Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing
The Income Tax Department has now released the e-filing versions of the ITR-1, ITR-2, and ITR-4 forms for the financial year 2023-24 (assessment year 2024-25). This simplifies the process for taxpayers, allowing them to begin filing their income tax returns. The deadline for filing income tax returns (ITRs) for FY 2023-24 (AY 2024-25) is July 31, 2024.
The department provides various methods for filing your return, accommodating different needs and preferences.
Online submission: This is the most preferred method, enabling you to directly file your ITR through the Income Tax Department’s e-filing portal.
Offline tools: For individuals who favour an offline approach, the department offers downloadable utilities in Excel and JSON formats for ITR-1, ITR-2, ITR-4, and even ITR-6 for FY 2023-24 (AY 2024-25). You can utilize these tools to prepare your ITR offline and subsequently upload the compiled data to the e-filing portal for submission.
Also Read: ITR filing: Zerodha's Nithin Kamath suggests this income tax hack to save money during income tax return filing
There are seven types of ITR forms, ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7, designed for various individuals, businesses, and companies. When filing the ITR, a common question often arises regarding which form taxpayers should use. ITR-1 and ITR-4 are simpler forms suitable for a large number of small and medium taxpayers.
The details of the forms are as follows:
Typical situations for using ITR-2 include:
If your income situation is more intricate than what is covered by ITR-1 or ITR-4, ITR-2 is likely the form you’ll require.
Representative assessees encompass the estate of a deceased individual, the estate of an insolvent, investment fund,
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