With the July 31 deadline for filing income tax returns (ITR) for the fiscal year 2023-24 approaching, taxpayers are gearing up to organize the necessary documents. Many documents are accessible online, including the income tax return filing forms on the income tax e-filing portal. It’s crucial for taxpayers to select the appropriate income tax form before submitting their returns.
Here’s an overview of the income tax return (ITR) forms available for taxpayers:
ITR-1: This form is designed for resident individuals (other than not ordinarily resident) with a total income up to ₹50 lakh, including income from salaries, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000. It was released for FY 2023-24 on April 1, 2024.
ITR-2: Individuals and Hindu Undivided Families (HUFs) without income from business or profession can use this form. The Income Tax department released this form for FY 2023-24 on April 1, 2024.
ITR-3: Meant for individuals and HUFs with income from profits and gains of business or profession, this form was made available on the tax filing portal on May 9.
ITR-4: Individuals, firms (other than LLP), and HUFs with a total income up to ₹50 lakh, including income from business and profession computed under sections 44AD, 44ADA, or 44AE, can use this form. Additionally, the taxpayer should have agricultural income only up to ₹5,000. It has been available on the tax filing portal since April 1, 2024.
ITR-5: This form is for persons other than individuals, HUFs, companies, and those filing Form ITR-7. It was released on May 31.
ITR-6: Designed for companies other than those claiming exemption under section 11, this form is available for use.
Apart from these, other income tax forms can be found under the ‘income tax forms’ section of the ‘Downloads’ section, including Form 10BB, Form 15CA, Form CB, Form 29B, Form 29C, and Form 3CEB. This form was also released on April 1, 2024.