📢 Which ITR Form is Right for You?
12
May
The Income Tax Department have recently notified the income tax return forms for FY 2024–25 (AY 2025–26). While the utility for e-filing is still awaited, it’s the perfect time to get a head start by selecting the correct form and beginning to collect your data.
Here's a quick guide to help you choose the applicable form based on your income profile:
🔹 ITR-1 (SAHAJ) – For residents with income upto ₹50 lakh from salary, one house property, other sources (interest), and Log term Capital gain under section 112A of up to ₹1.25 lakh.
🔹 ITR-2 – For individuals and HUFs not having income from business or profession.
🔹 ITR-3 – For individuals and HUFs having income from business or profession.
🔹 ITR-4 (SUGAM) – For residents (individuals, HUFs, firms) with income up to ₹50 lakh from presumptive business/profession (u/s 44AD, 44ADA, 44AE), and Log term Capital gain under section 112A of up to ₹1.25 lakh..
🔹 ITR-5 – For persons other than individuals, HUFs, companies, and those filing ITR-7.
🔹 ITR-6 – For companies not claiming exemption u/s 11.
🔹 ITR-7 – For entities required to file u/s:
🔸 139(4A): Trusts (wholly/partly - charitable/religious)
🔸 139(4B): Political parties
🔸 139(4C): Specified institutions such as Research associations, news agencies, etc.
🔸 139(4D): Educational institutions (universities, colleges)
✅ Now is the ideal time to review your income sources, gather supporting documents, and get prepared for a smooth return filing season.
💬 Need help identifying the right form or preparing your return? Let’s connect!
