Filing your Income Tax Return (ITR) is a crucial task for both individual taxpayers and business owners. For the assessment year 2024-25, the Indian Income Tax Department has specified various ITR forms catering to different types of taxpayers. This guide aims to simplify the understanding of these forms, ensuring you select the right one for your needs.
Understanding the ITR Forms for AY 2024-25
Each ITR form is designed for specific taxpayer categories. Here is a breakdown of the forms available for the assessment year 2024-25:
ITR-1 (SAHAJ)
Description: For individuals being a resident (other than not ordinarily resident) having total income up to ₹50 lakh, having income from salaries, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000.
Eligibility:
- Income from salary or pension
- Income from one-house property
- Income from other sources (interest, family pension, etc.)
- Agricultural income up to ₹5,000
Download ITR-1 (SAHAJ) for AY 2024-25
ITR-2
Description: For individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession.
Eligibility:
- Income from salary or pension
- Income from more than one house property
- Income from capital gains
- Income from other sources (interest, family pension, etc.)
- Foreign income or foreign assets
ITR-3
Description: For individuals and HUFs having income from profits and gains of business or profession.
Eligibility:
- Income from a business or profession
- Income from salary or pension
- Income from house property
- Income from other sources (interest, family pension, etc.)
- Foreign income or foreign assets
ITR-4 (SUGAM)
Description: For individuals, HUFs, and firms (other than LLP) being residents having total income up to ₹50 lakh and having income from business and profession, which is computed under sections 44AD, 44ADA, or 44AE.
Eligibility:
- Income from business under section 44AD or 44AE
- Income from profession under section 44ADA
- Income from salary or pension
- Income from one-house property
- Income from other sources (interest, family pension, etc.)
Download ITR-4 (SUGAM) for AY 2024-25
ITR-5
Description: For persons other than individuals, HUFs, companies, and persons filing Form ITR-7.
Eligibility:
- Partnership firms
- Limited Liability Partnerships (LLPs)
- Associations of Persons (AOPs)
- Body of Individuals (BOIs)
- Artificial Juridical Persons (AJPs)
ITR-6
Description: For companies other than companies claiming exemption under section 11.
Eligibility:
- Companies not claiming exemption under section 11
ITR-7
Description: For persons, including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
Eligibility:
- Trusts
- Political parties
- Institutions claiming exemptions under sections 10(23C), 12A, etc.
Summary Table of ITR Forms for AY 2024-25
| ITR Form | Description | Download Link |
|---|---|---|
| ITR-1 (SAHAJ) | For individuals being a resident (other than not ordinarily resident) having total income up to ₹50 lakh, having income from salaries, one house property, other sources (interest, etc.), and agricultural income up to ₹5,000. | Download ITR-1 (SAHAJ) |
| ITR-2 | For individuals and HUFs not having income from profits and gains of business or profession. | Download ITR-2 |
| ITR-3 | For individuals, HUFs, and firms (other than LLP) being residents having total income up to ₹50 lakh and having income from business and profession, which is computed under sections 44AD, 44ADA, or 44AE. | Download ITR-3 |
| ITR-4 (SUGAM) | For individuals, HUFs, and firms (other than LLP) being a resident having total income up to ₹50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA, or 44AE. | Download ITR-4 (SUGAM) |
| ITR-5 | For persons other than individuals, HUFs, companies, and persons filing Form ITR-7. | Download ITR-5 |
| ITR-6 | For companies other than companies claiming exemption under section 11. | Download ITR-6 |
| ITR-7 | For persons including companies required to furnish returns under sections 139(4A), 139(4B), 139(4C), or 139(4D). | Download ITR-7 |
Conclusion
Selecting the correct ITR form is crucial to ensure the accurate and efficient filing of your income tax return. Each form caters to different types of taxpayers and their unique income sources. By understanding which form applies to you, you can simplify the tax filing process and ensure compliance with the latest tax regulations.
For further assistance and expert guidance on filing your income tax returns, visit Efiletax.in and let our team of professionals help you navigate through the complexities of tax laws and regulations.
This structured and informative blog post will help your audience understand the different ITR forms for the assessment year 2024-25, ensuring they select the appropriate form for their needs.