADA, 44AE), Salary/Pension, One House Property, Other Sources |
| Exclusions | Income from business/profession, Capital Gains, Agricultural income exceeding ₹5,000 | Income from business/profession | N/A | Total income exceeding ₹50 lakh, Income from more than one house property, Capital Gains, Agricultural income exceeding ₹5,000 |
| Additional Reporting | N/A | Foreign Assets/Income | Director in a company, Investments in unlisted equity shares | N/A |
| Audit Requirements | N/A | N/A | May require audit if turnover exceeds specific limits | N/A |
| Filing Deadline | Typically July 31st, though extensions can be announced | Typically July 31st, though extensions can be announced | Typically July 31st, though extensions can be announced | Typically July 31st, though extensions can be announced |
Key Points:
- ITR1: Simplest form for salaried individuals with limited income sources.
- ITR2: For those with income from capital gains, multiple house properties, or foreign assets but no business income.
- ITR3: For individuals with income from business/profession.
- ITR4: For those opting for presumptive taxation under specific sections.