Income Tax Return (ITR) forms for the Assessment Year 2019-20

Form ITR 1 Sahaj

ITR 1 Sahaj applies to all individuals other than not ordinary residents whose income from the following sources isn’t more than Rs. 50 lakhs:

  • Income from Salary or Pension.
  • Income from One House Property
  • Income from Other Sources.
  • Income from agriculture(below Rs. 5000).

The latest norms prohibit a director of company, or a person who holds an investment in unlisted equity shares, from filing this return. So above persons would be required to file a more comprehensive income tax return along with details of investments and directorships .

Form ITR 2

ITR 2 is meant for individuals and HUFs who are not recipients of income from profits and gains of business or profession. The form must be filed under the following circumstances:

  • Where the taxpayer is not eligible to furnish returns in ITR 1.
  • Where the income of the resident individual is more than Rs. 50 lakhs.
  • Where the resident individual receives income from more than one house property, lottery and other types of gambling, horse races, agricultural income (of above Rs. 5,000), capital gains, assets located outside India.
  • Where the residential status of the individual/HUF is Resident and Not Ordinary Resident (RNOR) or Non-Resident (NR).
  • Where the individual is claiming relief of foreign tax u/s 90, 90A or 91.

Form ITR 3

ITR 3 is applicable for individuals and HUFs who are recipients of income from profits and gains of business or professionals. An individual is having only income from firm in capacity of partner of firm is also required to file return in this form.

Form ITR 4 Sugam

ITR 4 Sugam is applicable for individuals, HUFs and Firms (except for LLPs), whose total income is not more than Rs. 50 lakhs and have opted for presumptive taxation scheme. Such income must be:

  • Presumptive in nature.
  • Derived from business or profession.
  • Computed under Section 44AD, 44ADA or 44AE.

Form ITR 5

ITR 5 is applicable for Artificial Judicial persons, AOP/BOI, Co-operative societies, LLP, partnership firms and trusts(which are not eligible to file ITR 7 i.e. unregistered trusts, private trusts,etc)

Form ITR 6

Form ITR 6 is applicable for companies who are not claiming exemption under Section 11. On that note, exemptions under Section 11 are granted for charitable trusts, hospitals operated for a humanitarian cause, schools or colleges, establishment funding schools, colleges or other educational institutions,


ITR 7 is meant for taxpayers including companies who are obligated to furnish returns under Section 139(4A), 139(4B), 139(4C), 139(4D), 139(4E) pr 139(4F). Here’s a brief on each of these sections:

  • Section 139(4A) – refers to income tax return of charitable and religious trusts registered under section 12AA.
  • Section 139(4B) – applicable for political parties who furnish their return of income.
  • Section 139(4C) and 139(4D) – pertains to income tax return of entities claiming exemption under Section 10.
  • Section 139(4E) – for filing returns of income by business trusts who are not required to furnish returns for income or loss under any of the sections of this provision.
  • Section 139(4F) –deals with all investment funds referred to in Section 115UB.

Due Date of Filing Returns

The Income Tax Department has also notified that the last date for filing Income Tax Returns (ITR) for taxpayers who need not get their accounts audited is the 31st of July. For all other assesse due date for filling ITR is 30th September.

Advantages of filling return within due date:

  1. Carry forward of loss shall be allowed
  2. Bank mostly ask to loan applicants for the latest salary-slip showing all deductions, TDS certificate / Form 16, copy of ITR for last three financial years
  3. Visa processing: If you are traveling overseas, foreign consulates may ask you to furnish ITR receipt of the last couple of years at the time of the visa interview .This is especially true if you plan to travel to the US, UK, Canada or Europe but its not so stringent for South East Asia or Middle East.
  4. Government tender: if one plans to start their business and need to fill a government tender or two for the same, they may need to show their tax return receipts of the previous five years
  5. Claim Refund: If you have a refund due from the Income Tax Department, you should file your Income Tax Return on time to receive the refund as early as possible.
  6. To avail benefit of exemption under various section. As most of the exemption such as under section 11,10(23C), etc are allowed only if ITR is filled within due date.

Penalties and disadvantages:

  1. Default in the furnishing of the Income Tax Return may attract Interest u/s 234A. If there are any taxes which are unpaid, penal interest @ 1% per month or part thereof will be charged till the date of payment of taxes
  2. Best judgment assessment (Assessment under section 144)
  3. Prosecuation under section 276CC
  4. Late filling feesunder section 234F

To summarise the section 234F:

Late Filing Fee Details as per section 234F
E- Filing Date Total income Below Rs 5,00,000 Total income Above Rs 5,00,000
Up to 31st July 2019 Rs 0 Rs 0
Between 1st August 2019 to 31st December 19 Rs 1,000 Rs 5,000
Between 1st January 20 to 31st March 20 Rs 1,000 Rs 10,000

What We offer:

  1. Personal consultation on various issue of Income tax
  2. Filling of Income tax return.
  3. Income tax assessments.
  4. Representation before CIT (Appeals) and tribunals.
  5. Other compliance under Income tax act such as SFT submission, filling of form 15CA & 15CB, registration of trust under section 12AA, 80G, etc.

Flexible process to make return filling easy:

Step 1: Sent us requisite documents via mail.

Step 2: We will prepare computation sheet.

Step 3: Review of computation sheet by client.

Step 4: Review of computation sheet by senior partner of our firm.

Step 5: E filling of income tax return.

Step 6: We will provide you ITR V & Computation sheet.

Why Kaloti and lathiya:

  1. Huge and scattered client base across India covering almost all the sectors of economy.
  2. Specially dedicated Income tax team
  3. Sophisticated and high tech infrastructure.
  4. 30 years of experience in the field
  5. Highly qualified professional to work on your income tax return.