Income Tax: Which ITR form should you fill out to file an income tax return, clear your confusion here
So far, the Income Tax Department has received about 6 lakh returns in the first month of the assessment year 2024-25. Notably, almost two-thirds of these returns have already been processed.
Income Tax: With the beginning of the new financial year, the process of filing an Income Tax Return (ITR) for the financial year 2024 has started. The Income Tax Department has already made all return filing forms – ITR-1, ITR-2, ITR-4, and ITR-6 available for filing returns on the e-filing portal.
The income Tax Department has released the Excel utility of ITR-6 for the assessment year 2024-25. Earlier, the department had made available the Excel utility of ITR-1, ITR-2, and ITR-4 for assessment year 2024-25. You can obtain (download) the Excel utility of these forms by clicking on the ‘Download’ button on the e-filing portal.
If you are also planning to file your return early this year and are confused about which form you will need to fill out to file your income tax return. So don't worry, complete information is given here.
Who should fill out which ITR form?
ITR-1: This form is for individuals who are residents (other than those not ordinarily resident) having total income up to Rs 50 lakh, whose income is from salary, house property, other sources (interest, etc.), and Agricultural income is up to Rs 5,000.
ITR-2: This form is for individuals and HUFs who do not have any income from any business or profits and income from any profession.
ITR-3: Income Tax Return Form 3 is opted by individual taxpayers and HUFs who earn income from a profession or owning a business. Those taxpayers who have income from investment in unlisted shares, are partners in a company, are directors of a company, or whose business turnover is more than Rs 2 crore can fill out this form.
ITR-4: Income Tax Return Form 4 is for individuals, HUFs, and firms (other than LLP) who are residents and have total income up to Rs 50 lakh, and earn income from any business or profession, calculated under section 44AD. , is done under 44ADA or 44AE. Additionally, the agricultural income of the taxpayer should not be up to Rs 5,000.
ITR-5: Income tax return form 5 is for entities. Entities which are registered as Firms, LLPs, AOPs, BOIs.
ITR-6: This tax filing form is for companies other than institutions claiming exemption under Section 11.
So far, the Income Tax Department has received about 6 lakh returns in the first month of the assessment year 2024-25. Notably, almost two-thirds of these returns have already been processed. Generally, it is mandatory for everyone to file ITR by 31st July. It is necessary for those who come under the tax slab to fill the form. Those who do not come under the purview of ITR can fill zero ITR form. This is very useful in taking this loan.
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