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ITR filing: Even as the financial year 2024-25 is coming to an end with just one month left, the ITR filing for the year will likely start from April 1, 2025. Here are the types of ITR and how to file that.
The Income Tax Department offers different types of ITR forms depending on the taxpayer’s category, income, and sources of earnings.
Even as the financial year 2024-25 is coming to an end with just one month left, the ITR filing for the year (assessment year 2025-26) will likely start from April 1, 2025. The facility will be available both offline and online. However, it is easier to go for online as it is hassle-free and quick. Filing income tax returns (ITR) is important for individuals and businesses in India.
The Income Tax Department offers different types of ITR forms depending on the taxpayer’s category, income, and sources of earnings.
Types of ITR Forms
The Income Tax Department provides several types of ITR forms based on different sources and levels of income.
ITR-1 (Sahaj)
ITR-1, also known as Sahaj, is applicable to resident individuals whose total income is up to Rs 50 lakh. This form is for salaried individuals, pensioners, and those earning income from one house property or other sources like interest. However, individuals with capital gains, business income, or foreign assets cannot use ITR-1.
ITR-2
ITR-2 is meant for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession. It is applicable for individuals with income from salary, multiple house properties, capital gains, foreign assets, or agricultural income above Rs 5,000. High-net-worth individuals who do not engage in business or professional activities typically file ITR-2.
ITR-3
ITR-3 is designed for individuals and HUFs earning income from a proprietary business or profession. This form is also suitable for those with income from capital gains, multiple house properties, and other sources. Professionals such as doctors, lawyers, and freelancers who maintain books of accounts need to file ITR-3.
ITR-4 (Sugam)
ITR-4, known as Sugam, is applicable to individuals, HUFs, and firms (excluding LLPs) opting for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE. This form is suitable for small businesses and professionals with a total income of up to Rs 50 lakh. However, taxpayers with foreign assets or those claiming deductions under specific sections cannot use ITR-4.
ITR-5
ITR-5 is meant for partnership firms, LLPs, associations of persons (AOPs), and bodies of individuals (BOIs). It is also applicable to cooperative societies and trusts that do not file ITR-7. Firms engaged in business or profession, except companies, should file their returns using ITR-5.
ITR-6
ITR-6 is used by companies that do not claim tax exemption under Section 11. It applies to all businesses registered as companies, except those with income derived from religious or charitable activities. Companies must file ITR-6 electronically with digital signatures.
ITR-7
ITR-7 is for individuals and entities required to furnish returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D). This form is mainly used by trusts, political parties, research institutions, and educational institutions eligible for tax exemptions.
The typical due dates for filing ITR for AY 2025-26 are as follows:
Individuals and entities not requiring an audit: July 31, 2025.
Businesses requiring audit: October 15, 2025.
Businesses requiring transfer pricing reports: November 30, 2025.
How to File ITR Online in India?
Filing ITR online has become simple with the Income Tax e-filing portal. Follow these steps to file your returns:
Step 1: Log in to the e-Filing Portal
– Click on ‘Login’ and enter your PAN/Aadhaar and password.
Step 2: Select ‘File Income Tax Return’
– Click on ‘e-File’ > ‘Income Tax Returns’ > ‘File Income Tax Return’.
– Choose the Assessment Year.
Step 3: Select ITR Form Type
– Based on your income source, select the appropriate ITR form. It is the most important part of filing the ITR to choose the correct form. The portal also provides a recommendation for eligible ITR forms.
Step 4: Fill in Required Details
– Provide personal information, income details, tax deductions, and exemptions.
– The portal auto-fills some data based on Form 26AS and AIS.
Step 5: Verify Tax Computation
– Review the tax computation based on the details provided.
– Check if you need to pay additional tax or if you are eligible for a refund.
Step 6: Submit and Verify ITR
– Once all details are verified, submit the ITR.
– Choose an e-verification method: Aadhaar OTP, Net Banking, or Digital Signature Certificate (DSC).
Step 7: Download Acknowledgment
– After successful submission, download the ITR-V acknowledgment.
