New Income Tax Return Season Begins, Know Which Form Is Right For You?

The new financial year 2024-25 has started. The Income Tax Department has reactivated various ITR forms on the return filing portal. Along with this, the new season of filing income tax returns has started. Now you can file income tax return anytime for the assessment year 2024-25, the last date of which is 31st July.

You can also fill ITR yourself.

Filing income tax return is a very careful task. Many people take the help of professionals for this, while there are also a large number of people who file the ITR on their own. If you want to file income tax return yourself, the first problem that arises is which ITR form you should fill.

There are 6 types of return forms.

There are total 6 types of forms for income tax return. If you fill return with wrong form then department will reject it as error. To choose it properly, it is important to understand the nature of income. Let us know which form you have to choose while filing return…

ITR-1: If you are an Indian citizen and your income is up to Rs 50 lakh, you can opt for this form. However, the source of income should be salary, family pension, residential property etc. ITR-1 can be filed even if the income from farming is up to Rs.5000. However, if you are a director in a company or hold shares in an unlisted company, you cannot fill this form.
 
ITR-2: This form is for Indians whose income is more than 50 lakh rupees, who are not making profit from any business. It has to give information about more than one residential property, capital gain or loss on investment, dividend income of more than Rs.10 lakh and income from agriculture of more than Rs.5000. Even if you are earning interest from provident fund, the same form has to be filled.
 
ITR-3: If you are earning from any business profits then you need to fill this form. It has to give information about all the income reported in ITR-1 and ITR-2. The same form has to be filled in case of capital gain from sale of shares or property and income from interest or dividend.

ITR-4: It is also known as Sugam. This form is for companies with income exceeding Rs.50 lakh, earning under sections like 44AD, 44ADA or 44AE. This form is not for LLP.
 
ITR-5: This form is for LLP, Association of Persons, Body of Individuals, Artificial Juridical Person, Cooperative Society and Local Authority etc.

ITR-6: This form is for companies that have not claimed exemption under Section 11. Under Section 11, income from property held in trust for a charity or charity is exempt from tax.

Also Read: Increase in business, new company registrations set record in last financial year.

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