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Before filing income tax return, know about the types of ITR forms.
ITR Filing 2024: The process of filing Income Tax Return (ITR) is going on. If you want to file income tax return for the financial year 2023-24 and assessment year 2024-25, then you can do it sitting at home, but often people get confused about the ITR form.
The Income Tax Department issues forms from ITR-1 to 4. The ITR-1 form is called Sahaj, ITR-2, ITR-3 and ITR-4 are called Sugam.
ITR-1 and ITR-2 forms are made for the salaried class. There is a simple form for salaried class people whose income is less than Rs 50 lakh. In this, your agricultural income should not exceed Rs 5,000. This income also includes income from FD, savings account etc.
Salaried class with income more than Rs 50 lakh will have to use ITR-2 form.
Individuals who earn income from business or profession can use ITR Form-3. In this, the person's income should be through business.
ITR-4 (Sugam) is for small businessmen and professionals. Small businessmen with income up to Rs 50 lakh can use this form. Through this form, you can declare your income from business or profession on a presumptive basis.