Income Tax Season: IT-department issues 7 types of forms, which one you should fill? Know here

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Income Tax Season: The last date for filing income tax returns for the financial year 2023-24 is July 31. If you’re filing ITR for the first time, here’s a guide to help you decide which form to fill.

Income Tax Season: The last date for filing income tax returns for the financial year 2023-24 is July 31. Many taxpayers have already filed their ITR while many are yet to. When filing ITR, you need to choose the correct form. The Income Tax Department issues seven types of forms, each with different criteria. If you’re filing ITR for the first time, here’s a guide to help you decide which form to fill.

Read More: TDS deduction from salary not enough: Salaried employees must file ITR despite tax deducted by employer

ITR Form 1

Form 1 is for Indian citizens with an annual income up to Rs 50 lakh. Most salaried individuals use this form to file returns. Income up to Rs 50 lakh includes salary, pension, income from one house property, and other sources. Agricultural income up to Rs 5000 is also included. However, if you are a director of a company, have invested in an unlisted company, earn from capital gains, have income from more than one house property, or earn from business, you cannot use this form.

ITR Form 2

Use Form 2 if your income exceeds Rs 50 lakh. This form covers income from more than one residential property, capital gains or losses on investments, dividend income exceeding Rs 10 lakh, and agricultural income above Rs 5000. If you have income from interest on PF, this form also applies.

Read More: ITR Filing 2024: Step-by-Step Guide To File Income Tax Returns And Choose Right ITR Form

ITR Form 3

Form 3 is for business owners, investors in unlisted equity shares, or those earning as partners in a firm. It also applies if you have income from interest, salary, bonus, capital gains, horse racing, lottery, or rent from multiple properties. Freelancers must also use this form.

ITR Form 4

This form is for businesses, doctors, or lawyers with income between Rs 50 lakh and Rs 2 crore. Freelancers with annual income exceeding Rs 50 lakh should also use this form.

Read More: ITR Filing For Senior Citizens: Is This Mandatory? Here’s All You Need To Know

ITR Form 5

Form 5 is for entities registered as firms, LLPs, AOPs, or BOIs. It is also used for Associations of Persons and Bodies of Individuals.

ITR Forms 6 and 7

Form 6 is for companies not exempt under section 11 of the Income Tax Act. Form 7 is for companies and individuals required to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).