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Types of ITR Forms for AY 2024-25

What are the various ITR forms under the Income Tax Act?

The Income Tax Department uses different types of ITR forms to facilitate the filing of tax returns by individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. Each form is designed to cater to specific taxpayer categories and their sources of income.

Filing of correct ITR form on or before the due date specified is a very crucial task for taxpayers to comply with the income tax laws.

The forms are available for download from the official website of the Income Tax Department.

Income Tax Return Forms

Income Tax Authority prescribes several types of ITR forms based on the nature of income, sources of income, and the category of the taxpayers ( such as Individual, HUF, company, partnership, etc).

Income Tax Return or ITR forms, are the prescribed forms provided by the Income Tax Department for individuals, businesses, and other entities to report their income, deductions, and taxes.

ITR forms serve as a means for taxpayers to file their income tax returns. These forms require taxpayers to provide details of their income from various sources, deductions claimed, taxes paid, and other relevant financial information.

Types of ITR forms

As of now, Income Tax Department has prescribes seven types of Income Tax Return (ITR) forms. These are the various types of ITR forms applicable for the Financial Year 2023-24 (AY 2024-25):

  • ITR-1 (Sahaj)
  • ITR-2
  • ITR-3
  • ITR-4 (Sugam)
  • ITR-5
  • ITR-6
  • ITR-7

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.5000.

Who can use ITR-1?

A resident individual having income from the following sources:

  • Income from Salary, Pension; or
  • Income from One House Property (excluding cases where loss is brought forward from previous years); or
  • Income from Other Sources (such as interest etc., but excluding Winning from the Lottery and Income from Race Horses)
  • Agricultural income up to Rs 5000.

ITR-2

Individuals and HUFs not having income from business or profession, but having income from salary, house property, capital gains, and income from other sources.

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) having a presumptive business income and income from salary, house property, capital gains, and other sources.

For Individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE

Presumptive business income – Section 44AD

Presumptive profession income – Section 44ADA

ITR-5

For partnerships, LLPs, AOPs, BOIs (Body of Individuals), the estate of deceased, trusts, and investment funds.

ITR-6

For companies other than those claiming exemption under section 11 (income from property held for charitable or religious purposes).

ITR-7

For persons including companies required to furnish a return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) (entities claiming exemption under sections 10, 11, 12, 13A, etc.).

It’s important to note that the availability and applicability of ITR forms may change over time.

These ITR forms undergo revisions or updates by the Income Tax Department from time to time (almost every assessment year). So, you must check for the latest versions and eligibility criteria before choosing and filing your tax return.

Additionally, specific schedules and annexures may accompany these forms depending on the taxpayer’s circumstances and sources of income.

It’s advisable to seek guidance from a CA or tax professional or refer to the official website of the Income Tax Department for accurate and latest information.

CA Assisted ITR Filing

ITR Filing Services

About Shubham Anand

Shubham Anand, the founder of TaxWinner.in, is a Chartered accountant, law graduate and personal finance & technology enthusiast. He loves writing about taxes, personal finance, tax planning, the latest technology, and much more. With a passion for technology and the intricacies of personal finance, he believes that financial literacy is the ultimate life hack.

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