The IT department has enabled the forms for assessment year 2024-25 for filing income tax returns. The last date for filing income tax returns for assessment year 2024-25 is 31 July 2024. Let us tell you which form is for you…
If you are a taxpayer then this news is useful for you. Actually, now you can file income tax return for the financial year 2023-24 and assessment year 2024-25. For this, the Income Tax Department has enabled the Income Tax Return Forms from April 1, 2024. The Income Tax Department has enabled online ITR forms of ITR-1, ITR-2, ITR-4 for the financial year 2023-24 and assessment year 2024-25. Let us tell you, the last date for filing ITR for assessment year 2024-25 is 31 July 2024. Let us tell you which form is available for you to fill ITR and how you can fill the return online by visiting the e-filing website.
There are 7 types of forms
Let us tell you that there are 7 types of income tax return forms for taxpayers. At present, only taxpayers filing income tax returns through ITR-1, ITR-2 and ITR-4 can file returns.
Who is ITR Form-1 for?
Income Tax Return Form No. 1 is for those taxpayers whose annual income is less than Rs 50 lakh. The source of income of such taxpayers should be income from a property other than salary. Apart from this, people having interest income and dividend income and annual income from agriculture up to Rs 5,000 can also file income tax return through ITR Form No. 1.
Who is ATR Form-2 for?
If the taxpayers get the benefit of capital gain from the sale of mutual funds, stocks or immovable properties or the taxpayers own more than one house property, then such taxpayers will have to file income tax return through ITR-2.
ATR Form – 4
ITR-4 also known as Sugam is for individuals and HUFs (Hindu Undivided Families) whose total income from business and profession is up to Rs 50 lakh. This is not for a person who is either a director in a company or has invested in unlisted equity shares or whose income from agriculture is more than Rs 5,000.