The time to file your tax returns is coming soon

WHICH ITR FORM TO FILL OUT FOR INDIVIDUALS?

The choice of Income Tax Return (ITR) form depends on the nature of your income and your eligibility criteria. Here are the commonly used ITR forms for individuals:

1. ITR-1 (SAHAJ): This form is applicable for individuals being residents (other than not ordinarily resident) having income from the following sources:
   • Salary or pension
   • Income from one house property (excluding cases where loss is brought forward from previous years)
   • Income from other sources (excluding winnings from lottery and racehorses)
2. ITR-2: This form is applicable for individuals and Hindu Undivided Families (HUFs) not having income from business or profession. It includes the following types of income:
   • Salary/pension
   • Income from house property
   • Capital gains
   • Income from other sources
   • Foreign assets/income
3. ITR-3: This form is applicable for individuals and HUFs having income from a proprietary business or profession.
4. ITR-4 (SUGAM): This form is applicable for individuals, HUFs, and firms (other than Limited Liability Partnerships) having a presumptive income from business or profession. It is for those who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA, or Section 44AE of the Income Tax Act.