Income Tax Returns
Attention all taxpayers. If you have not filed your Income Tax Returns till now, you may have to pay a fine. So file income tax return immediately. Because the last day to file income tax returns for the financial year 2023-24 is July 31.
Many taxpayers have already filed their ITR. However, it is good to re-check whether the ITR filed by you is correct. While filing ITR, the correct application form has to be selected.
The Income Tax Department issues seven types of application forms. Each has different criteria. Here is information to help you decide which form to fill if filing ITR for the first time.
ITR Form 1
Annual income Rs.50 lakhs. Salaried persons up to use this form to file returns. 50 lakhs of Rs. Income up to includes salary, pension, income from a household property and other sources. 5,000 Rs. including agricultural income up to
This form cannot be used if one is a director of a company, invested in an unlisted company, earns capital gain, has income from more than one house property or earns from business.
ITR Form 2
50 lakhs of revenue. If more than then use Form 2. This form includes income from more than one residential property, capital gains or losses on investment, up to Rs.10 lakh. Dividend income more than and 5000 Rs. Includes agricultural income in excess of This form is also applicable if there is income from interest on PF.
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ITR Form 3
Form 3 applies to business owners, investors in unlisted equity shares or those who earn as partners in a firm, if they have income from interest, salary, bonus, capital gains, horse racing, lottery or rent from multiple properties. Freelancers should also use this form.
ITR Form 4
50 lakhs in this form. is for businesses, doctors or lawyers with revenues between Rs. Freelancers with annual income above 50 lakhs should also use this form.
ITR Form 5
Form 5 is for entities registered as Firms, LLPs, AOPs or BOIs. It is also used for organizations.
ITR Form 6 and 7
Form 6 for companies not exempted under Section 11 of the Income Tax Act. Form 7 is required for companies and individuals to file returns under 139(4A), 139(4B), 139(4C), or 139(4D).