Choosing Your Correct ITR Form: Decoding ITR 1, ITR 2, ITR 3, or ITR 4

The deadline for filing the Income Tax Return (ITR) for the financial year 2022-23 (AY 2023-24) is 31st July 2023.

ITR 1: For Indian individuals with income up to Rs 50 lakh, excluding NRIs, who earn from jobs, homes, etc., using Form 16 for filing.

ITR 2: For individuals, HUFs, and NRIs with income from sources other than business or occupation, including capital gains and stock transactions.

ITR 3: For individuals disclosing income from business or profession, including salaried individuals with intraday trading income.

ITR 4: For individuals, HUFs, and partnership firms under presumptive taxation, based on turnover and occupation type.

ITR 5: For LLPs, partnership firms, AOPs, and BOIs to report business, profession, and other income sources.

ITR 6: Tax return used by companies to report income from business, occupation, and other sources.

ITR 7: Tax return for businesses, partnerships, and trusts exempted from income tax payment.