Income Tax Return File: ITR1, ITR2, ITR3 and ITR4? Know which form is right for you..

The Income Tax Department has made income tax return forms ITR-1, ITR-2, ITR-3, and ITR-4 available for the financial year 2023-24 (AY 2024-25) on the e-filing portal from April 1, 2024. Has got it done. The last date for filing an income tax return (ITR filing deadline) for the financial year 2023-24 is 31 July 2024. This means that income tax returns can be filed without any fees till July 31. Let us know what is ITR-1, ITR-2, ITR-3, and ITR-4 and who can fill it.

What is ITR1, ITR2, ITR3 and ITR4?

Income tax department (income tax dept.) presents tax return forms according to the income. Accordingly, a taxpayer has to fill ITR. There are 7 types of ITR, which include ITR1, ITR2, ITR3 and ITR4. Here's what form you should fill.

Know who should fill ITR1 form

ITR 1 or Sahaj form should be filled by those whose annual income is less than Rs 50 lakh. This earning can be from salary, pension, or other sources. Those earning money from a house or property can also fill out this form. A farmer earning Rs 5000 can also fill out this form (ITR Form 1).

People earning from more than one house property, making capital gains, investing in business or unlisted companies, a businessman, HNI investors, and a director of a company are not eligible to fill out this form.

Who can fill ITR2 form?

Suppose someone's annual income limit is more than Rs 50 lakh, then ITR 2 can be filed. Apart from this, short-term, capital gains, those earning from more than one house property, those earning more than Rs 5000 from farming, income from horse riding betting, income from lottery or legal gambling, those investing in any company or any other The director of the company can fill this form.

ITR3 form

The ITR3 form can be filled by an individual or HUF who is earning from his business or profession. Income from ITR 2 is also included in this. Apart from this, those earning from shares of unlisted companies should also fill out this form. Also, if there is income from salary, house property, capital gains, horse racing, lottery, etc. then ITR Form-3 can be filled.

ITR4 form

Now if we talk about the ITR4 form, then this form is for individuals and HUFs whose annual income is Rs 50 lakh or more, then the ITR4 form should be filled. This form has to be filled out if the income is under income tax sections 44AD and 44AE. Those earning from salary, pension, or other sources can fill ITR 4.