The Income Tax Department has made it easier for taxpayers to file their income tax returns (ITRs) for the financial year 2023-24 (assessment year 2024-25) by releasing the e-filing versions of the ITR-1, ITR-2, and ITR-4 forms. Taxpayers can begin filing their returns, with the deadline for submission being July 31, 2024.
Taxpayers have the flexibility to choose between online and offline methods for filing their returns, depending on their preferences and convenience.
Online Submission: This method allows taxpayers to directly file their ITR through the Income Tax Department’s e-filing portal.
Offline Tools: For those who prefer an offline approach, downloadable utilities in Excel and JSON formats for ITR-1, ITR-2, ITR-4, and ITR-6 for FY 2023-24 (AY 2024-25) are available. Taxpayers can use these tools to prepare their ITR offline and then upload the compiled data to the e-filing portal for submission.
There are seven types of ITR forms catering to different taxpayers’ needs and situations:
- ITR-1 (Sahaj): Suitable for resident individuals with income up to ₹50 lakh from salary, one house property, other sources (such as interest, dividends, etc.), and agricultural income up to ₹50,000.
- ITR-2: Intended for individuals and Hindu Undivided Families (HUFs) with income from diverse sources, multiple properties, foreign income, or directorship in a company.
- ITR-3: For individuals or HUFs whose income falls under the category of “profits or gains of business or profession.”
- ITR-4 (Sugam): For individuals and HUFs with income from business or profession under the presumptive taxation scheme, along with income from other sources.
- ITR-5: Used by entities such as firms, LLPs, cooperative societies, local authorities, and representative assessees.
- ITR-6: Specifically tailored for companies registered under the Companies Act, applicable to all company structures.
- ITR-7: For firms, companies, local authorities, associations of persons, and Artificial Juridical Persons claiming exemption under Section 139 (4A) for income earned from a charitable or religious trust.
Taxpayers can file their ITR using either the online or offline method. For online filing, they need to register or log in to the income tax e-filing portal, select the appropriate ITR form, fill in the details, and verify the return electronically using Aadhaar OTP, net banking, or EVC. Offline filing involves downloading ITR utilities, filling in the details offline, uploading the data file to the e-filing portal, and verifying the return.
It’s essential to have all necessary documents ready before starting the filing process, and taxpayers may seek assistance from tax professionals if needed.
