Which ITR Should I File?

Form	Applicability	Salary	Exempt Income	Capital Gains	House Property	Business Income	Other Sources
ITR 1	Resident Indian individuals and HUFs	Yes	Yes. However, income from agriculture cannot be more than Rs.5,000.	No	Yes. However, it can be only for one house property.	No	Yes
ITR 2	HUFs and individuals	Yes	Yes	No	Yes	No	Yes
ITR 3	Partner in a firm, HUF, or individuals	Yes	Yes	No	Yes	Yes	Yes
ITR 4	Firm, HUF, or individual	Yes	Yes. However, income from agriculture cannot be more than Rs.5,000.	Yes	Yes. However, it can be only for one house property.	Only for business income that is presumptive	Yes
ITR 5	LLPs or Partnership Firms	No	Yes	No	Yes	Yes	Yes
ITR 6	Companies	No	Yes	No	Yes	Yes	Yes
ITR 7	Trusts	No	Yes	No	Yes	Yes	Yes

Why should you file ITR?

It is mandatory to file income tax returns (ITR) in India if any of the conditions mentioned below are applicable to you:

1. If your gross annual income is more than the basic exemption limit as specified below-

Particulars	Amount
For individuals below 60 years	Rs 2.5 Lakh
For individuals above 60 years but below 80 years	Rs 3.0 Lakh
For individuals above 80 years	Rs 5.0 Lakh

2. If you want to claim an income tax refund from the department.

3. If you have earned from or have invested in foreign assets during the FY.

4. If you wish to apply for visa or a loan

5. If the taxpayer is a company or a firm, irrespective of profit or loss.

Also, you are mandatorily required to file ITR even if your income is below the basic exemption limit but you meet one of the following conditions:

Have deposited an aggregate amount of more than Rs.1 crore in one or more current bank accounts; or
Have incurred an aggregate expenditure of more than Rs 2 lakh on foreign travel for self or any other person; or
Have incurred an expenditure aggregate of more than Rs.1 lakh towards electricity consumption.

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