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.
