ITR Filing: Income Tax Department has officially released Income Tax Return (ITR) Forms 1, 2, 3, 4 and 5 for the financial year 2024-25. ITR-1 and ITR-4 have been notified on 29th April. At the same time, ITR-3 was released on 30th April. After this, ITR-5 was notified on 1st May and finally ITR-2 was notified on 3rd May. Let us know who should fill which ITR form.
ITR-1 (Sahaj)
This form is for those whose total annual income is up to ₹ 50 lakh. The source of income in this can be salary / pension, income from one house property, interest on savings or FD and agricultural income up to a maximum of ₹ 5000. This form is not for those who are directors of a company or who have invested in unlisted shares. If someone has foreign income or property or whose capital gain income is more than the prescribed limit, they also cannot fill it.
ITR-2 Form
This form is especially for those who earn income from salary or pension or who have more than one house property. If you have earned capital gain by selling something like shares, mutual funds, property, then you will also have to fill ITR-2 form. If your annual income is more than ₹ 50 lakh or you have property abroad, then it is necessary to fill ITR-2 form instead of ITR-1.
ITR-3 Form
ITR-3 form is used by those people who earn money from business or profession and who have to maintain detailed account books. This form is especially to be filled by professionals like doctors, lawyers, chartered accountants.
ITR-4 Form (Sugam)
It is for individuals and HUF (Hindu Undivided Family). If your income is from your business or any profession like income of doctors-lawyers, those running partnership firms (other than LLP), those earning income under section 44AD and 44AE and those earning more than 50 lakhs from salary or pension, people fill this form. If you are a freelancer but your annual income is more than 50 lakhs, then also you can fill this form.
ITR-5 Form
ITR 5 is for those organizations which have registered themselves as firms, LLPs, AOPs, BOIs. This form is also used for Association of Persons and Body of Individuals.
