Income tax return: An income tax return is a document filed with the tax authorities that outlines an individual’s or entity’s income and tax liabilities. It serves as a record of one’s financial activities throughout the year. Income tax forms play a crucial role in the tax filing process by providing a structured format for taxpayers to report their income, deductions, and credits accurately.
These forms ensure compliance with tax laws and help calculate the correct amount of tax owed or refund due. Here’s a summary of seven ITR forms and their purposes:
The income tax department has released the ITR-6 excel utility for the fiscal year 2024-25. Prior to this, the department enabled the excel utility for ITR-1, ITR-2, and ITR-4 for fiscal year 2024-25.
These forms are available under the ‘downloads’ option on the e-filing page. Every taxpayer should file his ITR on or before the specified due date.
The income tax department has released the ITR-6 excel utility for the fiscal year 2024-25. Prior to this, the department enabled the excel utility for ITR-1, ITR-2, and ITR-4 for fiscal year 2024-25. These forms are available under the ‘downloads’ option on the e-filing page. Every taxpayer should file his ITR on or before the specified due date.
Read Also: Income tax: Close to 6 lakh IT returns filed within 30 days of portal’s opening
ITR-4 (Sugam): This form is for individuals, HUFs, and firms (other than Limited liability partnerships) being resident having total income up to Rs 50 lakh and having presumptive income from business and profession.
It should be noted that any individual receiving money as a freelancer from the aforementioned sources is eligible for a presumptive scheme if their gross revenues do not exceed Rs 50 lakh.
Read Also: Income-tax return filing: Should you file your ITR in April or wait until July 31?
ITR-5: It is for people other than individuals, HUF, companies, and persons filing Form ITR-7.
ITR-6: It is for companies other than companies claiming exemption under section 11.
ITR-7: It is for persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).
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