ITR filing forms for FY 2023-24 (AY 2024-25): Which income tax return form applies to you?
income tax return (ITR) forms for the Financial Year (FY) 2023-24, corresponding to the Assessment Year (AY) 2024-25 via notifications dated December 22, 2023, for the ITR-1 form and January 31, 2024, for the ITR-2 form. In a move to facilitate timely tax filing, the CBDT has also made available the utilities for online filing of ITR-1, ITR-2, and ITR-4 as of April 1, 2024, and for ITR-3 on May 9, 2024, via the official portal www.incometaxgov.in.
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To comply with income tax rules and ensure a smooth filing experience, it is crucial to select the correct ITR form depending on your income sources, residential status, and reporting obligations for assets and liabilities.
Also Read:Last date to file ITR for different taxpayers
ITR form applicable to your income
General guidelines given below will help you to select the correct ITR form for the FY 2023-24 (AY 2024-25).
Key Updates to the ITR Forms:
The CBDT has introduced targeted revisions to refine the reporting framework and incorporate legislative changes brought forth by the Finance Act 2023. Notable modifications affecting salaried taxpayers include:
- 'Schedule OS' now features designated entries for reporting income from business trusts and taxable proceeds from life insurance policies upon maturity. Schedule OS is part of the ITR form. Income earned from 'Other
