The last date for filing income tax is near and still many taxpayers are confused that which form will be filled to pay tax, let us know.
The new assessment year i.e. 2023-24 is going to start from 1st April. The Central Board of Direct Taxes (CBDT) had released new ITR forms for taxpayers a month in advance. Here we are telling you what are the options you have for filing income tax return and which ITR form is right for you. If you have information about the income tax form for the financial year 2022-23, then you will be able to fill the income tax return easily.
Here we are giving you information about ITR form-
ITR-1
ITR-1 forms are for those Indian citizens whose annual income is up to Rs 50 lakh. This income should be from salary, family pension, a residential property etc. ITR-1 form has to be filled even if the income from agriculture is up to Rs 5000. However, if you are a director in a company or have shares in an unlisted company, then you cannot fill this form. At the same time, the income from lottery or race course also does not come in this category.
ITR-2
ITR-2 form is applicable for individuals and Hindu Undivided Families whose annual income is more than Rs 50 lakh and they are not earning profits from any business. In this, information about more than one residential property, capital gain or loss on investment, dividend income of more than Rs 10 lakh and agricultural income of more than Rs 5000 has to be given. If the provident fund is earning as interest, then also this form has to be filled.
ITR-3
Those people and Hindu Undivided Families who are earning from the profit of any business, this form is only for them. In this, information about all the income categories given in ITR-1 and ITR-2 has to be given. If a person is a partner in a firm, then he has to fill a separate ITR form. The same form has to be filled even if there is capital gain from sale of shares or property or income from interest or dividend.
ITR-4
ITR-4 i.e. Sugam form is for individuals, Hindu Undivided Families and companies other than LLPs, whose total income is more than Rs 50 lakh and they are earning from such sources which are under the purview of sections like 44AD, 44ADA or 44AE come in. This form is not applicable for those people who are directors in any company or have investment in equity shares or earning more than Rs.5000 from agriculture.
ITR-5
This form for filing Income Tax Return is for LLP Companies, Association of Persons, Body of Individuals, Artificial Juridical Person, Co-operative Society and Local Authority.
ITR-6
This form is for those companies who have not claimed exemption under section 11. Under section 11, such income is exempt from tax, which is being derived from the property kept with the trust for any charitable or charitable work.
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