Here's How To Pick Correct ITR Form
Image: Unsplash
22 June 2024
Filing your ITR by July 31, 2024, is legally required to report income and taxes
Image: Unsplash
ITR forms vary based on income sources, like salary, business profits, or investments
Image: Unsplash
ITR-1 suits individuals earning up to Rs. 50 lakh from salary, pension, or one house property
Image: Unsplash
ITR-2 covers diverse incomes including capital gains, foreign income, or agricultural earnings over Rs 5,000
Image: Unsplash
ITR-3 is for business owners or professionals needing bookkeeping, audit, or partnership in firms
Image: Unsplash
ITR-4, known as Sugam, applies to residents with business income under presumptive taxation schemes
Image: Unsplash
ITR-5 accommodates firms, LLPs, AOPs, BOIs, and other entities under Indian tax laws
Image: Unsplash
ITR-6 is specifically for companies not exempt under charitable or religious income provisions
Image: Unsplash
ITR-7 applies to entities like political parties, scientific research associations, and educational institutions
Image: Unsplash
Late ITR filings after July 31, 2024, incur a maximum late fee of Rs 1,000
Image: Unsplash
Check More Stories
Image: Reuters
Image: Unsplash
Image: Unsplash
ndtv.com