#Types of ITR: Know all about ITR Full Form and which ITR Form to file for FY 2024-25 (AY 2025-26)

Are you confused about which Income Tax Return (ITR) form to file in India? Don't worry, you're not alone! This comprehensive guide will simplify the process by explaining the different types of ITR forms, who is eligible to file each, and key considerations to help you choose the correct one for Assessment Year 2025-26 (Financial Year 2024-25). Understanding the right ITR form is the first and most critical step towards a hassle-free tax filing experience. Filing the wrong form can lead to delays, notices from the Income Tax Department, and even penalties. In this video, you will learn: What are ITR Forms? A basic introduction to Income Tax Returns in India. Overview of All ITR Forms: A quick look at ITR-1 to ITR-7. Deep Dive into Each ITR Form: ITR-1 (Sahaj): Who can file it? (Salaried individuals, pensioners, single house property income, etc.) What are the limitations? ITR-2: When is it required? (Capital gains, multiple house properties, foreign income, etc.) ITR-3: For whom is it mandatory? (Business and professional income) ITR-4 (Sugam): Understanding presumptive taxation for small businesses and professionals. ITR-5: For whom is this form applicable? (Partnership firms, LLPs, AOPs, BOIs) ITR-6: Who uses this form? (Companies) ITR-7: Specific cases for trusts, political parties, etc. Key Factors for Choosing Your ITR Form: Income sources, type of taxpayer, deductions, and more. Common Mistakes to Avoid: Ensuring accurate ITR form selection. Important Updates for AY 2025-26: Any recent changes or notifications affecting ITR forms. Why is choosing the correct ITR form important? Choosing the right form ensures compliance with income tax laws, avoids potential penalties, and facilitates smooth processing of your tax return and refunds. Whether you're a salaried employee, a freelancer, a small business owner, or an investor, this video will provide you with the clarity you need to confidently file your Income Tax Return. Don't forget to like this video, subscribe to our channel for more tax-related content, and hit the bell icon to get notified when we upload new videos! CONNECT WITH US: LinkedIn: www.linkedin.com/in/ md-walid-advocate-634888260 #ITR #IncomeTaxReturn #TaxFiling #IndiaTax #ITRForms #WhichITR #TaxGuide #FinancialPlanning #AY202526 #FY202425 #ITR1 #ITR2 #ITR3 #ITR4 #ITR5 #ITR6 #ITR7 #TaxCompliance #IndianTaxation #LearnAboutTax