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 called ITR-1 and ITR-4 and will be used for the assessment year 2024-25. 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 2023-24. Lets us have a deeper into Income Tax Return ITR Form.
ITR 1 Form is filed by taxpayers and individuals who are a Resident 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 Director in a company or has done an investment in Unlisted Equity Shares.
The ITR-2 is filed by the individuals or HUFs who are earning income other than income from “Profits and Gains from Business or Profession and the 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, LLPs, AOPs (Association of persons) and BOIs (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 the companies which 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) which are requiring 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 university 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.
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