Key Points
The Income Tax Department has now released the e-filing versions of the ITR-1, ITR-2, and ITR-4 forms for the financial year 2023-24 (assessment year 2024-25)..
ITR-1 (Sahaj): This is the simplest ITR form, appropriate for resident individuals with income up to 50 lakh from:SalaryOne house propertyOther sources (interest, dividends, family pension, etc.)Agricultural income up to 50,000ITR-2: ITR-2 is intended for a wider range of taxpayers compared to ITR-1 and ITR-4..
Heres a breakdown of the individuals who typically use ITR-2:Individuals and Hindu Undivided Families (HUFs)Who are not eligible to use ITR-1 or ITR-4: This indicates that their income is not solely derived from salary, house property, agricultural income below a certain threshold, or business covered under specific presumptive taxation schemes...
Income from diverse sources: Salary, interest, dividends, capital gains (from the sale of investments or property), etc.Income from multiple propertiesResidents or Non-residents filing tax returns with foreign incomeDirectors of a company (Indian or foreign)Income from sources not included in ITR-1 or ITR-4..
ITR utilities: The Income Tax Department offers downloadable utilities in Excel or JSON formats for certain ITR forms on their website.Fill in the offline utility: Utilize the downloaded utility to input your income details and draft your ITR offline.Upload the data: After preparation, upload the created data file to the income tax e-filing portal for submission.Verification:.
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