Income Tax Return AY 2024-25 Filing: 6 ITR Forms To File, Which One To Chose As Per Your Salary?

The Income Tax Department has revised all six ITR forms for income tax return filing having the assessment year 2024-25 with effect from April 1, 2024. The due date for filing ITR is set for July 31, 2024. And to avoid last-minute confusion or error related to filing, here are details of ITR forms which is required to be filed by salaried individuals and companies across the country.

1. ITR-1 SAHAJ:

This is one of the most common and popularly used forms when filing for ITR.

ITR-1 Sahaj is for those individuals who are residents (other than those not ordinarily resident) having a total income up to Rs 50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs 5,000.

2. ITR-2:

Here, individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2.

3. ITR-3:

This form is for those individuals and HUFs having income from profits and gains of business or profession.

4. ITR-4 Sugam:

This form is meant for Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE.

5. ITR-5:

The ITR-5 is suitable for bodies such as firms, Body of Individuals (BOIs), Limited Liability Partnerships (LLPs), Artificial Juridical Persons (AJP), Associations of Persons (AOPs), the estate of insolvent, the estate of the deceased, investment fund, business trust, local authority, and co-operative society for filing the ITR. Any individual or entity belonging to the aforementioned categories is eligible for ITR 5 filing.

6. ITR-6:

ITR 6 is the Income Tax Return filing form specifically meant for Companies other than companies claiming exemption under section 11 must furnish their income tax return in ITR-6 Form.

Income tax is an obligatory duty that every Indian citizen must fulfil every year to the revenue bucket of the country's government which is further as funds for the economy and welfare of the people.

Direct taxes are further segregated into two categories. These are directly imposed on individuals such as salaried or working class, and secondly on corporations. Here, it is customary to pay a certain tax rate which varies depending upon the income generated every fiscal year. Here, individuals and corporates directly pay taxes to the imposing authority which would be the CBDT and Income Tax Department.

However, the government has introduced various measures to help taxpayers in claiming some of the payments they have made as taxes. And that through the way of ITR filing where you can claim tax benefits, exemptions and TDS on your investment, savings and loans among others. ITR filing is in place to reduce the burden on taxpayers.