Applicable ITR Form for Filing Income Tax Returns on Pension Income

Understanding the Applicable ITR Form for Filing Income Tax Returns on Pension Income

If you are a pensioner and receive pension income, it is important to understand the applicable Income Tax Return (ITR) form for filing your income tax returns. The correct form should be selected based on your pension income sources and other income sources, if any. This blog aims to provide a comprehensive overview of the applicable ITR forms for pension income.

ITR-1 is the simplest form and is applicable to individuals having income from salary, one house property, and other sources up to ₹50 lakh. This form is not applicable if you have pension income from more than one employer or if you have received any capital gains or foreign income.

ITR-2 is applicable if you have pension income from more than one employer, have capital gains or foreign income, or have an asset outside India. This form is also applicable if you have more than one house property or have incurred losses under the head 'Income from House Property'.

ITR-3 is applicable if you are a pensioner who is a partner in a partnership firm or an owner of a business or profession. This form is also applicable if you have income from salary or pension, one house property, and other sources, but not from capital gains or foreign assets.

ITR-4 is applicable if you are a pensioner who is a resident and has income from a business or profession, but not more than ₹50 lakh. This form is also applicable if you have income from salary or pension, one house property, and other sources.

ITR-5 is applicable if you are a pensioner who is a partner in a Limited Liability Partnership (LLP) or a member of an Association of Persons (AOP) or Body of Individuals (BOI).

ITR-6 is applicable if you are a pensioner who is a company, other than a company claiming exemption under section 11 of the Income Tax Act.

ITR-7 is applicable if you are a pensioner who is a person with disabilities, a political party, a news agency, a scientific research association, a hospital, or any other institution, and if you have tax-exempt income.

Pension income is an important source of income for individuals who have retired from their jobs. It is essential to select the correct ITR form for filing income tax returns based on the sources of pension income and other income sources, if any. Choosing the wrong form can lead to errors, discrepancies, and penalties. It is recommended to consult a tax professional or refer to the official guidelines provided by the Income Tax Department for accurate and up-to-date information regarding ITR filing and related provisions