The income tax department announced the notification of Income Tax Return (ITR) Forms 1-6 for the Assessment Year (AY) 2024-25. “CBDT notifies ITR Forms 1-6 for AY 2024-25, well in advance, to facilitate taxpayers & improve ease of filing! All ITR Forms 1 to 6 have since been notified and will come into effect from 1st April 2024,” The Income tax department took to Twitter on February 2, 2024, saying this. Changes have been incorporated in the ITRs to facilitate the taxpayers and to improve ease of filing.
Largely, the changes incorporated were necessitated due to amendments in the Income-tax Act, 1961 made vide Finance Act, 2023, the department further said.
What Is ITR Filing? And It's Deadline?
Taxpayers must disclose their income details to the Income Tax Department via a form called 'return of income', regardless of your income. Regardless of your income filing an ITR can help in visa applications, and supporting loan applications.
The deadline for filing ITR-2 and ITR-3 is set for July 31, 2024, and those who need to conduct income tax audits and possess business income are required to submit ITR-3 by October 31, 2024.
Once you submit original returns, you can submit revised returns, which allows you to rectify any errors or omissions in your previously filed returns.
Non-reporting of capital losses in ITR prevents the carry-forward of loss to the next year. Late or non-filing attracts interest and late fees ranging from Rs 1,000 to Rs 5,000. ITR filing is required to claim a TDS refund.
Further, it facilitates visa applications and aids in loan applications. To file your tax returns online, select the assessment year and the appropriate ITR form based on your income source.
Filing ITR Serves Various Purposes, Including Claiming Tax Deducted at Source (TDS) Refunds
ITR Forms
To file tax returns online, taxpayers need to select the assessment year and the appropriate ITR form based on their income source.
The ITR-1 (SAHAJ), the most used form can be filed by residents having a total income of upto Rs. 50 lakh and having income from Salaries, one house property and income from other sources.
Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form-3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income up to Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE.
Other ITR forms do not apply to individuals.
How To File ITR Returns?
To file Income Tax Returns (ITR) either form 1 or form 4, you can do it online by visiting the e-filing portal at incometax.gov.in. Log in with PAN and password and then select 'e-File' > 'Income Tax Returns' > 'File Income Tax Return.'
Choose the Assessment Year, type of assessee, ITR form and filing mode. Follow the prompts, and fill in the mandatory fields. After entering basic details using: a PAN Card, Aadhar Card, Bank Statements, Form 26AS for TDS and TCS details, Annual Information Statement (AIS) etc the next step is to is to claim relevant deductions on your taxable income.
Declare deductions using documents like Investment Proofs, Demat Account Statement, and home loan statements especially if you are in an old tax regime and click "Proceed."
Then preview the return through which one can validate and resolve errors. Choose any e-verification options from OTP, Digital Signature, or Electronic Verification Code (EVC).
