WHICH ITR FORM YOU HAVE TO CHOOSE FOR YOUR INCOME TAX RETURN

Introduction:

As the financial year comes to a close, it’s that time again when individuals and businesses need to gear up for filing their Income Tax Returns (ITRs) for the Assessment Year 2023-24. Navigating through the plethora of ITR forms can be a daunting task, but understanding the process and selecting the right form is crucial for a hassle-free filing experience. In this blog, we will guide you through the process of choosing the correct ITR form and address some frequently asked questions (FAQs) to ensure a smooth income tax return filing for the upcoming assessment year. You Can Choose My Dream Consultant As Jaipur’s top income tax consultant .

Choosing the Right ITR Form:

1. ITR-1 (Sahaj):

   • Eligibility: Individuals with income from salary, one house property, and other sources (excluding income from lottery and horse racing).
   • Not for: Those with income exceeding ₹50 lakhs, agricultural income exceeding ₹5,000, and foreign income.

2. ITR-2:

   • Eligibility: Individuals and Hindu Undivided Families (HUFs) having income from sources other than business or profession.
   • Not for: Individuals with income from business or profession, or those with more than one house property.

3. ITR-3:

   • Eligibility: Individuals and HUFs having income from business or profession.
   • Not for: Individuals with income from salary, house property, and capital gains.

4. ITR-4 (Sugam):

   • Eligibility: Individuals, HUFs, and firms (other than LLPs) having income from business and profession, opting for the presumptive taxation scheme.
   • Not for: Individuals with income from sources other than business or profession.

5. ITR-5:

   • Eligibility: For firms, LLPs (Limited Liability Partnerships), Association of Persons (AOPs), Body of Individuals (BOIs), and Artificial Juridical Persons.
   • Not for: Individuals and HUFs.

6. ITR-6:

   • Eligibility: Companies other than those claiming exemption under section 11 (Income from property held for charitable or religious purposes).
   • Not for: Companies claiming exemption under section 11.

7. ITR-7:

   • Eligibility: Persons, including companies, who are required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political parties, institutions, colleges, etc.).
   • Not for: Individuals and HUFs not falling under the specified categories.

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Frequently Asked Questions (FAQs):

1. When is the deadline for filing Income Tax Returns for AY 2023-24?

   • The due date for filing ITRs is usually July 31. However, it is advisable to check for any updates or extensions announced by the government.

2. Can I file my ITR after the deadline?

   • Yes, you can file a belated return up to the end of the assessment year (March 31, 2024), but it may attract penalties and interest.

3. What documents are required for filing ITR?

   • Common documents include PAN, Aadhaar, Form 16, bank statements, and investment proofs.

4. Is it mandatory to e-file the ITR?

   • Individuals with an income exceeding ₹5 lakhs are required to file their returns electronically. Others can file either electronically or manually.

5. How can I claim deductions while filing ITR?

   • Deductions under sections like 80C, 80D, and 80G can be claimed by providing relevant details and supporting documents.

Conclusion:

Filing Income Tax Returns need not be a complex ordeal if you understand the nuances of selecting the right ITR form and follow the process diligently. Always stay updated with the latest guidelines, and consider seeking professional advice if needed. With these insights and FAQs in mind, you are better equipped to navigate the tax filing landscape for AY 2023-24.

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