The Income Tax Department has notified the income tax return (ITR) forms for the financial year 2024-25 (assessment year 2025-26). This year's ITR forms have been updated to incorporate the income-tax related changes announced in the Budget 2024.
ET Wealth Online tells you which ITR form is applicable to your income while filing ITR this year i.e., for FY 2024-25 (AY 2025-26).
Who can file income tax return using ITR-1 form?
The Income Tax Department has revised the eligibility criteria for taxpayers who can file their tax return using the ITR-1 form. This change will make it simpler for many taxpayers to file their ITR.
In the past, individual taxpayers with capital gains were not eligible to file their ITR usingITR-1 form. The new form allows individual taxpayers to file their ITR using ITR-1 even if they have long-term capital gains but subject to the condition that the gains are long term capital gains from sale of listed equity shares and/or equity mutual fund units and the amount of gain is only up to Rs 1.25 lakh in a financial year.
Eligibility to file ITR-1
According to Shalini Jain, Tax Partner, People Advisory Services, EY India, taxpayers are eligible to file ITR- 1 if they satisfy the following conditions:
a) Individual being ordinarily resident (ROR).
b) Total taxable income does not exceed Rs 50 lakh in FY 2024-25.
c) Have income from one or more of these income sources: Salary, one house property, other sources such as interest, dividend, pension, etc., long-term capital gains up to Rs 1.25 lakh from listed equity shares and/or equity mutual fund units and agricultural income up to Rs 5,000.
Long term capital gains from listed equity shares and equity mutual fund units are taxed under Section 112A of the Income Tax Act.
Also Read: Is LTCG exemption on equity shares and equity mutual funds is Rs 1 lakh or 1.25 lakh?
Who can file income tax return using ITR-2 form?
Taxpayers who are not eligible to file their ITR using ITR-1 can file it using ITR-2. They can use the ITR-2 form, provided they meet the eligibility criteria for the same.
This year ITR-2 will include the option to report capital gains incurred on transactions before/after July 23, 2024. This is because the new rules for calculating capital gains kicked in from July 23, 2024. The form also allows taxpayers to claim capital loss on share buybacks starting from October 1, 2024.
The Income Tax Department has also provided relief to taxpayers filing ITRs for FY 2024-25 by raising the income limit to Rs 1 crore for reporting assets and liabilities in their ITR. Earlier, taxpayers with income above Rs 50 lakh were required to report their assets and liabilities in their ITR.
Eligibility to file ITR-2
Jain explains that individuals who fulfil any one or more of the following eligibility criteria have to file their tax returns using ITR-2:
a) Individuals having any one of these residential status for income tax purposes: Resident but ordinarily resident (ROR), Resident but not ordinarily resident (RNOR) and Non-Resident
b) Hindu Undivided Family
c) Total taxable income in FY 2024-25 (AY 2025-26) exceeds Rs 50 lakh
d) Income from any source except profits and gains from business or profession i.e., income from the following sources is permissible for the purpose of using ITR- 2 - salaries, more than one house property, income from other sources such as interest income, dividend, capital gains (Short term and long term) such as sale of unlisted equity shares, gains from listed equity shares and equity mutual fund units exceeding Rs 1.25 lakh, house, debt mutual funds, other assets etc.
e) Taxpayer being a director in a company
f) Taxpayer holding unlisted equity shares
g) Taxpayer having income from sources outside India, such as interest, dividend, rent, capital gains and/ or holding foreign assets such as foreign shares, immovable property, bank accounts, etc
h) Income from the sale/transfer of Virtual Digital Assets (VDAs) such as cryptocurrency, NFTs, etc.
Also Read: ITR filing changes that NRIs should know
Who can file income tax return using ITR-3 form?
ITR-3 form is to be used to file ITR by taxpayers who have income and gains from business or profession. This year, ITR-3 has added references to Section 44BBC (Cruise business) for income derived from business and profession.
Eligibility to file ITR-3
Jain explains the eligibility requirements for taxpayers for filing ITR using the ITR-3 form. Taxpayers meeting any of the following criteria can file their ITR using ITR-3:
a) Individuals/HUF having business income/income from profession
b) Partner of a firm
c) Individual taxpayers having gains/losses from Futures & Options or Intra-day trading.
Who can file income tax return using ITR-4 form?
ITR-4 form is to be used by taxpayers who opt for the presumptive taxation scheme under Section 44AD for businesses and Section 44ADA for professionals.
Eligibility to file ITR-4
Jain explains which taxpayers are eligible to file ITR-4 for FY 2024-25:
a) Resident Individuals, HUFs, and Firms (Other than LLP) with total income up to Rs 50 lakh who are taxed under Sections 44AD, 44ADA or 44AE and having long term capital gains of up to Rs. 1.25 lakhs from listed equity shares and equity mutual fund units. However, the limit of Rs 50 lakh can go up to Rs 75 lakh in case of professionals, provided 95% or more of the income receipts from the profession have been received through recognised banking channels, such as Net banking, UPI, debit cards, etc. Section 44ADA applies to professionals, including doctors, lawyers, engineers, and others.
b) ITR-4 can also be filed by small businesses opting for presumptive taxation under Section 44AD and having business income up to Rs 2 crore. The limit increases to Rs 3 crore if 95% or more of the business receipts are received via banking channels.
Who can file income tax return using ITR-5 form?
ITR-5 is not for individuals and HUF taxpayers.
Eligibility to file ITR-5
Jain says, "Any taxpayer not being an individual, HUF or company can file their ITR using ITR-5. This tax form is used by firms, LLPs, Association of Persons, business trusts and investment funds."
Who can file income tax return using ITR-6?
ITR-6 form is applicable for companies.
Eligibility to file ITR-6
Jain says, "ITR-6 is for income tax return filing by companies who cannot file tax return using ITR-7 form."
Who can file income tax return using ITR-7?
ITR-7 is meant to be used primarily by specified companies.
Jain says, "Taxpayers, including companies which are charitable or religious trusts, political parties, research organisations, news agency or those specified in the Income Tax Act are required to furnish income tax return in ITR-7"
ITR filing is mandatory even if income is below basic exemption limit
ITR filing is mandatory even if the total taxable income is below the basic exemption limit if the following criteria specified in the income tax law is satisfied during the financial year:
a) If you have incurred aggregate expenses on foreign travel for yourself or any other person for an amount exceeding Rs 2 lakh
b) If you have paid aggregate electricity bills for an amount exceeding Rs 1 lakh
c) If you have made aggregate deposits in current account exceeding Rs 1 crore
d) If you hold any foreign asset or have signing authority in foreign account either in own name or as a beneficiary or as a beneficial owner
e) Practically, you may need to file ITR if you are claiming exemptions for capital gains under Section 54, 54B, 54EC, 54F etc.
f) If aggregate TDS and/or TCS of Rs 25,000 or more has been deducted or collected during the financial year 2024-25. For senior citizens (individuals who are 60 years or more of age), this limit is Rs 50,000
g) For claiming income tax refund
Last date for ITR filing for FY 2024-25 (AY 2025-26)
The Income Tax Department has extended the last date for filing income tax return for certain taxpayers from July 31, 2025, to September 15, 2025. This deadline extension applies to salaried individual taxpayers, HUFs, and taxpayers whose accounts are not required to be audited.
Also Read: ITR filing deadline extended to September 15, 2025 for these taxpayers
For other taxpayers, whose books of accounts are required to be audited, the due date for ITR filing has not been extended as yet. For them, the last date is either October 31 or November 30, 2025, for FY 2024-25 (AY 2025-26), depending on whether their business includes international transactions or not.
ET Wealth Online tells you which ITR form is applicable to your income while filing ITR this year i.e., for FY 2024-25 (AY 2025-26).
Who can file income tax return using ITR-1 form?
The Income Tax Department has revised the eligibility criteria for taxpayers who can file their tax return using the ITR-1 form. This change will make it simpler for many taxpayers to file their ITR.
In the past, individual taxpayers with capital gains were not eligible to file their ITR usingITR-1 form. The new form allows individual taxpayers to file their ITR using ITR-1 even if they have long-term capital gains but subject to the condition that the gains are long term capital gains from sale of listed equity shares and/or equity mutual fund units and the amount of gain is only up to Rs 1.25 lakh in a financial year.
Eligibility to file ITR-1
According to Shalini Jain, Tax Partner, People Advisory Services, EY India, taxpayers are eligible to file ITR- 1 if they satisfy the following conditions:
a) Individual being ordinarily resident (ROR).
b) Total taxable income does not exceed Rs 50 lakh in FY 2024-25.
c) Have income from one or more of these income sources: Salary, one house property, other sources such as interest, dividend, pension, etc., long-term capital gains up to Rs 1.25 lakh from listed equity shares and/or equity mutual fund units and agricultural income up to Rs 5,000.
Long term capital gains from listed equity shares and equity mutual fund units are taxed under Section 112A of the Income Tax Act.
Also Read: Is LTCG exemption on equity shares and equity mutual funds is Rs 1 lakh or 1.25 lakh?
Who can file income tax return using ITR-2 form?
Taxpayers who are not eligible to file their ITR using ITR-1 can file it using ITR-2. They can use the ITR-2 form, provided they meet the eligibility criteria for the same.
This year ITR-2 will include the option to report capital gains incurred on transactions before/after July 23, 2024. This is because the new rules for calculating capital gains kicked in from July 23, 2024. The form also allows taxpayers to claim capital loss on share buybacks starting from October 1, 2024.
The Income Tax Department has also provided relief to taxpayers filing ITRs for FY 2024-25 by raising the income limit to Rs 1 crore for reporting assets and liabilities in their ITR. Earlier, taxpayers with income above Rs 50 lakh were required to report their assets and liabilities in their ITR.
Eligibility to file ITR-2
Jain explains that individuals who fulfil any one or more of the following eligibility criteria have to file their tax returns using ITR-2:
a) Individuals having any one of these residential status for income tax purposes: Resident but ordinarily resident (ROR), Resident but not ordinarily resident (RNOR) and Non-Resident
b) Hindu Undivided Family
c) Total taxable income in FY 2024-25 (AY 2025-26) exceeds Rs 50 lakh
d) Income from any source except profits and gains from business or profession i.e., income from the following sources is permissible for the purpose of using ITR- 2 - salaries, more than one house property, income from other sources such as interest income, dividend, capital gains (Short term and long term) such as sale of unlisted equity shares, gains from listed equity shares and equity mutual fund units exceeding Rs 1.25 lakh, house, debt mutual funds, other assets etc.
e) Taxpayer being a director in a company
f) Taxpayer holding unlisted equity shares
g) Taxpayer having income from sources outside India, such as interest, dividend, rent, capital gains and/ or holding foreign assets such as foreign shares, immovable property, bank accounts, etc
h) Income from the sale/transfer of Virtual Digital Assets (VDAs) such as cryptocurrency, NFTs, etc.
Also Read: ITR filing changes that NRIs should know
Who can file income tax return using ITR-3 form?
ITR-3 form is to be used to file ITR by taxpayers who have income and gains from business or profession. This year, ITR-3 has added references to Section 44BBC (Cruise business) for income derived from business and profession.
Eligibility to file ITR-3
Jain explains the eligibility requirements for taxpayers for filing ITR using the ITR-3 form. Taxpayers meeting any of the following criteria can file their ITR using ITR-3:
a) Individuals/HUF having business income/income from profession
b) Partner of a firm
c) Individual taxpayers having gains/losses from Futures & Options or Intra-day trading.
Who can file income tax return using ITR-4 form?
ITR-4 form is to be used by taxpayers who opt for the presumptive taxation scheme under Section 44AD for businesses and Section 44ADA for professionals.
Eligibility to file ITR-4
Jain explains which taxpayers are eligible to file ITR-4 for FY 2024-25:
a) Resident Individuals, HUFs, and Firms (Other than LLP) with total income up to Rs 50 lakh who are taxed under Sections 44AD, 44ADA or 44AE and having long term capital gains of up to Rs. 1.25 lakhs from listed equity shares and equity mutual fund units. However, the limit of Rs 50 lakh can go up to Rs 75 lakh in case of professionals, provided 95% or more of the income receipts from the profession have been received through recognised banking channels, such as Net banking, UPI, debit cards, etc. Section 44ADA applies to professionals, including doctors, lawyers, engineers, and others.
b) ITR-4 can also be filed by small businesses opting for presumptive taxation under Section 44AD and having business income up to Rs 2 crore. The limit increases to Rs 3 crore if 95% or more of the business receipts are received via banking channels.
Who can file income tax return using ITR-5 form?
ITR-5 is not for individuals and HUF taxpayers.
Eligibility to file ITR-5
Jain says, "Any taxpayer not being an individual, HUF or company can file their ITR using ITR-5. This tax form is used by firms, LLPs, Association of Persons, business trusts and investment funds."
Who can file income tax return using ITR-6?
ITR-6 form is applicable for companies.
Eligibility to file ITR-6
Jain says, "ITR-6 is for income tax return filing by companies who cannot file tax return using ITR-7 form."
Who can file income tax return using ITR-7?
ITR-7 is meant to be used primarily by specified companies.
Jain says, "Taxpayers, including companies which are charitable or religious trusts, political parties, research organisations, news agency or those specified in the Income Tax Act are required to furnish income tax return in ITR-7"
ITR filing is mandatory even if income is below basic exemption limit
ITR filing is mandatory even if the total taxable income is below the basic exemption limit if the following criteria specified in the income tax law is satisfied during the financial year:
a) If you have incurred aggregate expenses on foreign travel for yourself or any other person for an amount exceeding Rs 2 lakh
b) If you have paid aggregate electricity bills for an amount exceeding Rs 1 lakh
c) If you have made aggregate deposits in current account exceeding Rs 1 crore
d) If you hold any foreign asset or have signing authority in foreign account either in own name or as a beneficiary or as a beneficial owner
e) Practically, you may need to file ITR if you are claiming exemptions for capital gains under Section 54, 54B, 54EC, 54F etc.
f) If aggregate TDS and/or TCS of Rs 25,000 or more has been deducted or collected during the financial year 2024-25. For senior citizens (individuals who are 60 years or more of age), this limit is Rs 50,000
g) For claiming income tax refund
Last date for ITR filing for FY 2024-25 (AY 2025-26)
The Income Tax Department has extended the last date for filing income tax return for certain taxpayers from July 31, 2025, to September 15, 2025. This deadline extension applies to salaried individual taxpayers, HUFs, and taxpayers whose accounts are not required to be audited.
Also Read: ITR filing deadline extended to September 15, 2025 for these taxpayers
For other taxpayers, whose books of accounts are required to be audited, the due date for ITR filing has not been extended as yet. For them, the last date is either October 31 or November 30, 2025, for FY 2024-25 (AY 2025-26), depending on whether their business includes international transactions or not.
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