BusinessIncome Tax

Which Income Tax Return Form Do You Need for Filing Returns?

As soon as the new fiscal year began, the process of submitting income tax returns (ITRs) for the fiscal year 2024 got underway. The ITR-1, ITR-2, ITR-4, and ITR-6 return filing forms are now available for use on the e-filing site, according to the Income Tax Department (ITD).

The department has made the ITR-6 Excel utility for AY 2024–2025 available. The department has already enabled the ITR-1, ITR-2, and ITR-4 Excel utilities for AY 2024–2025. The e-filing portal’s “downloads” option leads to the Excel utility for these forms. 

In the first month of Assessment Year 2024–25, the tax administration has received almost 6 lakh returns thus far. Remarkably, about three-quarters of these returns have already undergone processing.

You might want to know which form you would need to complete your income tax return if you are going to file early this year and don’t want to wait until July 31.

Understanding ITR Filing Forms

ITR-1: This form is meant for residents (as opposed to non-residents) with a total income of up to ₹50 lakh, including income from salary, one residential property, other sources (interest, etc.), and up to ₹5,000 from agriculture.

ITR-2: This form is intended for individuals and HUFs without a source of income from their business or profession’s earnings and gains. 

ITR-4: Income Tax Return: This form is intended for residents who are individuals, HUFs, and businesses (other than LLP) and whose total income does not exceed ₹50 lakh. It also includes information on business and professional income that is calculated by sections 44AD, 44ADA, or 44AE. Furthermore, the taxpayer is not allowed to earn up to ₹5,000 from agriculture.

ITR-6: This tax return form is intended for businesses other than those who assert Section 11 exemptions.

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Stuti Talwar

Expressing my thoughts through my words. While curating any post, blog, or article I'm committed to various details like spelling, grammar, and sentence formation. I always conduct deep research and am adaptable to all niches. Open-minded, ambitious, and have an understanding of various content pillars. Grasp and learn things quickly.

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