Income Tax News: The Income Tax department online now offers the option to electronically file the income tax return forms for FY 2023–24 (AY 2024–25), which are ITR-1, ITR-2, and ITR-4. The ITR forms were accessible online starting on April 1, 2024. Using these ITR forms, taxpayers who are qualified to file their taxes can now log on and complete their ITRs for FY 2023–2024. July 31, 2024 is the deadline for filing income tax returns for FY 2023–2024 (AY 2024–25).
Offline Utilities Availability
The offline Excel utilities for ITR-1, ITR-2, and ITR-4 were previously made available by the Income Tax department. Additionally, the FY 2023–24 (AY 2024–25) offline JSON utilities for ITR-1, ITR–2, ITR–4, and ITR–-6 have been made available.
ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7 are the seven different forms available for various people, organisations, and organisations. The common question that comes up now is which form taxpayers need to utilise when filing their ITR. Small and medium taxpayers are served by the more straightforward ITR-1 and ITR-4 forms.
ITR-1 (Sahaj)
- Applicable to people earning up to Rs. 50 lakhs in total income from one house, one rental property, and other sources.
- Not for anyone with income from a business or profession, capital gains, more than Rs. 5,000 in agricultural revenue, or more than one property.
ITR-2
For people and HUFs who aren’t able to file an ITR-1 and who make more than Rs. 5,000 in agricultural income, capital gains, income from more than one property, or income from overseas sources.
ITR-3
Suitable for people and HUFs with revenue from their careers or businesses. Excluded from those who get income from capital gains, salaries, or multiple residential properties
ITR-4 (Sugam)
- For people, HUFs, and businesses (apart from LLPs) having assumed revenue from their line of work or business.
- Does not include those with income from multiple properties, capital gains, or income from foreign assets.
ITR-5
Useful for cooperative societies, municipal governments, LLPs, AOPs, BOIs, artificial juridical persons, and businesses. Not for individuals, HUFs, businesses, or persons qualified to file an ITR-7.
ITR-6
- For businesses that aren’t claiming Section 11 exemption (income from property held for religious or charitable purposes).
- Also relevant to businesses, limited liability partnerships, AOPs, BOIs, and other entities that have to submit income tax returns in accordance with Section 139(4A), (4B), (4C), or (4D).
ITR-7
- For individuals and businesses that must provide a return in accordance with Section 139(4A) through (4B) through (4C) through (4D) through (4E) through (4F).
- Contains political parties, trusts, organisations, schools, and universities
