ITR Filing 2024: Income tax return forms 1-6 enabled on e-filing portal! Which one is for you?
ITR filing 2024: The Central Board of Direct Taxes (CBDT) enabled early last month ITR forms 1, 2, 3, 4 and 6 on the Income Tax Department’s e-filing portal for filing of income tax returns for the financial year 2023-24 (AY2024-25).
The income tax return (ITR) form enables taxpayers to submit all the details about their income and tax payments to the Income Tax Department for a financial year. Taxpayers are required to file tax returns on or before the due date, which is July 31 this year.
As there are 6 ITR forms notified by the tax department, taxpayers often wonder which one they need to choose. These 6 ITR forms have been created for different categories of taxpayers. Now, take a look at these 7 forms and their unique features for filing of returns.
Also Read: ITR Filing 2024: Without this document, you can’t claim income tax deduction on home loan interest
ITR 1 or SAHAJ
The form is applicable for individuals being a resident (other than not ordinarily resident) having total income up to Rs 50 lakh, having income from salaries, one house property, other sources (interest etc), and agricultural income upto Rs 5,000.
It should be noted that if you have income from business or profession and have income from more than one house property then you cannot file ITR 1.
ITR 2
This form is applicable for individuals and HUFs not having income from profits and gains of business or profession. Those who have income from salary/pension, house property and income from other sources need to file ITR 2. Those who have invested and sold shares, received income from capital gains or received foreign income also need to file ITR 2.
ITR 3
For individuals and HUFs having income from profits and gains of business or profession.
ITR
Read more on financialexpress.com
