Income Tax Returns Made Easy: E-Filing Forms for FY 2023-24 Now Available

The Income Tax Department has rolled out e-filing versions of ITR-1, ITR-2, and ITR-4 for the financial year 2023-24. Taxpayers can now initiate filing their returns, with a deadline set for July 31, 2024.

Methods include online submission via the e-filing portal and offline tools, such as Excel and JSON utilities. These tools enable users to prepare returns offline and upload data for submission.

Understanding the types of forms available:

ITR-1 (Sahaj): Suitable for individuals with income up to ₹50 lakh from salary, house property, and other sources.

ITR-2: Applicable to individuals with diverse income sources, including capital gains and foreign income.

ITR-3: Designed for individuals and HUFs with income from business or profession.

ITR-4 (Sugam): Intended for individuals with business income under presumptive taxation.

ITR-5: Used by entities beyond individual taxpayers, such as firms, LLPs, and local authorities.

ITR-6: Tailored for companies registered under the Companies Act.

ITR-7: Meant for entities claiming exemption under Section 139 (4A) for income earned from a charitable or religious trust.

Filing methods:

• Online filing: Access the e-filing portal, select the assessment year, choose the appropriate ITR form, fill in details, and verify electronically.
• Offline filing: Download utilities, fill in details offline, upload data to the e-filing portal, and verify electronically.

Ensure you have all necessary documents handy before starting the filing process. For complex tax situations, consider consulting a tax professional.

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Monika Shanmugam

Content Writer at Vakilsearch

Hello! I am Monika Shanmugam. With 4 years of crafting engaging and informative content, I'm passionate about demystifying complex topics and weaving impactful narratives. My legal-writing journey began at Vakilsearch, where I spent the past year immersing myself in the intricacies of the legal landscape. This experience shaped my ability to translate legalese into digestible language, empowering individuals with the knowledge they need to navigate the legal system confidently.

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