With only 60 days left until the July 31 deadline for filing income tax returns (ITR) for the fiscal year 2023-24, taxpayers are urged to organize the necessary documents for the process. Most documents can be accessed online, including the income tax return filing forms on the income tax e-filing portal. Taxpayers must be certain of selecting the appropriate income tax form before proceeding with their income tax returns. Here’s a comprehensive guide to the available income tax return (ITR) forms for taxpayers:
Choices of Income Tax Return Filing Forms:
ITR-1: This form is designed for taxpayers who are residents (other than not ordinarily residents) with a total income up to ₹50 lakh, deriving income from salaries, one house property, other sources (such as interest), and agricultural income up to ₹5,000 for the FY 2023-24.
ITR-2: Intended for individuals and Hindu Undivided Families (HUFs) without income from profits and gains of business or profession, this form was released by the Income Tax department 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, 2024.
ITR-4: Designed for individuals, firms (other than LLP), and Hindu Undivided Families (HUFs) who are residents with a total income up to ₹50 lakh and income from business and profession computed under sections 44AD, 44ADA, or 44AE, along with agricultural income up to ₹5,000.
ITR-5: This form is meant for persons other than individuals, HUFs, companies, and those filing Form ITR-7. It was released on May 31, 2024.
ITR-6: Designed for companies not claiming exemption under section 11.
Additionally, other income tax forms are available under the ‘Downloads’ section, including Form 10BB, Form 15CA, Form CB, Form 29B, Form 29C, and Form 3CEB. These forms were released on April 1, 2024.