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Income tax return filing: Know which ITR form applies to you

SUMMARY

ITR filing: The Income Tax Department offers a suite of forms tailored to different income sources and entities. Here’s a comprehensive guide to help you navigate through the various ITR forms for the Assessment Year 2024-25.

Profile imageBy Anshul  June 12, 2024, 3:12:48 PM IST (Published)
3 Min Read
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ITR filing: ITR-1 (Sahaj) is designed for resident individuals (other than not ordinarily resident) with a total income up to ₹50 lakh. This form is suitable for those who earn income from salary, one house property, other sources like interest, and agricultural income up to ₹5,000. However, it is not meant for individuals owning more than one house property, those with income from business or profession, or company directors.

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ITR filing: ITR-2 caters to individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is ideal for those with income from salary, more than one house property, capital gains, and foreign assets or income. Individuals with business or professional income should not use this form and should instead opt for ITR-3.

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ITR filing: ITR-3 is meant for individuals and HUFs with income from business or profession. It suits professionals and partners in a firm who do not include the firm's income in their ITR. This form is not suitable for individuals whose income sources are covered under ITR-1, ITR-2, or ITR-4.

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ITR filing: ITR-4 (Sugam) is for resident individuals, HUFs, and firms (other than LLP) with total income up to ₹50 lakh and income from business and profession computed under Sections 44AD, 44ADA, or 44AE. This form is ideal for small businesses and professionals using the presumptive taxation scheme. It should not be used by individuals with income from more than one house property, speculative business income, or capital gains.

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ITR filing: ITR-5 is for partnership firms, LLPs, Associations of Persons (AOPs), Body of Individuals (BOIs), and others not covered under ITR-7. It is not intended for individuals and HUFs who should use ITR-1, ITR-2, ITR-3, or ITR-4 as applicable.

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ITR filing: ITR-6 is for companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes). Companies eligible to file ITR-7 should not use this form.

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ITR filing: ITR-7 is for persons including companies required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D). This typically includes trusts, political parties, scientific research institutions, and universities. It is not intended for entities covered under ITR-1 to ITR-6.

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