The Central Board of Direct Taxes (CBDT) recently enabled Income Tax Return (ITR) forms 1, 2, 3, 4, and 6 on the Income Tax Department’s e-filing portal for the financial year 2023-24 (AY2024-25). Here’s a detailed breakdown of each form and its applicability:
- ITR 1 or SAHAJ:
- Applicable for resident individuals (other than not ordinarily resident) with total income up to Rs 50 lakh.
- Suitable for those with income from salaries, one house property, other sources (interest, etc.), and agricultural income up to Rs 5,000.
- Not suitable for individuals with income from business or profession, or income from more than one house property.
- ITR 2:
- Applicable for individuals and Hindu Undivided Families (HUFs) without income from profits and gains of business or profession.
- Suitable for those with income from salary/pension, house property, income from other sources, capital gains, or foreign income.
- ITR 3:
- Applicable for individuals and HUFs having income from profits and gains of business or profession.
- ITR 4 or SUGAM:
- Applicable for individuals, HUFs, and firms (excluding Limited Liability Partnership) with total income up to Rs 50 lakh.
- Suitable for those with income from business and profession computed under sections 44AD, 44ADA, or 44AE, and agricultural income up to Rs 5,000.
- ITR 5:
- Applicable for firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust, and investment fund.
- ITR 6:
- Electronic filing only.
- Applicable for companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
