ITR e-filing for FY24: ITR 1 to ITR 6, check details about income tax return forms

The Central Board of Direct Taxes has enabled selected few income tax return (ITR) forms for taxpayers on the e-filing portal from April 1. Other ITR forms will be made available soon. More than 59,000 taxpayers have so far filed their returns for FY2023-24, according to the official e-filing portal of the Income Tax Department.

The CBDT in December last year and January 2024 notified the income tax forms which specify the procedures to be followed by taxpayers. There are seven types of income tax forms such as ITR -1, ITR -2, ITR-3 and ITR-6 which need to be filed by taxpayers depending on their type of income.

Following are the types of ITR forms that taxpayers file with the government:

ITR-1 or SAHAJ

ITR - 1 form or SAHAJ is filed by individual taxpayers whose total income does not exceed ₹50 lakh during the financial year. Taxpayers whose income comes from salary, one house property, agricultural sources (up to ₹5,000) and family pension can use this form.

Income from other sources such as interest from savings accounts, interest from deposits (bank / post office / cooperative society), income tax refund, interest received on enhanced compensation and any other interest income need to be filed in ITR 1.

Individual taxpayers who have income from lottery, racehorses, legal gambling etc, taxable capital gains – short term and long term, income from business or profession and invested in unlisted equity shares cannot file ITR- 1 form.

ITR-2

ITR-2 form is for individuals or a Hindu Undivided Family (HUF) who is not filing tax returns under ITR 1 and have income above ₹50 lakh. If total income includes from salary or pension, house property, other sources like lottery and race horses, have investment in unlisted shares, any foreign income, agriculture income of over ₹5,000 and own assets outside India, ITR 2 should be used.

Individuals or HUF cannot file ITR- 2 if income for the year includes profit and gains from business or profession, and also income from interest, bonus and commission or remuneration received from a partnership firm.

ITR-3

ITR 3 return form needs to be filed by individuals or a Hindu Undivided Family having income from profits or gains of business or profession and also not eligible to file ITR‐1 (Sahaj), ITR‐2 or ITR‐4 (Sugam).

A person running a business or profession and not opting for presumptive income, a profession that requires maintaining books of accounts and getting them audited, an individual director in a company and others need to file ITR 3 return form.

ITR-4

Individuals and HUFs, partnership firms (other than LLPs), whose total income includes business income specified under section 44AD or 44AE, professional income according to presumptive income scheme under section 44ADA and have income from salary or pension up to Rs 50 lakh need to file ITR 4 return form.

Other income from one house property, not more than ₹50 lakh, income from other sources of not more than ₹50 lakh (excluding lottery and race-horses), interest from savings accounts, income tax refund, family pension interest received on enhanced compensation come under ITR 4 form.

ITR-5

Limited Liability Partnership (LLPs), Association of Persons (AoPs), Body of Individuals, Artificial Juridical Person (AJP), Estate of insolvent, Estate of deceased, Business trust and investment fund need to file ITR 5.

ITR-6

ITR 6 is filed by companies except those claiming exemption under section 11. The tax return needs to be filed electronically only.

ITR-7

ITR-7 Form is used by persons including companies who are required to file returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

ITR forms in simple terms are declarations of income earned during a financial year. ITR forms need to be submitted before July 31 of the fiscal year by individual taxpayers. Taxpayers are advised to consult a tax professional or visit income tax filing platform https://www.incometax.gov.in/ for detailed information about which form would be picked.