Understanding Income Tax Return Forms: ITR-1 to ITR-7 for Individuals, HUFs, and Companies in India

The forms and procedures for filing income tax returns in India. It specifies different forms for individuals, Hindu Undivided Families (HUFs), companies, and other entities based on income sources and conditions. ITR-1 is for individuals with income from salary or one house property, while ITR-2 and ITR-3 cater to those with additional income sources. ITR-4 is for presumptive income, and ITR-5 to ITR-7 are for firms, companies, and other entities. Returns can be filed electronically, with specific requirements for digital signatures and verification. Recent notifications emphasize the importance of timely verification to avoid invalidation.