The Income Tax Return (ITR) form you should file depends on your income sources, residential status, and other factors. Here's a brief guide based on commonly used ITR forms:
- ITR-1: For resident individuals with total income up to Rs 50 lakh, from salary, one house property, other sources, and agricultural income up to Rs 5,000. Not applicable if you have income from business, profession, or foreign assets.
- ITR-2: For individuals and Hindu Undivided Families (HUFs) with income from salary, multiple house properties, capital gains, foreign assets, or agricultural income exceeding Rs 5,000. Not for those with business or professional income.
- ITR-3: For individuals and HUFs having income from business or profession, including partners in a firm.
- ITR-4: For individuals, HUFs, and firms (other than LLPs) with income from business or profession computed under presumptive taxation schemes (section 44AD, 44ADA, 44AE) with turnover limits.
- ITR-5: For firms, LLPs, AOPs, BOIs, and other non-individual entities except those filing ITR-7.
- ITR-6: For companies except those claiming exemption under section 11.
- ITR-7: For trusts, political parties, charitable institutions, and other specified entities.
To select the exact ITR to file, consider your income sources (salary, business, capital gains, etc.), income limits, residential status, and type of taxpayer (individual, HUF, company).
If more details about your specific income sources or status are provided, the recommendation can be more precise.
