ITR form: Who is eligible to file which tax return ?

All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. For the financial year (FY) , the specified due date for individuals  is July 31,  for filing income tax returns.

Filing an ITR for FY 2023-24 is mandatory if:

The individual's taxable income exceeds the maximum amount not chargeable to tax. The basic exemption limit for FY  is Rs 3 lakh for senior citizens (aged 60 years or more but less than 80 years), Rs 5 lakh for super senior citizens (aged 80 years or more), and Rs 2.5 lakh for others;

The individual needs to claim an income tax refund; 
The individual qualifies as an ordinarily resident during FY  and holds foreign assets which need to be specifically reported in the ITR. These assets include foreign bank accounts, foreign properties, financial assets, signing authority, etc.;
The individual has undertaken specific transactions viz (a) payment of electricity bill in excess of Rs 1 lakh during the FY (b) deposited more than Rs 1 crore in one or more current accounts during the FY or (c) spent more than Rs 2 lakh on overseas travel for self or any other person during the FY.
Other than these mandatory reasons, it is a good practice to file ITR since tax return documentation is required for visa applications, availing bank loans etc.

ITR
Who can file?
Who cannot file?
 
1 (Sahaj)
Individuals qualifying as Ordinarily Resident;
Having a total income of up to Rs 50 lakh;
Having income from following sources – salaries, one house property, income from other sources including agricultural income up to Rs 5,000;
This form also applies to similar income of a different person say spouse or child, clubbed in the hands of the taxpayer.
Non-residents / Resident but Not Ordinarily Resident;
Hindu Undivided Family (HUF);
Ordinarily Residents having a total income of more than Rs 50 lakh;
Director in a company;
Holding investments in unlisted equity shares;
Having brought forward losses under the head ‘income from house property’;
Having income from any other source, eg. more than one house property, capital gains etc.;
Having income from sources outside India and holding assets outside India

2 Non-residents / Resident but Not Ordinarily Residents and Ordinarily Residents;
Hindu Undivided Family (‘HUF’);
Having a total income of more than Rs 50 lakh;
Director in a company;
Holding investments in unlisted equity shares;
Having income from following sources – salaries, more than one house property, capital gains and income from other sources;
Having income from sources outside India and holding assets outside India Individuals / HUF having business income / income from profession

3 Individuals / HUF having business income / income from profession;
Includes partner of a Firm Individuals / HUF who do not have business income / income from profession 
 
4 (Sugam)
Resident Individuals / HUF / Firm (other than LLP) having business or professional income computed on ‘presumptive basis’ Individual who is a Director in a company or having an investment in unlisted equity shares
5
Any person other than individual, HUF or company filing an ITR 7 (eg. LLP)
Individual, HUF or company filing ITR 7
 
6 All companies, unless specifically excluded 
Companies claiming exemption for income from charitable or religious trust
 
7 Persons including companies which are a charitable or religious trust, political party, scientific research association, news agency, hospital, trade union, university, college or other institutions such as an NGO or similar organizations.

Penalty for not filing ITR on time
If the ITR is not filed within the due date, i.e., November 30, there is an automatic levy of a penalty ranging from Rs 1,000 up to Rs 10,000 which needs to be remitted before the ITR can be filed. This fee or penalty has to be paid in case of belated ITRs even if the tax liability is nil. No other category of tax payer