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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 taxpayers 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 / HUFs 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 a 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 / HUFs 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 , AOPs, 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.