ITR Filing 2024: Seven Types Of ITR Forms Suitable For Various Taxpayers

New Delhi: The Income Tax filing season has started yet again while taxpayers will be filing their ITR for AY 2024-25 or FY 2023-2024.

Here are the list of various ITR forms explaining who can use the return form

FORM ITR-1

ITR-1 can be filed by a Resident Individual whose:

- Total income does not exceed ₹ 50 lakh during the FY
- Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include:
- Interest from Savings Accounts
- Interest from Deposits (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Interest received on Enhanced Compensation
- Any other Interest Income
- Family Pension
- Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

2. FORM ITR-2

ITR-2 can be filed by individuals or HUFs who:

- Are not eligible to file ITR-1 (Sahaj)
- Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of:
interest
salary
bonus
- commission or remuneration, by whatever name called, due to, or received by him from a partnership firm
Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories.

FORM ITR-3

This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

FORM ITR-4

ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:

- Income not exceeding ₹50 Lakh during the FY
- Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
- Income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000/-)
- Other Sources which include (excluding winning from Lottery and Income from Race Horses):
- Interest from Savings Account
- Interest from Deposit (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Family Pension
- Interest received on enhanced compensation
- Any other Interest Income (e.g., Interest Income from Unsecured Loan)

FORM ITR-5

This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), persons referred to in section 160(1)(iii) or (iv), cooperative society, registered societies and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4F) shall not use this form.

FORM ITR-6

This Form can be used by a company, other than a company claiming exemption under section 11.

Form ITR-7

This  Form  can  be  used  by  persons  including  companies  who  are  required  to  furnish  return  under  section  139(4A)  or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E)or section 139(4F).