Which ITR Form Should You File? ITR-1 to ITR-7 Explained [2025]

🔹 What is an ITR Form?

An ITR (Income Tax Return) form is a document used to file your income tax with the Income Tax Department of India. There are different ITR forms for different types of taxpayers and income sources.

🔍 Quick Guide: Which ITR Form Applies to You?

🧾 Detailed Breakdown of Each ITR Form

✅ ITR-1 (Sahaj)

• Who can file:
  Salaried individuals or pensioners with income up to ₹50 lakh
• Sources of income:
  Salary, one house property, other sources (e.g. interest)
• Who cannot file:
  • If you have capital gains
  • Foreign income or assets
  • More than one house property

✅ ITR-2

• Who can file:
  Individuals/HUFs who don’t have business income
• Sources of income:
  • Salary/pension
  • More than one house property
  • Capital gains
  • Foreign assets/income
  • Director in a company or invested in unlisted shares

✅ ITR-3

• Who can file:
  Individuals and HUFs having income from business or profession
• Includes:
  • Freelancers, consultants
  • Partners in a firm
  • Commission or brokerage income
  • Income from speculative business (e.g. intraday trading)

✅ ITR-4 (Sugam)

• Who can file:
  Individuals, HUFs, and firms (except LLPs) under Presumptive Income Scheme
• Eligible if:
  • Business income under Section 44AD
  • Professional income under Section 44ADA
  • Total Income up to ₹50 lakh
• Simple to file — No need to maintain books

✅ ITR-5

• Applicable to:
  Partnership firms, LLPs, AOPs (Association of Persons), BOIs (Body of Individuals)
• Not for:
  Individuals, HUFs, or companies

✅ ITR-6

• Applicable to:
  Companies registered under the Companies Act
• Not applicable to:
  Companies claiming exemption under Section 11 (charitable/religious trusts)

✅ ITR-7

• Applicable to:
  Entities like:
  • Charitable/religious trusts
  • Political parties
  • Scientific research institutions
  • Universities and colleges
• Filed under Sections:
  139(4A), 139(4B), 139(4C), or 139(4D)

📌 Important Notes for FY 2024-25

• The deadline to file ITR (without late fees) is 15th September 2025(Extended) for individuals.
• From AY 2024-25 onwards, standard deduction of ₹75,000 is available even under the new tax regime.
• Choosing the right ITR form ensures faster processing and refunds (if any).

✅ How to Choose the Right ITR Form

1. Check your income sources: Salary, capital gains, foreign income, etc.
2. Look at your business/profession status
3. Do you have foreign assets or are you a director in a company?
4. Use government portals like https://incometax.gov.in to validate your form choice.

💡 Conclusion

Filing the right ITR form is crucial for a smooth and compliant tax filing process. Whether you’re a salaried individual, freelancer, small business owner, or part of a trust, there’s a specific ITR form for you. Choose wisely and file on time!

Need help selecting the correct ITR form or filing your return?

👉 Contact Kumar Ravi & Company for professional assistance today.