IFFM, which is all set to celebrate diversity this year as its central theme, has announced the nominations on Tuesday.
Bachchan is nominated for his role of an aggressive lawyer in "Pink", while Aamir has bagged a nomination for playing an amateur wrestler Mahavir Singh Phogat in "Dangal".
Sushant earned nod for his turn as former Indian cricket team captain Mahendra Singh Dhoni in a sports biopic "MS Dhoni: The Untold Story". Rajkummar is nominated for "Trapped".
Alia Bhatt ('Dear Zindagi'), Vidya Balan ('Kahaani 2'), Tannishtha Chatterjee ('Dr. Rakhmabai'), Kavya Madhavan ('Pinneyum'), Ratna Pathak and Konkona Sen Sharma for ('Lipstick Under My Burkha') are nominated in the best actor- female category.
While, "Pink", "Sultan", "Ae Dil Hai Mushkil" and "MS Dhoni" will compete in the best film category.
The festival this year will run from 10-22 August and will showcase over 60 films across 20 languages.