What are the different ITR forms in Himachal Pradesh 2024

Detailed overview of the various Income Tax Return (ITR) forms available for filing taxes in Himachal Pradesh in 2024. Covers ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Determine the most suitable form based on your income sources and financial situation.

What are the different ITR forms in Himachal Pradesh 2024

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The Different ITR Forms for Filing Income Tax Return in Himachal Pradesh in 2024

As a resident of Himachal Pradesh, it's important to understand the different Income Tax Return (ITR) forms available for filing your taxes in 2024. The specific ITR form you need to use depends on your income sources and financial situation. In this blog, we'll provide a comprehensive overview of the various ITR forms and help you determine which one is most suitable for your needs.

ITR-1 (Sahaj)

ITR-1, also known as Sahaj, is the simplest form for filing income tax returns in Himachal Pradesh. It is meant for individuals with total income up to Rs. 50 lakhs from the following sources:

  • Salaries
  • One house property
  • Other sources (interest, etc.)
  • Agricultural income up to Rs. 5,000

ITR-1 is not applicable for individuals who are directors of a company or have invested in unlisted equity shares.

ITR-2

ITR-2 is for individuals and Hindu Undivided Families (HUFs) who have income from sources other than business or profession. This form is suitable if you have income from:

  • Salaries
  • House property
  • Capital gains
  • Other sources
  • Foreign assets or income

ITR-2 is not applicable if you have income from business or profession.

ITR-3

ITR-3 is for individuals and HUFs who have income from business or profession. This form is suitable if you have income from:

  • Salaries
  • House property
  • Profits and gains of business or profession
  • Capital gains
  • Other sources

ITR-3 is not applicable if you have income from business or profession and are required to get your accounts audited under the Income Tax Act.

ITR-4 (Sugam)

ITR-4, also known as Sugam, is for individuals, HUFs, and firms (other than LLPs) who are residents of Himachal Pradesh and have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE. This form is suitable if you have income from:

  • Business as per Section 44AD
  • Profession as per Section 44ADA
  • Specified business and profession as per Section 44AE

ITR-4 is not applicable if you have income from sources other than those mentioned above or if you are a non-resident.

ITR-5

ITR-5 is for persons other than individuals, HUFs, companies, and persons filing ITR-7. This form is suitable if you have income from:

  • Business or profession
  • Capital gains
  • Other sources
  • Foreign assets or income

ITR-5 is applicable for firms, LLPs, Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP), and cooperative societies.

ITR-6

ITR-6 is for companies other than those that are subject to tax audit or companies claiming exemption under Section 11. This form is suitable if you have income from:

  • Business or profession
  • Capital gains
  • Other sources
  • Foreign assets or income

ITR-6 is applicable for domestic companies and foreign companies.

ITR-7

ITR-7 is for persons including companies required to furnish returns under Sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F). This form is suitable if you have income from:

  • Business or profession
  • Capital gains
  • Other sources
  • Foreign assets or income

ITR-7 is applicable for political parties, trusts, universities, hospitals, and charitable institutions.

Conclusion

Choosing the right ITR form is crucial for filing your income tax return in Himachal Pradesh in 2024. By understanding the different forms and their applicability, you can ensure that you file your ITR accurately and avoid any penalties or legal consequences.

If you need further assistance or have any questions, it's recommended to consult with a Chartered Accountant or a tax expert who can guide you through the ITR filing process in Himachal Pradesh in 2024.

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