Checklist of ITR Documents for FY 2022-23 (AY 2023-24):-
ITR-1 (Sahaj) :-
ITR-1 is applicable for resident individuals whose total income is less than or equal to ₹50 lakh. The applicable sources of income include salary or pension, a single house property (without any brought forward losses) and other sources. If agricultural income is up to ₹5,000, the assessee can use ITR-1.
Documents required:
- Form 16.
- TDS (tax deducted at source) certificate.
- Bank statements.
ITR-2 :-
ITR-2 is applicable for resident individuals or a Hindu Undivided Family (HUF) whose total income exceeds ₹50 lakh. It is also applicable for resident individuals who have capital gains, or income from multiple house properties; have foreign assets or income; or hold a directorship in a company or have unlisted equity shares in their name.
Additionally, individuals for whom tax has been deducted on cash withdrawals (under section 194N) in excess of ₹1 crore also have to file their returns using ITR-2.
Documents required:
- Form 16, Form 16A.
- Details of capital gains, if any.
- Bank statements.
ITR-3 :-
ITR-3 is for resident individuals or a HUF who have income from business or profession. Apart from this, if a resident individual is a director in a company, or has made any investments in unlisted equity shares, or is a partner in a firm, then ITR-3 needs to be used. Income from house property, salary or pension and other sources shall also be included.
Documents required:
- Books of accounts.
- Profit and loss account.
- Form 16, Form 16A.
- Details of capital gains, if any.
- Bank statements.
ITR-4 (Sugam) :-
ITR-4 or Sugam is applicable for resident individuals, HUFs and partnership firms other than limited liability partnerships (LLP), who have:
Business income according to the presumptive income scheme under section 44AD or 44AE (up to ₹2 crore), or,
Professional income according to the presumptive income scheme under section 44ADA (up to ₹50 lakh), or,
Income from salary or pension up to ₹50 lakh, or
Income from a single house property up to ₹50 lakh, or
Income from other sources (except lottery and race horses) up to ₹50 lakh.
Essentially, if it is business income, then the gross receipts or turnover should be up to ₹2 crore. For other eligible incomes, the maximum limit is ₹50 lakh.
Documents required:
- Form 16, Form 16A.
- Bank statements.
ITR-5 :-
ITR-5 is applicable for firms, association of persons (AOP), body of individuals (BOI), limited liability partnerships (LLP), artificial juridical person (AJP), and firms other than a LLP not claiming exemption under section 11 of the Income Tax Act.
Documents required:
- Books of accounts.
- Profit and loss account.
- TDS certificate.
- Bank statements.
ITR-6 :-
ITR-6 is available for companies other than those claiming exemption under section 11 of the Income Tax Act.
Documents required:
- Books of accounts.
- Profit and loss account.
- TDS certificate.
- Bank statements.
ITR-7 :-
ITR-7 is available for assessees required to file a return under section 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act.
Documents required:
- Audit report, if applicable.
- TDS certificate.
- Bank statements.
