Income tax return forms, commonly known as ITR forms, is a key tax document which tax payer needs to file with the appropriate tax authority. It reports income, expenses, and other relevant tax information. Tax returns make it easy for both taxpayers and tax authorities to determine tax liability, plan their tax payments and request income tax refund in case of over payment of tax. Taxpayers are required to first determine the type of ITR forms they need to fill before actually submitting the returns. Read on to know the different income tax returns forms to help you decide which one you need to file. ...Read More
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What are ITR forms? Income tax return is a form which is filed with the taxing authority. It reports income, expenses, and other relevant tax information. Tax returns make it easy for taxpayers to determine their tax liability, plan their tax payments and request refunds for its over payment. Taxpayers are required first to determine the type of ITR forms they need to fill before actually submitting the returns. ITR forms are solely dependent on the income of taxpayers.
Income Tax Return (ITR) forms refer to those forms in which taxpayers file information about their income earned and tax applicable to the department of income tax. The department has notified 7 types of ITR forms –
Every taxpayer must know all the ITR forms details and file the ITR before the specified due date to avoid penalties. The applicability of ITR forms depends on the amount of the income earned, sources of income of the taxpayer, and the category the taxpayer belongs to, such as individuals, HUF, and company.
It is compulsory by law to file income tax returns (ITR) in India if any of the following conditions mentioned below apply to you:
1. If your gross yearly income is more than-
| Age | Key Benefits |
|---|---|
| For people below 60 years | Rs 2.5 Lakh |
| For people above 60 years but below 80 years | Rs 3.0 Lakh |
| Rs 3.0 Lakh | Rs 5.0 Lakh |
2.If you earn from more than one source,such ascapital gains or house property
3.If you want to claim a refund from the income tax department
Also Read: Income Tax Slab for FY 2023-24
To know more about ITR forms details let us look at the types of ITR forms. There are various types of ITR forms available for taxpayers to file taxes. Depending on the type/source of income generated, the group of the taxpayer falls under (individual, company, and Hindu Undivided Families). The income of the individual will make the income Tax Returns (ITR) form to be submitted vary.
The following forms are to be taken into consideration by individuals while filing returns as per the Central Board of Direct Taxes in India:
This form is for resident Indians who fall under the below-mentioned categories:
Individuals who fall under the following groups cannot opt for ITR-1:
ITR-2 form is for individuals and Hindu Undivided Families (HUFs) who fall under any of the following categories:
Taxpayers who make an income from profession and business cannot opt for ITR 2 form.
Also Read:TDS Rates for FY 2023-24 & AY 2024-25
This form must be chosen by individual taxpayers and HUFs who make an income from a profession or from owning a business. The following mentioned taxpayers can select the ITR-3 form:
In the case ofindividuals, HUFs and Partnership Firmswho are residents of India create an income from a business or profession; they must select ITR-4. Limited Liability Partnerships (LLPs) cannot choose this type of ITR form. Taxpayers who have also selected the presumptive income scheme under Section 44ADA, Section 44AD, and Section 44AE of the Income Tax Act 1961, must also choose this form.
The below-mentioned taxpayers and HUFs are not allowed to opt for ITR-4:
Anyone following under the categories mentioned below can file ITR 5 Form:
ITR-6 is for any company that are not claiming exemptions related to Section 11 of the Income Tax Act, 1961. Firms that are filing income tax returns under this section can only do it electronically.
Also Read: Top 3 Reasons to File Your ITR on Time
Individuals and firms that have furnished returns related to Section 139(4A), Section 139(4B), Section 139(4C), Section 139(4D), Section 139(4E) and Section 139(4F) must choose this ITR form.
Listed below are the details of the returns that should be filed section-wise:
Step 3: Next, you will have first to choose your ‘User Type’. The options available to you will include Individual, Hindu Undivided Family (HUF), Other than Individual/HUF, Chartered Accountants, External Agency, Tax Deductor and Collector, and Third-Party Software Utility Developer.
Step 5: The system will then verify your pan number, and your transaction ID will be displayed on the screen.
Step 6: Finally, activate your Income Tax Department account through the link received by your email id.
There are seven ITR forms for individuals, namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7.
Firms and companies can use ITR-5, ITR-6 and ITR-7 to file their income tax return.
Whether you file ITR forms manually or electronically, you do not need to submit any documents such as proof of investment and TDS certificates. However, you must retain these documents and produce them to the tax authorities when demanded in case of assessment or inquiry.
It is the combination of your PAN number and your date of birth. The password must be the last five digits of your PAN and DDMMYYYY of the DOB.
You can file the revised return multiple time until the expiry of one-year time limit.
ARN NO: June23/Bg/21Y
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