Filing your income tax return (ITR) is a crucial aspect of managing one’s finances and failing to do so properly could attract legal trouble.
Hence, it is crucial to understand ITR filing and the necessary processes involved in it. One of the important steps is to choose the correct ITR form.
The Income Tax Department (ITD) has made available all the return filing forms â ITR-1, ITR-2, ITR-4, and ITR-6 â for e-filing on their portal.
Read More: ITR-4 Form (Sugam): What is ITR-4, who should file and how to File ITR-4 for AY2024-25
Recently, the ITD released the excel utility of ITR-6 for Assessment Year (AY) 2024-25. Prior to this, the excel utilities of ITR-1, ITR-2, and ITR-4 for AY 2024-25 were enabled.
You can find these excel utilities under the ‘downloads’ section on the e-filing portal.
In the first month of AY 2024-25, the tax department has received approximately 6 lakh returns. Notably, almost two-thirds of these returns have already been processed.
If you plan to file your return early this year and don’t want to wait until July 31, you’ll need to know which form to use for filing your income tax return.
Read More: How To File ITR Online For AY 2024-25? Check Step-by-step Guide Now
Breakdown of ITR filing forms
ITR-1: This form is for individuals who are residents (excluding not ordinarily residents) with total income up to Rs 50 lakh. It covers income from salaries, one house property, other sources (like interest), and agricultural income up to Rs 5,000.
ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) without income from business or profession.
ITR-4: Meant for individuals, HUFs, and firms (excluding LLPs) who are residents with total income up to Rs 50 lakh and have income from business or profession calculated under sections 44AD, 44ADA, or 44AE. Additionally, the taxpayer’s agricultural income should not exceed Rs 5,000.
ITR-6: This form is for companies and entities not claiming exemption under section 11.
Choosing the correct ITR form ensures that your tax return is filed accurately and on time. It’s essential to review your income sources and consult a tax advisor if needed to select the appropriate form for filing your return this year
