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The last date for filing income tax returns for the financial year 2023-24 is July 31. Many taxpayers are rushing to collect the required documents to file the ITR on time. But part from your documents it is also essential to know which is the right form for you to file the income tax return.
Income tax department has issued around 7 different forms to file the IT return. Check which one is the right form for you in the below article.
For filing ITR, you need to choose the correct form. The Income Tax Department issued seven types of forms, each with different criteria. Below is the list of forms, which you can go through and decide which form is suitable for you.
Form 1 is for Indian citizens whose annual income up to Rs 50 lakh. Most salaried individuals will fall under this category and they need to file returns by filling this form. Income up to Rs 50 lakh includes salary, pension, income from one house property, and other sources.
Who Can’t use this form?
A director of a company who has invested in an unlisted company, earns from capital gains and has income from more than one house property, or earns from business cannot use this form.
Taxpayers whose income exceeds Rs 50 lakh needs to fill this form. It covers income from more than one residential property, capital gains or losses on investments, dividend income exceeding Rs 10 lakh, and agricultural income above Rs 5000. Those who earn interest on PF also need to fill this form.
Business owners, investors in unlisted equity shares, or those earning as partners in a firm need to fill this form. Apart from this those who have income from interest, salary, bonus, capital gains, horse racing, lottery, or rent from multiple properties can use this form.
Businesses, doctors, or lawyers whose income is between Rs 50 lakh and Rs 2 crore needs to fill this form. Freelancers whose annual income exceeds Rs 50 lakh should also use this form.
Entities registered as firms, LLPs, AOPs, or BOIs & Associations of Persons and Bodies of Individuals need to fill this form.
Companies not exempt under section 11 of the Income Tax Act. Form 7 is for companies and individuals required to file returns under sections 139(4A), 139(4B), 139(4C), or 139(4D).
