ITR Forms: New return season has started, know which form is right for you?

The new financial year 2024-25 has started. The Income Tax Department re-enabled various ITR forms on the return filing portal. With this, the new season of filing income tax returns has started. Now you can file income tax return anytime for the assessment year 2024-25, the deadline for which is 31st July.

You can also file ITR yourself

Income tax return Filling is a very careful task. Many people take the help of professionals for this, while there are also a large number of people who file ITR on their own. If you want to file income tax return yourself, then the first problem arises that which ITR form should you fill.

There are 6 types of return forms

There are total 6 types of forms for income tax return. If you fill the return with wrong form then the department will reject it as defective. To choose it properly, it is important to understand the nature of income. Let us know which form you have to select while filing the return…

ITR-1: If you are an Indian citizen and your income is up to Rs 50 lakh, So you can choose this form. However, the source of income should be salary, family pension, a residential property etc. ITR-1 can be filed even if the income from farming is up to Rs 5,000. However, if you are a director in a company or have shares in an unlisted company, then you cannot fill this form.
 
ITR-2: This form is Rs. 50. It is for those Indians with income of more than Rs. lakh, who are not earning profit from any business. In this, information has to be given about more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and income from farming of more than Rs 5000. If you are earning interest from provident fund, then also you will have to fill the same form.
 
ITR-3: If you are earning from profit of any business. If yes then you will have to fill this form. In this, information about all the income given in ITR-1 and ITR-2 has to be given. The same form has to be filled for capital gains from sale of shares or property and income from interest or dividends.

ITR-4: It is also known as Sugam. This form is for those companies with an income of more than Rs 50 lakh, which are earning under sections like 44AD, 44ADA or 44AE. This form is not for LLP.
 
ITR-5: This form is applicable for LLP, Association of Persons, Body of Individuals, Artificial Juridical Person, Co-operative Society and It is for local authorities etc.

ITR-6: This form is for those companies which have not claimed exemption under Section 11. Under Section 11, there is exemption from tax on the income which is earned from property held in trust for any charitable or charitable work.

Also read: Business increased, record of registration of new companies made in the last financial year

Zomato Introduces India's First Large Order Fleet it can deliver food for 50 People

Large Order Fleet: Online food delivery platform Zomato on Tuesday announced the launch of a new facility for customers. With ...

All About Mila, Poppy and Hal

Jenna Bush Hager and her husband, Henry Chase Hager, are proud parents to three kids: daughters Mila and Poppy, plus ...

'Sell RCB…', veterans upset with team's poor performance, unique demand from BCCI

IPL 2024: In the 17th season of the Indian Premier League, the RCB team entered the tournament with a new ...

James Kennedy on Taylor Swift, Travis Kelce’s Coachella kiss

Look what he made them do. James Kennedy is taking credit for Taylor Swift and Travis Kelce’s makeout session at ...

All About Amanda, Katie, Jett and Everest

Throughout his career, George Lucas brought to life two of the most renowned franchises in cinematic history: Star Wars and ...

IMF increased India's growth rate estimate for 2024, GDP may be 6.8 percent

India GDP Data: The Indian economy will grow at the rate of 6.8 percent in 2024. The International Monetary Fund ...

51 Muslims Pass in UPSC 2023 Merit List 5 Make it to Top 100

51 Muslim candidates have made their place in the merit list of this year's UPSC Civil Services Examination, out of ...

Who Is Daymond John’s Wife? All About Heather Taras

Shark Tank star Daymond John has partnered with several companies and entrepreneurs over the years — but he's also found a ...

IMF increased India's growth rate estimate for 2024, GDP may be 6.8 percent

India GDP Data: The Indian economy will grow at the rate of 6.8 percent in 2024. The International Monetary Fund ...

Gypsy Rose Blanchard left husband over food hoarding, snoring

Gypsy Rose Blanchard and her estranged husband, Ryan Anderson, separated after arguing over his food hoarding, according to a new ...

Leave a Comment