Income Tax department released its most common return filing forms i.e., ITR form 1, form 2, form 4 and form 6 on April 1. Form 3 was later released on May 9 and form 5 was released on May 31.
As the deadline of July 31 to file income tax return (ITR) for FY 24 draws closer, taxpayers are expected to scurry through their files and folders to arrange the documents they require.
Most documents are generally available online, so are the income tax return filing forms on income tax e-filing portal. Taxpayers are expected to be sure about opting for the right income tax form before filing their income tax returns.
Here we give a lowdown on the income tax return (ITR) forms which taxpayers can use.
ITR-1: This income tax form is meant for tax payers who are resident (other than not ordinarily resident) having total income up to ₹50 lakh, who have income from salaries, one house property, other sources (interest etc), and agricultural income up to ₹5,000. This form to file tax return for FY 2023-24 was released on April 1, 2024.
ITR-2: This tax form is meant for individuals and Hindu Undivided Families (HUFs) who do not have an income from profits and gains of business or profession. Income Tax department released this form for FY 2023-24 on April 1, 2024.
ITR-3: This income tax return filing form meant for individuals and HUFs having income from profits and gains of business or profession. This form was released on the tax filing portal on May 9.
ITR-4: The income tax return form 4 is supposed to be used by the individuals, firms (other than LLP) and Hindu Undivided Families (HUFs) who are residents and have a total income up to ₹50 lakh, and have income from business and profession which is computed under sections 44AD, 44ADA or 44AE. Besides, the taxpayer is supposed to have an agricultural income only up to ₹5,000.
This form has been available on the tax filing portal since April 1, 2024.
ITR-5: This income tax return (ITR) form is meant for persons other than individual, HUF, company and person filing Form ITR-7. It was released on May 31.
ITR-6: The income tax form number 6 is there for the companies apart from the companies which claim exemption under section 11.
Besides these, other income tax forms are available under section ‘income tax forms’ of ‘Downloads’ section. These other forms include form 10BB, Form 10BB, Form 15CA, Form CB, Form 29B, Form 29C and Form 3CEB.
This form was also released on April 1, 2024.
Source: https://www.livemint.com/money/personal-finance/income-tax-return-itr-filing-60-days-to-go-a-lowdown-on-the-tax-forms-you-can-opt-for-itr-form-1-fy24-11717236453841.html
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