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Which ITR form to choose by Individuals filing their returns?

11 Jul, 2024

By Vidhu

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Which ITR form to choose by Individuals filing their returns?

It's that time of the year to file your Income Tax returns for FY 2023-24. The deadline is 31.07.2024. One of the most common questions individual taxpayers have is which ITR form to choose. Let's break down the eligibility criteria for each form:

🔹 ITR-1 (Sahaj) This form is for resident salaried individuals:

  • Total income up to INR 50 Lakhs
  • Income from one house property
  • Income from other sources (e.g., interest on savings, FD, etc.)

🔹 ITR-2 This form is for individuals:

  • Total income more than INR 50 Lakhs
  • Income from more than one house property
  • Foreign income/assets
  • Capital gains income
  • Holding directorship/unlisted equity shares in a company

🔹 ITR-3 This form is for individuals:

  • All incomes covered under ITR-2
  • Business/profession income
  • Capital gains income
  • Partner in a firm

🔹 ITR-4 (Sugam) This form is for resident individuals and HUFs:

  • Total income more than INR 50 Lakhs
  • Income from one house property
  • Foreign income/assets
  • All incomes covered under ITR-1
  • Presumptive income

Choosing the correct ITR form is crucial for an accurate and compliant tax filing. Ensure you select the form that best matches your income sources and financial situation.