The last date to file ITR for FY23 is 31 July 2023. The IT department has issued different ITR forms for individuals with different income groups, which you should know before filing ITR. The Income Tax Department has fixed it at Rs 5 lakh for those above 80 years of age. Read full details.
The last date for filing Income Tax Return (ITR) for FY 23 and (Assessment Year 2023-24) is 31 July 2023. The Income Tax Department has issued different ITR forms for individuals with different income groups, which you should know before filing ITR.
Who has to file ITR?
The Income Tax Department has allowed online filing of ITR 1 and 4. It is mandatory to file ITR if your total income exceeds the basic exemption limit.
The basic exemption limit is Rs 2.50 lakh for those below 60 years of age and Rs 3 lakh for persons between 60 and 80 years of age. For those above 80 years of age, it is Rs 5 lakh.
How many types of ITR forms?
Let us tell you that there are a total of seven types, ITR 1, 2, 3, 4, 5, 6 and 7 forms for filing tax returns . These seven forms are for different people. Let us know which ITR form is for whom?
ITR Form 1 for whom?
Form 1 of ITR is for taxpayers and individual residents whose income from salary is up to Rs 50 lakh, income from one house property, income from other sources like interest or dividends, and agricultural income up to Rs 5,000.
ITR Form 2 for whom?
Individuals and Hindu Undivided Families (HUFs) having total income exceeding Rs 50 lakh not derived from profits and gains of business or profession.
ITR Form 3 for whom?
For individuals and HUFs having income from business or profession, or for persons having partnership in a firm.
ITR Form 4 for whom?
Small and Medium Taxpayers who have opted for the Presumptive Income Scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act.
ITR Form 5 for whom?
Limited Liability Partnership (LLP), Business, AOP (Association of Persons) and BOI (Body of Individuals), Artificial Juridical Person (AJP), Cooperative Society, etc. should select Form 5 .
ITR Form 6 for whom?
Companies not claiming exemption under section 11 of the IT Act should opt for this form.
ITR Form 7 for whom?
Charitable/religious trusts, political parties, scientific research institutes who require exemption can choose ITR 7.
