This article clarifies the most important question this time of the year: Which ITR form to use to file the income tax return? The forms are also available for a free download.

It is income tax (IT) return filing season. And as usual, it is a time for much confusion!! And the most puzzling thing for most of us: Which form to use to file the income tax return? Here is your guide to the most commonly used income tax return forms.

Please read "Budget 2008 – Impact of Income Tax Slab / Bracket Changes on You" to know the slabs and Income Tax (IT) Rates for AY 08-09 and 09-10

(Note: This guide and the downloadable IT return forms are for AY 2008-09)

(Don’t understand terms like assessment year and previous year? Please read "Income Tax (IT) Jargon – Financial Year (FY), Assessment Year (AY) and Previous Year (PY)")

(Confused about filling the income tax return form - ITR? Want step by step guidance, and a video tutorial? Please read "How to fill Income Tax Return Form 1 (ITR1)")

Form ITR1

ITR-1 is the most basic IT return form, and is applicable only for people having most basic incomes!!

It is for individuals having income from:

• Salary / Pension / Family Pension
• Interest

Thus, it is for people having a salary (or pension) and having savings bank accounts, fixed deposits, National Savings Certificates (NSCs), or other interest bearing instruments.

Form ITR-1 is not for people having capital gains, or for people having income from house property or business / profession.

Thus, ITR1 is not for you if:

• You are filing on behalf of a Hindu Undivided Family (HUF)
• You have sold shares / mutual funds in the past year (FY 07-08)
• You have sold house / land in the past year (FY 07-08)
• You have paid EMI for your house to repay your home loan
• You have rented out your house
• You have income from your business or profession

Download Income Tax Return Form ITR 1

Download Income Tax Return Form ITR 1 Instructions

Download Income Tax Return Acknowledgement

(You need to be logged-in to download the forms. For free registration that takes less than a minute, please click here. To know the benefits of registration, please click here.)

Form ITR2

ITR-2 is for individuals and Hindu Undivided Families (HUFs) having income from:

• Salary / Pension / Family Pension
• Interest
• House Property
• Capital Gains

ITR2 is for you if:

• You have income from salary or pension
• You have savings bank accounts, fixed deposits, National Savings Certificates (NSCs), or other interest bearing instruments
• You have sold shares / mutual funds in the past year (FY 07-08)
• You have sold house / land in the past year (FY 07-08)
• You have paid EMI for your house to repay your home loan
• You have rented out your house
• You are filing on behalf of a Hindu Undivided Family (HUF) that doesn’t have income from business or profession

ITR2 is not for you if:

• You have income from your business or profession

Download Income Tax Return Form ITR 2

Download Income Tax Return Form ITR 2 Instructions

Download Income Tax Return Acknowledgement

(You need to be logged-in to download the forms. For free registration that takes less than a minute, please click here. To know the benefits of registration, please click here.)

Form ITR3

From ITR-3 is for individuals or HUFs that are partners in firms, but who are not carrying out business or profession under any proprietorship.

ITR3 is for you if:

• You are a partner in a firm
• You are filing on behalf of an HUF that is a partner in a firm

ITR3 is not for you if:

• You have a proprietary business
• You are filing on behalf of an HUF, and it has a proprietary business
• You or your HUF are not a partner in any firm

Download Income Tax Return Form ITR 3

Download Income Tax Return Form ITR 3 Instructions

Download Income Tax Return Acknowledgement

(You need to be logged-in to download the forms. For free registration that takes less than a minute, please click here. To know the benefits of registration, please click here.)

Form ITR4

Form ITR-4 is for individuals and HUFs that have income from a proprietary business or profession.

ITR4 is for you if:

• You have a proprietary business
• You are filing on behalf of an HUF, and it has a proprietary business

ITR4 is not for you if:

• You or your HUF do not have a proprietary business

Download Income Tax Return Form ITR 4

Download Income Tax Return Form ITR 4 Instructions

Download Income Tax Return Acknowledgement

(You need to be logged-in to download the forms. For free registration that takes less than a minute, please click here. To know the benefits of registration, please click here.)

Other articles you might be interested in:

• Banks increase interest rate on deposits for Non Resident Indians (NRIs)
• UTI’s US-64 bond redemption – A BIG positive for the market?
• Stock Split or Bonus – Reason enough to cheer?
• Want to retire early? Here’s what you need
• No upfront payment while applying for an IPO or a Rights Issue
• An Introduction to Car Loan / Auto Loan / Vehicle Finance
• What is American Depository Receipt (ADR) and Global Depository Receipt (GDR)?
• Public Provident Fund (PPF) – Plan Your Retirement and Save Tax
• Non-Resident External (NRE) & Non-Resident Ordinary (NRO) Accounts for NRIs
• Saving Income Tax – Understanding Section 80C Deductions
• Dividend Yield - A better alternative to FDs
• Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage

Related links from the web (Sponsored):

Articles by Category:

• Gold
• Income Tax - IT
• Insurance
• Investment Philosophy and Planning
• Loans
• Mutual Funds
• News / Developments
• Others / Miscellaneous
• Real Estate
• Stocks / Shares / Equities

Note: Please treat the opinion expressed here as a broad suggestion. Please consult your financial planner / investment advisor before making any investment decision.