Saturday, May 25, 2024
HomePersonal FinanceIncome Tax Return: Who should file ITR1, ITR2, ITR3 and ITR4? Know...

Income Tax Return: Who should file ITR1, ITR2, ITR3 and ITR4? Know which is best for you

The Income Tax Department has made income tax return forms ITR-1, ITR-2, ITR-3 and ITR-4 available for the financial year 2023-24 (AY 2024-25) on the e-filing portal from April 1, 2024. Now taxpayers can file income tax return by choosing forms up to ITR1-4 on the portal.

The last date for filing income tax returns for the financial year 2023-24 is 31 July 2024. This means that income tax returns can be filed without any fees till July 31. Let us know what is ITR-1, ITR-2, ITR-3 and ITR-4 and who can fill it?

What is ITR1, ITR2, ITR3 and ITR4?

The Income Tax Department presents tax return forms according to the income. Accordingly, a taxpayer has to fill ITR. There are 7 types of ITR, which include ITR1, ITR2, ITR3 and ITR4. Here we are telling you which form you should fill.

Who should fill ITR 1 form?

ITR 1 or Sahaj form should be filled by those people whose annual income is less than Rs 50 lakh. This earning can be from salary, pension or other sources. Those earning income from house or property can also fill this form. A farmer earning Rs 5000 can also fill this form.

People earning more than 1 house property, making capital gains, investing in business or unlisted companies, a businessman, HNI investors and a director of a company are not eligible to fill this form.

Who can fill ITR2 form?

If the annual earning limit is more than Rs 50 lakh then ITR 2 can be filed. Apart from this, short term, capital gains, those earning from more than one house property, those earning more than Rs 5000 from farming, income from horse riding betting, income from lottery or legal gambling, those investing in any company or any other The director of the company can fill this form.

ITR3 Form:

This form can be filled by a person or HUF who is earning from his business or profession. Income from ITR 2 is also included in this. Apart from this, those earning money from shares of unlisted companies should also fill this form. Also, if you have income from salary, house property, capital gains, horse racing, lottery etc. then ITR Form-3 can be filled.

ITR4 Form:

Individuals and HUFs whose annual income is Rs 50 lakh or more should fill ITR4 form. This form has to be filled if the income is under section 44AD and 44AE of Income Tax. Those earning from salary, pension or other sources can fill ITR 4.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ informalnewz@gmail.com
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments