ITR Form: The last date for filing income tax for the financial year 2023-24 is 31 July. If seen, there is still enough time for taxpayers to pay income tax. While filing ITR, you have to fill 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 Form 1. Most salaried persons use this form to file returns. Income up to Rs 50 lakh includes your salary, pension, home assets and many other sources. 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 50 lakh rupees, then you fill 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 10 lakh rupees and income of more than 5000 rupees from farming. Apart from this, if there is income in the form of 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 ITR Form 3. Apart from this, if you have income from interest, salary, bonus, capital gains, horse racing, lottery, rent from more than one property, then you can also fill this form. Freelancers also have to fill this form.
ITR Form 4
If you are a businessman, doctor or lawyer and your income is between 50 lakhs and 2 crores, then you have to fill Form 4. If you are a freelancer but your annual income is more than 50 lakhs, then you can still fill this form.
ITR Form 5
ITR 5 is for those entities which have registered themselves as firms, LLPs, AOPs, BOIs. This form is also used for Association of Persons and Body of Individuals.
ITR Form 6 and 7
For companies that are not exempted under section 11 of the Income Tax Act, ITR Form 6 is required. For companies and individuals who are required to file returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D), they need to fill ITR Form 7.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
