Income Tax Return FY 2023-24: It’s important to thoroughly review the guidelines accompanying each income tax return form and select the suitable ITR form depending on income streams, residency status, and relevant factors. When preparing to file taxes, a common initial query for many individuals is determining the appropriate form to use. To simplify the process, the Income Tax Department offers a variety of forms tailored to individual taxpayers, catering to their income type and specific criteria.
If you’re unsure which form to use for your ITR filing, don’t worry—we’ve got you covered. Check out the following to learn about the various types of tax return forms and determine which one suits your needs.
ITR-1 SAHAJ
For individuals being a resident (other than not ordinarily resident) having 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.
ITR-2
For Individuals and HUFs not having income from profits and gains of business or profession
ITR 3
For individuals and HUFs having income from profits and gains of business or profession
ITR-4 Sugam
For Individuals, HUFs and Firms (other than LLP) being a residents having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE
ITR-5
For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6
For Companies other than companies claiming exemption under section 11
ITR-7
For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only
ITR-V
Where the data of the Return of Income in Forms SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-7 filed but NOT verified electronically
Acknowledgement
Where the data of the return of income in Form SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4), ITR-5, ITR-6, ITR-7 filed and verified
What is the “Help me decide which ITR form to file” service?
Different ITR forms apply to individual taxpayers based on the type of income and residential status.
Till AY 2019-20, there was no service to help individual taxpayers know which ITR form and schedules within the ITR form were relevant to them.
From AY 2020-21 onwards, individual taxpayers will have the Help Me decide which ITR form to file service to determine the correct ITR applicable to them (both online and in the offline utility).
How does the “Help me decide which ITR form to file” service help you know the correct ITR form and schedules?
This service helps individual taxpayers determine the correct ITR form and applicable schedules with these options:
Help me decide which ITR form to file:
- Proceed based on qualifying conditions: You will see the qualifying conditions for ITR-1, ITR-2, ITR-3 and ITR-4. If you find the conditions clear and understand which ITR to file, select one of ITR based on the qualifying conditions (as applicable to your case) and you can proceed with ITR filing.
- Still not clear, let us help you: After reading the conditions, if you are still not sure which ITR to file, select this option. Select answers to the wizard-based questions (relevant to you) to determine your ITR.
- Help me determine the schedules by clicking Learn more: If you do not know which schedules are applicable, click Learn more and select answers to the relevant questions for that schedule. The applicable schedules are activated based on your responses to the questions.
Do you have to use the “Help me decide which ITR form to file” service on the e-Filing portal, and then go to the offline utility to file the return?
No. You can access this service directly from the offline utility. There is no need to log in to the e-filing portal separately to use this service.
ITR Filing Last Date 2024
The deadline to file the tax returns for AY 2024-2025 is July 31, 2024. If you fail to file your tax returns by then, you will have time till December 31 to file belated returns and pay a penalty of Rs 5,000.
It is always advisable to seek professional help if you are not sure which ITR form to file.
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