The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms are ITR-1 and ITR-4 and will be used for the assessment year 2025-26. Read PDF
The IT department has enabled the offline utility for MAC and Windows platforms. The assessee can e-file ITR 1, ITR 2, ITR 3, and ITR 4 for the AY 2024-25. Let’s have a deeper look at the Income Tax Return ITR Form.
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ITR 1 Form is filed by taxpayers and individuals who are residents with a total Income of up to INR 50 lakhs when the Income is from Salaries, One House Property, Other Sources (Interest, dividend, etc.), and Agricultural Income up to INR 5 thousand.
ITR 1 SAHAJ Form is not for Non-ordinary residents, or for an individual who is either a Director in a company or has made an investment in Unlisted Equity Shares.
The ITR-2 is filed by individuals or HUF who are earning income other than income from “Profits and Gains from Business or Profession and Individuals who are not eligible to file the ITR-1 Form”.
The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families having income from Proprietary business or from carrying out his/her profession and who are not eligible to file ITR 1, ITR 2 or ITR 4.
ITR 4 Sugam Form is for taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act.
Note: If the turnover of the business is more than Rs 2 crores, then the taxpayer will have to file ITR-3.
ITR 5 Form is meant for firms, LLP, AOP (Association of persons) and BOI (Body of Individuals), Artificial Juridical Person (AJP), co-operative society, Estate of deceased, Estate of insolvent, Business trust and investment fund, subject to some conditions.
ITR 6 is a tax return form for all companies that are not claiming the exemption u/s 11 (Income from property held for charitable or religious purposes). The 31st of October is the due date for filing the ITR 6 for AY 2023-24.
ITR 7 Form is meant for all Charitable /Religious trusts u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D) that require the exemptions. There are different sections divided into categories, namely:
- Under Section 139 (4A)- if they earn from a charitable /religious trust
- Under Section 139 (4B)- if they earn from a political party
- Under Section 139 (4C)- if they earn from scientific research institutions
- Under Section 139 (4D)- if they earn from universities or colleges or institutions or khadi and village industries
Sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW mandates the electronic filing on or before the date of filing the return of income.
Gen Income Tax Software is an advanced software solution for faster return filing of ITR 1 to ITR 7 forms that fulfil all your computation needs in compliance with the prevailing Income Tax norms. Calculation of Income Tax, Self Assessment Tax, Advance Tax and Interest calculation u/s 234A, 234B, 234C could have never become so accurate and hassle-free without the invention of this “Gen Income Tax Software”.
The software is meticulously designed, well considering all the government rules and regulations, in such a way that there is no room left for errors and the returns can be uploaded directly to the government income tax online portal.
