Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)?
deadline for filing an income tax return (ITR) for FY 2023-24 (AY 2024-25) is July 31, 2024. This deadline applies to people whose accounts are not required to be audited. Missing the ITR filing deadline carries both monetary and non-monetary implications.
ET Guide to ITR
Who should switch from old to new tax regime now?
No tax refund if you filed ITR with this refund amt
You can be jailed for not filing ITR and paying tax
From AY 2024-25, the new tax regime will be the default option. Every year, you must select between the old and new tax regimes for that particular Assessment year.
Please note that one should check and cross verify with tax experts and chartered Accountants before filing your tax returns.
Which form should salaried individual file
Salaried individuals can file their tax return using the ITR-1 form if they satisfy the following conditions:
- Total income does not exceed Rs 50 lakh during the FY
- Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000/-), and other sources, which include:
- Interest from Savings Accounts
- Interest from Deposits (Bank / Post Office / Cooperative Society)
- Interest from Income Tax Refund
- Interest received on Enhanced Compensation
- Any other Interest Income
- Family Pension
Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
An individual who is salaried and meets the aforementioned requirements may use the ITR-1
