- By Aditya Pratap Singh
- Thu, 16 May 2024 10:57 AM (IST)
- Source:JND
Types Of ITR Forms: The income tax department has started accepting income tax returns, with the commencement of the new financial year in April 2024. In this regard, the IT Department has updated all six ITR forms for filing income tax returns for the assessment year 2024-25 from April 1, 2024. The due date for filing ITR has been set as July 31, 2024. To avoid any last-minute confusion or error in filing, here are the details of the ITR forms that salaried individuals and businesses across the country need to file.
ITR-1 Sahaj
This is one of the most commonly and widely used forms for filing ITR. ITR-1 Sahaj is for individuals who are residents (excluding those who are not ordinarily residents) with a total income of up to Rs 50 lakh, salary, one house property, income from other sources (interest, etc.), and agricultural income of up to Rs 5,000.
Also Read: Unemployment Rate Falls To 6.7% In March Quarter: Govt Survey
- ITR-2: Individuals and HUFs who do not have income from business or profession [and are not eligible to file ITR Form-1 (SAHAJ)] can file ITR-2.
- This form is for individuals and HUFs whose income is derived from profits of business or profession.
- ITR-4 Sugam: This form is for individuals, HUFs, and firms (excluding LLP) with a total income of up to Rs 50 lakh and income from business and profession computed under section 44AD, 44ADA, or 44AE.
-
ITR-5: ITR-5 is suitable for entities such as firms, bodies of individuals (BOI), limited liability partnerships (LLP), artificial juridical persons (AJP), association of persons (AOP), estates of insolvent, estates of deceased: investment funds, business trusts, local authorities, and cooperative societies to file ITR. Any individual or entity belonging to the above categories can file ITR 5.
- ITR-6: ITR 6 is an income tax return filing form specifically for companies other than companies claiming exemption under Section 11, who must submit their income tax returns in ITR-6 form.
Income tax is a mandatory duty that every Indian citizen has to fulfill every year to the revenue bucket of the country's government in the form of money for the economy and people's welfare.
Also Read: TVS Motor Company To Launch Range Of Conventional And Electric Scooters, Motorcycles In Italy