Income Tax Return: Income Tax Department provides 4 different types of forms, know which one is best for you

Income Tax Return: The Income Tax Department has made Income Tax Return Forms ITR-1, ITR-2, ITR-3 and ITR-4 for the financial year 2023-24 (AY 2024-25) available on the e-filing portal. April 1, 2024. Taxpayers can now file income tax returns 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 July 31, 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 submits tax return forms as per the income. According to this, the 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 ITR1 form?

ITR 1 or Sahaj form should be filled by those 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. Even a farmer earning Rs 5000 can fill this form.

Those acquiring more than one house property, making capital gains, investing in business or unlisted companies, a businessman, HNI investors and directors of a company are not eligible to fill this form.

Who can fill ITR2 form?

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

ITR3 form

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

ITR4 form

This form is for individuals and HUFs whose annual income is Rs 50 lakh or more, then ITR 4 form should be filled. If the income is under section 44AD and 44AE of Income Tax then this form has to be filled. People earning from salary, pension or other sources can fill ITR 4.