ITR: Which form should individuals use to file their returns? Details here
Only four days are left for citizens to file their income tax returns as the Union government has already hinted it will not extend the due date beyond the existing deadline, i.e. ITR 2: This is only for individuals or Hindu Undivided Family who fulfil the following conditions: income more than ₹50 lakh; income generated from one among pension/salary, house property, lottery/horse races, capital gains, foreign assets; individual directorship in a company; agricultural income exceeds ₹5,000; and if invested in equity shares that were unlisted during the financial year. They should satisfy the following conditions: if invested in equity shares that were unlisted during the financial year; individual directorship in a company; individual partnership in a firm; income generated from one among salary/pension, house property, any other source; and turnover of the business exceeds ₹2 crore. ITR 4 or SUGAM: This is only for HUFs, partnership firms and individuals who are residents in India, and generate their income from a profession or business.
ITR filing: Last 1 week to go before these income tax deadlines expire on Dec 31
ITR Filing 2024: What Happens If You Miss The July 31 Deadline? All About Belated ITR
Discover Related
Income Tax Returns: Over 9.19 crore ITRs filed till March 31, shows latest data
Over 90 lakh updated tax returns filed, ₹9,118 crore additional taxes mobilised
Don't Miss These Deadline: Key Financial Decisions To Make Before March 31
ITR-1 (Sahaj) vs ITR-4 (Sugam): Check key differences and eligibility
New Income tax bill 2025: MUST know tax refund rule during ITR filing
New Income Tax Bill: Will taxpayers with late ITR filings lose refunds?
Updated tax returns: Budget 2025 offers a wider window to report omitted income
Budget 2025: FM extends deadline to file updated ITR from two to four years
Budget 2025: Will you have to file ITR even if tax liability is zero?
Do you need to file ITR if no income tax is payable?
HMRC tax return deadline looms: Who needs to file for self-assessment?
Budget 2025: The NRI’s wish list