Now Reading: New earnings tax return kinds ITR-1, ITR-2, ITR-4 accessible for FY 2023-24; know particulars AY 2024-25 e-filing | Enterprise
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New earnings tax return kinds ITR-1, ITR-2, ITR-4 accessible for FY 2023-24; know particulars AY 2024-25 e-filing | Enterprise
New earnings tax return kinds ITR-1, ITR-2, ITR-4 accessible for FY 2023-24; know particulars AY 2024-25 e-filing | Enterprise
As per an ET report, earlier, the tax division launched offline Excel utilities for ITR-1, ITR-2, and ITR-4.Moreover, offline JSON utilities for ITR-1, ITR-2, ITR-4, and ITR-6 for FY 2023-24 (AY 2024-25) are additionally accessible now.
The deadline to file earnings tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.
Choices for submitting earnings tax returns
Taxpayers have the choice to file their earnings tax return (ITR) both solely on-line by the tax division’s e-filing earnings tax portal or by a mixture of on-line and offline strategies utilizing JSON and Excel utilities.
Submitting earnings tax return on-line
Taxpayers can log into their account on the e-filing portal and choose the ‘File earnings tax return’ possibility. A lot of the required info is robotically prefilled from their Annual Data Assertion (AIS) and Type 26AS. Nonetheless, it is really helpful that taxpayers cross-check this prefilled information with paperwork like Type 16, Type 16A, different TDS certificates, curiosity certificates, and wage slips to make sure accuracy.
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Utilizing offline utilities
Taxpayers even have the choice to file their ITR utilizing offline utilities resembling JSON and Excel. These utilities will be downloaded from the e-filing earnings tax portal and used to fill of their particulars. To entry pre-filled information within the offline utilities, taxpayers should obtain a prefilled XML from their e-filing earnings tax account. After filling within the vital particulars offline, taxpayers can add the finished kinds on the e-filing web site.
Eligibility standards for ITR-1, ITR-2, and ITR-4
Taxpayers can select to file their tax return utilizing ITR-1, ITR-2, or ITR-4, relying on the sources of their earnings for the monetary yr:
- ITR-1: Taxpayers eligible to file ITR-1 embrace resident people (excluding not ordinarily residents) with earnings from salaries, one home property, different sources like curiosity, dividend, household pension, and agricultural earnings as much as Rs 50,000. Moreover, their gross complete earnings from all sources should not exceed Rs 50 lakh in a monetary yr.
- ITR-2: Taxpayers who personal a couple of home property or have earned capital good points can file their tax return utilizing ITR-2.
- ITR-4: Taxpayers with earnings from enterprise and professions taxable underneath sections 44AD, 44ADA, and 44AE can use ITR-4 to file their tax returns.
Early notification of ITR kinds by CBDT
In contrast to earlier years, the Earnings Tax Division has notified earnings tax return kinds nicely upfront this yr, as a substitute of April. At first of the brand new monetary yr, each on-line and offline utilities of ITR kinds have been made accessible by the tax division. Nonetheless, many salaried taxpayers might have to attend till the tip of June to collect the required TDS certificates earlier than they’ll start the ITR submitting course of.
