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:
ð¹ 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.)
ð¹ 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
ð¹ ITR-3 This form is for individuals:
- All incomes covered under ITR-2
- Business/profession income
- Capital gains income
- Partner in a firm
ð¹ 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.
