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Income Tax Return (ITR)

Efficiently file your taxes with expert guidance for maximum returns.

WHICH ITR SHOULD I FILE? TYPES OF ITR FORMS FOR FY 2024-25 (AY 2025-26)

ITR stands for Income Tax Return. It is a form in which taxpayers file information about their income earned and tax applicable to Income Tax Department. The applicability of ITR forms varies depending on the source of income of the taxpayer.

TYPES OF ITR FORMS

There are 7 types of ITR forms and the appropriate form depends on the taxpayer's income sources and category.

  1. ITR-1 OR SAHAJ ELIGIBILITY CRITERIA
    • Resident Individuals
    • Gross Income?Rs. 50 lakh
    • Income sources includes:
      1. Salary/Pension
      2. One House Property
      3. Agricultural income?Rs.5000
      4. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
  2. ITR-2 ELIGIBILITY CRITERIA
    • Individuals / HUF's not eligible for ITR-1
    • Gross income > Rs.50 lakh
    • Those who do not have income from a business / profession
    • Income sources include:
      1. Every income source listed in ITR-1
      2. More than one house property
      3. Capital gains, dividends, foreign assets, foreign income
      4. Agricultural income > Rs. 5000
      5. Individual director in company
      6. Investments in unlisted equity shares at any time during the financial year
      7. Tax has been deducted under Section 194N
      8. Crypto Income (If reported as capital gain)
        • Holding directorship in a company
        • Holding unlisted equity shares
  3. ITR-3 ELIGIBILITY CRITERIA
    • Individuals / HUF's with income from business / profession
    • Income sources include:
      1. Every income sources listed in ITR-2 + Income from business or Profession.
      2. Business or profession who is required to maintain the books of accounts and/or required to get them audited.
      3. Investments in unlisted equity shares at any time during the financial year
      4. Income of a person as a partner in a firm
  4. ITR-4 OR SUGAM ELIGIBILITY CRITERIA
    • Resident individuals, HUFs, and firms (other than LLPs)
    • Income sources include:
      1. Presumptive income from business / profession of section 44AD or section 44AE
      2. Salary/pension up to Rs. 50 lakh, 1 house property.
      3. Business turnover exceeds Rs 2 crore
      4. Income from other sources not more than Rs. 50 lakh
  5. ITR-5 ELIGIBILITY CRITERIA
    • Firms, LLPs , AOP's, BOI
    • Artificial Juridical
    • Estate of a deceased person
    • Estate of an insolvent
    • Business trust and investment fund
  6. ITR-6 ELIGIBILITY CRITERIA
    • Companies that do not have any income from property held for religious / charitable purposes
    • This return has to be filed electronically only.
  7. ITR-7 ELIGIBILITY CRITERIA
    • Companies that derive income from religious / charitable properties
    • Political party - Total income without giving effect to the provisions of section 139A exceeds the maximum amount, not chargeable to income-tax
    • Entities like Research associations, universities, colleges, Institutes, News agencies, etc
    • Every business trust which is not required to furnish a return of income or loss
    • Any investment fund referred to in section 115UB. It is not required to furnish a return of income or loss

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FAQ

What is Income Tax Return (ITR) filing, and who needs to file it?

Income Tax Return (ITR) filing is the process by which a taxpayer declares their income, deductions, and tax payments to the Income Tax Department. All individuals and entities earning income above the basic exemption limit are required to file an ITR. Additionally, certain categories of taxpayers, such as those with foreign income or assets, are also required to file an ITR.

The documents required for ITR filing include:

  • - PAN Card
  • - Aadhaar Card
  • - Bank Statements
  • - Form 16 (for salaried individuals)
  • - Form 16A/16B/16C (for TDS)
  • - Investment proofs (for claiming deductions)
  • - Proof of deductions under Section 80C, 80D, etc.
  • - Capital Gains statements (if applicable)
  • - Rental income details (if applicable)

What documents are required for ITR filing?

What are the different types of ITR returns, and when are they filed?

The documents required for ITR filing include:

  • The different types of ITR forms are designed for different taxpayers. The form you should file depends on your source of income and type of taxpayer you are (individual, HUF, firm, company, etc.). Refer to the section "Types of ITR Forms" for detailed information.

Our ITR filing service includes:

  • - Preparation and filing of the appropriate ITR form
  • - Tax computation and submission
  • - Guidance on deductions and exemptions
  • - Regular tax saving tips
  • - Comprehensive income and expense analysis (for premium packages)
  • - Quarterly tax planning and estimations (for annual and comprehensive packages)
  • - Detailed tax audit and compliance support (for comprehensive packages)

What is included in the ITR filing service?

What happens if I fail to file my ITR on time?

Failing to file your ITR on time can result in:

  • - Late filing fees under Section 234F
  • - Interest on late payment of taxes under Section 234A
  • - Penalty for underreporting or misreporting of income
  • - Loss of eligibility to carry forward losses
  • - Legal consequences and prosecution in severe cases

For any further query contact +91 830 69 68 800

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