ITR Form: The Income Tax Department issues 7 types of forms, which form should you fill?
The last date for filing income tax for the financial year 2023-24 is 31st July. If seen, there is still enough time for taxpayers to pay income tax. While filing an ITR, you have to fill out the form. According to different categories, the Income Tax Department issues 7 types of forms, for which there are different parameters. If you are going to file ITR for the first time, then know which form you should fill.
ITR Form 1
Those Indian citizens whose annual income is up to Rs 50 lakh, fill out Form 1. Most salaried persons use this form to file returns. Your salary, pension, home assets, and many other sources are also included in the income up to 50 lakhs. Agricultural income up to Rs 5000 is also included in it. But 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 or property, or earn from business, then you cannot fill this form.
ITR Form 2
If your income is more than Rs 50 lakh, then you fill out this form. Under this, you have to tell about more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh, and income of more than Rs 5000 from farming. Apart from this, if you are earning interest from PF, then also this form is filled.
ITR Form 3
If you are a businessman, have invested in equity unlisted shares, or are earning as a partner in a company, then you have to fill out ITR Form 3. Apart from this, if you have income from interest, salary, bonus, capital gains, horse racing, lottery, or rent from more than one property, then you can also fill out this form. Freelancers also have to fill out this form.
ITR Form 4
If you are a businessman, doctor, or lawyer and your income is between 50 lakhs to 2 crores, then you have to fill out Form 4. If you are a freelancer but your annual income is more than 50 lakhs, then you can also fill out this form.
ITR Form 5
ITR 5 is for those organizations that have registered themselves as firms, LLPs, AOPs, and BOIs. This form is also used for the Association of Persons and Body of Individuals.
ITR Forms 6 and 7
ITR Form 6 is for those companies that do not get an exemption under Section 11 of the Income Tax Act. Companies and individuals who are required to file returns under Section 139(4A) section 139(4B) section 139(4C) or Section 139(4D) are required to file ITR Form 7.
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