Income Tax Return (ITR) forms are documents that individuals and entities in India use to file their income tax returns. The forms vary depending on the type of taxpayer and the nature of their income. Here are the different types of ITR forms applicable in India for Assessment Year (AY) 2024-25:
ITR-1 (Sahaj)
ITR-1 is the simplest form and is applicable to individuals who have income from salary, one house property, and other sources such as interest income. It is not applicable if the individual has income from business or profession.
ITR-2
ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession. It includes income from salary, house property, capital gains, and other sources.
ITR-3
ITR-3 is applicable to individuals and HUFs who have income from business or profession. It includes income from salary, house property, capital gains, and other sources, along with income from business or profession.
ITR-4 (Sugam)
ITR-4 is applicable to individuals, HUFs, and firms (other than LLP) who have income from a presumptive business or profession.
ITR-5
ITR-5 is applicable to firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), Body of Individuals (BOIs), and Artificial Juridical Persons (AJP).
ITR-6
ITR-6 is applicable to companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes) of the Income Tax Act.
ITR-7
ITR-7 is applicable to assessees who are required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act.
These are the various ITR forms applicable in India for AY 2024-25. It is important to choose the correct form based on your income sources and category of taxpayer to ensure accurate and timely filing of income tax returns.
