Master in Accounts & high court Advocate
9615 Points
Posted on 18 July 2024
The Income Tax Department of India has specified different ITR (Income Tax Return) forms based on the sources of income. Here’s a quick guide to help you determine which form you should file: ITR-1 (Sahaj): For individuals with income up to ₹50 lakh. Income from salary, one house property, other sources (interest, etc.), and agricultural income up to ₹5,0001. ITR-2: For individuals and HUFs not having income from profits and gains of business or profession. Includes income from salary, more than one house property, capital gains, and other sources2. ITR-3: For individuals and HUFs having income from profits and gains of business or profession. Also includes income from salary, house property, capital gains, and other sources2. ITR-4 (Sugam): For individuals, HUFs, and firms (other than LLP) with total income up to ₹50 lakh. Income from business and profession computed under sections 44AD, 44ADA, or 44AE1. ITR-5: For firms, LLPs, AOPs, BOIs, and other entities. Not applicable to individuals and HUFs2. ITR-6: For companies other than those claiming exemption under section 112. ITR-7: For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D)2.