ITR Filing Guide for FY 2024-25: Know Which Form You Need to File

Know Which Form You Need to File

Filing your Income Tax Return (ITR) is an essential part of every taxpayer’s financial responsibility in India. With the new financial year 2024-25 (Assessment Year 2025-26) underway, it’s crucial to understand which ITR form applies to you. The Income Tax Department has introduced different ITR forms based on the type of income, residential status, and category of taxpayer. Choosing the correct form ensures smooth filing, faster processing, and avoids unnecessary notices from the department.

In this blog, we will simplify the process of ITR filing, explain the types of ITR forms, and help you identify which ITR form is right for you for FY 2024-25.

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Why Filing the Correct ITR Form Matters

Selecting the right ITR form is more than a technicality — it determines how your income, deductions, and taxes are reported. Filing the wrong form may result in rejection of your return or delay in refunds. The Income Tax Department has made the process easier by allowing both online and offline filing, but understanding the applicability of each form remains key.

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Types of ITR Forms for FY 2024-25 (AY 2025-26)

For FY 2024-25, the Income Tax Department has notified seven types of ITR forms — from ITR-1 to ITR-7. Each form applies to different categories of taxpayers based on their income sources and status.

Let’s go through each form in detail.

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1. ITR-1 (Sahaj) – For Salaried Individuals

Applicability:

• Resident individuals (not for HUFs)

• Total income up to ₹50 lakh

• Income sources include:

  • Salary or pension

  • One house property

  • Other sources (like interest income)

Not applicable if:

• Income exceeds ₹50 lakh

• More than one house property

• Income from capital gains, business, or profession

• Director in a company or holding unlisted equity shares

Ideal for: Salaried employees with simple income structures.

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2. ITR-2 – For Individuals and HUFs Without Business Income

Applicability:

• Individuals and Hindu Undivided Families (HUFs)

• Income from salary, more than one house property, capital gains, or foreign income

• No income from business or profession

Ideal for: Professionals, investors, or NRIs earning from multiple sources (excluding business income).

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3. ITR-3 – For Individuals and HUFs Having Business or Professional Income

Applicability:

• Individuals and HUFs engaged in proprietary business or profession

• Includes income from salary, house property, capital gains, and other sources

Ideal for: Freelancers, consultants, small business owners, or professionals such as doctors, lawyers, and architects.

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4. ITR-4 (Sugam) – For Presumptive Income Scheme

Applicability:

• Resident Individuals, HUFs, and Firms (other than LLPs)

• Total income up to ₹50 lakh

• Income from business or profession computed under Sections 44AD, 44ADA, or 44AE (presumptive taxation scheme)

Not applicable if:

• You earn income from more than one house property or capital gains

• Have foreign income or assets

Ideal for: Small businesses and professionals who prefer the presumptive income method.

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5. ITR-5 – For Partnership Firms, LLPs, and AOPs

Applicability:

• Firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), and Body of Individuals (BOIs)

• Not for individuals or HUFs

Ideal for: Registered firms and LLPs reporting income from business or profession.

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6. ITR-6 – For Companies (Except Those Claiming Exemption Under Section 11)

Applicability:

• Companies other than those claiming exemption under Section 11 (income from property held for charitable or religious purposes)

Ideal for: Private and public limited companies engaged in business operations.

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7. ITR-7 – For Trusts, Charitable Institutions, and Political Parties

Applicability:

• Persons required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D), including:

  • Charitable/religious trusts

  • Political parties

  • Research institutions

  • Universities and colleges

Ideal for: Trusts and organizations operating under specific exemptions or obligations.

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How to Choose the Right ITR Form

Know Which Form You Need to File

Here’s a quick way to identify the correct ITR form for FY 2024-25:

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Documents Required for ITR Filing

Before you begin filing, keep these documents ready:

• PAN and Aadhaar card

• Form 16 (for salaried individuals)

• Form 26AS or AIS/TIS for tax credits

• Bank account details

• Investment proofs for deductions (under Section 80C, 80D, etc.)

• Capital gain statements (if applicable)

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Final Tips for Hassle-Free ITR Filing

1. Verify your details carefully before submission.

2. Link your Aadhaar and PAN if not already done.

3. E-verify your return within 30 days to complete the process.

4. Avoid last-minute filing to prevent penalties and errors.

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Conclusion

Filing the correct ITR form for FY 2024-25 ensures compliance, accuracy, and peace of mind. Whether you’re a salaried professional, freelancer, or business owner, understanding the applicability of each form helps you stay on the right side of tax laws. Use the government’s e-filing portal (www.incometax.gov.in) or consult a tax expert for smooth and error-free filing.