ITR form 1 2 3 4 5 6 7 । Which ITR to file | How to Choose ITR Form | What is ITR 1 2 3 4 5 6 | itr

Selecting the appropriate Income Tax Return (ITR) form for Assessment Year (AY) 2024-25 is crucial for accurate and compliant tax filing. The choice of ITR form depends on the taxpayer's income sources, residential status, and other specific conditions.

ITR-1 (Sahaj): This form is for resident individuals with total income up to ₹50 lakh, having income from salaries, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000. It excludes individuals who are directors in a company or have invested in unlisted equity shares.

ITR-2: Applicable for individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession. This includes those with income from salary/pension, house property, capital gains, and other sources. Also suitable for those holding directorships or investments in unlisted shares.

ITR-3: For individuals and HUFs having income from profits and gains of business or profession. It also includes income from house property, salary/pension, capital gains, and other sources.

ITR-4 (Sugam): Designed for individuals, HUFs, and firms (other than LLPs) who are residents and have total income up to ₹50 lakh, deriving from business and profession computed under Sections 44AD, 44ADA, or 44AE. This form simplifies reporting for small businesses and professionals under presumptive taxation.

ITR-5: Meant for entities like firms, LLPs, AOPs, BOIs, and others excluding individuals, HUFs, and companies.
ITR form 1 2 3 4 5 6 7 । Which ITR to file | How to Choose ITR Form | What is ITR 1 2 3 4 5 6 | itr
ITR-6: Used by companies, except those claiming exemption under Section 11 (income from property held for charitable or religious purposes).

ITR-7: For persons including companies required to furnish returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) (trusts, political parties, research associations, etc.).

Choosing the correct ITR form makes sure proper reporting of income and adherence to tax regulations, facilitating a smoother assessment process by the tax authorities.
Which ITR form । Which ITR to file | How to Choose ITR Form | What is ITR 1 2 3 4 5 6 | ITR Forms
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