ITR1, ITR2, ITR3 and ITR4? Know which form is right 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. Got it done. The last date to file income tax return (ITR filing deadline) 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 are ITR-1, ITR-2, ITR-3 and ITR-4 and who can fill it.

What is ITR1, ITR2, ITR3 and ITR4?

Income Tax Department submits tax return forms according to income. According to this, the taxpayer has to fill ITR. There are 7 types of ITR, which include ITR1, ITR2, ITR3 and ITR4. Here's what form you should fill out.

Know 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 money from house or property can also fill this form. A farmer earning Rs 5000 can also fill this form (ITR Form 1).

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

Who can fill ITR2 form?

Suppose someone's annual income limit is more than Rs 50 lakh, then ITR 2 can be filed. Apart from this, short term, capital gains, earning from more than one house property, earning more than Rs 5000 from farming, income from horse riding betting, income from lottery or legal gambling, investment in any company or any other are required to fill this form. Can be filled by the directors of the company.

ITR3 form

ITR3 form can be filled by any 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 there is income from salary, house property, capital gain, horse racing, lottery etc. then ITR Form-3 can be filled.

ITR4 form

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