Which ITR Form Should Your Business Use?
The Income Tax Department has different ITR forms for different types of taxpayers:
- ITR-1 (Sahaj): Salaried individuals with salary, one house property and interest income. Income up to ₹50 lakh. NOT for business income.
- ITR-3: Individuals/HUF with income from business/profession (not under presumptive taxation)
- ITR-4 (Sugam): Individuals/HUF/Firms under presumptive taxation — Sections 44AD, 44ADA or 44AE. Income up to ₹50 lakh.
- ITR-5: LLPs, AOPs, BOIs, Artificial Juridical Persons
- ITR-6: Companies (other than those claiming exemption under Section 11)
- ITR-7: Trusts, Political Parties, Section 8 companies, mutual funds
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