Types of ITR Forms: Which One Is Right for Me?

Zahid ButtSeptember 9, 2023

Read Time:2 Minute, 7 Second

Finding the right Income Tax Return (ITR) form can be a daunting task, especially if you’re not a chartered accountant. In Delhi, there are many CAs whose expertise and authority can guide you through this process. But what if you want to do it yourself? What are the different types of ITR forms, and which one is right for you?
As your trusted expert, this article will clear up your queries and guide you to choose the right form for you.

What are the Different Types of ITR Forms?

The Central Board of Direct Taxes (CBDT) has issued seven types of ITR forms for different classes of tax payers. They are designed to cover a broad range of income bases.

ITR-1: This form, also known as Sahaj, is for individuals with an income up to ₹50 lakhs from salary, one house property, and other sources.
ITR-2: For Individuals and HUFs not having income from profits and gains of business or profession.
ITR-3: For individuals and HUFs having income from profits and gains of business or profession.
ITR-4: Known as Sugam, this form is for individuals, HUFs and Firms (other than LLP) with a total income up to ₹50 lakh and having income from business and profession computed under sections 44AD, 44ADA or 44AE.
ITR-5: This form is for firms, LLPs, AOPs, BOIs, artificial judicial persons, co-operative societies and local authorities.
ITR-6: For companies other than those claiming exemption under section 11 (income from property held for charitable or religious purposes).
ITR-7: For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F).

Seek the Help of a Chartered Accountant in Delhi

The right ITR form for you depends on your sources of income. A slight mistake can invite a notice from the income tax department. So, why take a chance?
Making sense of these tax norms and forms can be much easier when you have a reliable CA in Delhi to consult. They can enable you to understand the labyrinth of tax laws while you focus on your trade. Isn’t that a win-win for you?

Wrap Up

With proper guidance from an experienced Chartered Accountant in Delhi, figuring out the right type of ITR form is not as complicated as it often appears. When it comes to matters of your hard-earned money, a little professional help can go a long way in ensuring peace of mind.