ITR E-Filing for FY 2024-25: Activation of ITR-1 and ITR-2 Forms
The Income Tax Department has officially launched its e-filing portal for the fiscal year 2024-25, allowing eligible taxpayers to file their income tax returns (ITR) using forms ITR-1 and ITR-4. The deadline for filing has been extended to September 15, 2024, providing taxpayers with additional time to complete their submissions. Currently, only ITR-1 and ITR-4 are available for online filing, while those needing to use ITR-2 or ITR-3 will have to wait for further announcements.
Eligibility for ITR-1 Filing
The ITR-1 form is designed for Indian resident individuals with a total annual income of up to Rs 50 lakh. Eligible taxpayers can include those earning from various sources such as salary, a single house property, family pension, and agricultural income capped at Rs 5,000. Additionally, individuals can report income from savings account interest, deposit interest from banks or post offices, and other interest earnings.
The Income Tax Department has clarified that income from a spouse or minor child can be included in the ITR-1 filing, provided it falls within the specified income limits. Notably, this year’s ITR forms allow individuals with long-term capital gains from equity shares and equity mutual funds to file using ITR-1, as long as the gains do not exceed Rs 1.25 lakh. This change aims to simplify the filing process for many taxpayers.
Eligibility for ITR-4 Filing
ITR-4 is applicable to resident individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) with an annual income not exceeding Rs 50 lakh. This form is particularly relevant for those whose business or professional earnings are calculated presumptively under sections 44AD, 44ADA, or 44AE.
Eligible income sources for ITR-4 include salary or pension, income from a single house property, and agricultural income limited to Rs 5,000. Taxpayers can also report additional income from various sources, excluding lottery winnings and racehorse income. This includes interest from savings accounts, bank deposits, and family pensions. The ITR-4 form aims to accommodate a wide range of income sources, making it easier for taxpayers to comply with their tax obligations.
Filing Process and Important Dates
Taxpayers can access the e-filing portal at incometax.gov.in to submit their returns. The extended deadline of September 15, 2024, provides ample time for individuals to gather necessary documents and complete their filings. It is crucial for taxpayers to ensure they meet the eligibility criteria for the respective forms to avoid complications during the filing process.
As the tax season progresses, the Income Tax Department is expected to provide further updates regarding the availability of ITR-2 and ITR-3 forms. Taxpayers are encouraged to stay informed and utilize the online resources available to facilitate a smooth filing experience.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
