ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal

The Income Tax Department has enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) on the e-filing portal. The online ITR forms have been enabled from April 1, 2024. With the availability of income tax return forms, taxpayers eligible to file their tax returns using these ITR forms can now file their ITR for FY 2023-24. The tax department had earlier released the offline Excel utilities of ITR-1, ITR-2 and ITR-4. The offline JSON utilities for ITR-1, ITR-2, ITR-4 and ITR-6 for FY 2023-24 (AY 2024-25) have also been released.Also read: Offline ITR-1,4 forms: Income tax department releases JSON utilities for FY 2023-24 (AY 2024-25)

The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.

Ways to file income tax return

A taxpayer can file his/her ITR either completely online on the tax department’s e-filing income tax portal or partially online, partially offline using the JSON and Excel utilities.

Filing ITR completely online: A taxpayer can file his/her income tax return completely online by logging into his/her account on the e-filing income tax portal. Once logged in, a taxpayer can file his/her return completely online under the ‘File income tax return’ option. Here, most of the taxpayer’s data is pre-filled online from their Annual Information Statement (AIS) and Form 26AS. However, tax experts advise that the pre-filed data must be cross-checked from their documents such as Form 16, Form 16A, any other TDS certificate, interest certificate, salary slips etc.

Also read: New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply

Filing ITR using offline utilities: A taxpayer can file his/her ITR using offline utilities of JSON and Excel. The offline utilities can be downloaded from the e-filing income tax portal. Taxpayers can download the same to their system and use them to fill in their details. To get the pre-filled data in the offline utilities, taxpayers need to download pre-filled XML from their e-filing income tax account. Once the required details are filled in the offline utilities, the same is required to be uploaded on the e-filing website.

Eligibility criteria to file ITR-1, ITR-2 and ITR-4

A taxpayer can file his/her tax return using ITR-1, ITR-2 and ITR-4 depending on their sources of income in the financial year.

• ITR-1 can be filed by taxpayers who are resident individuals (other than not ordinarily resident), having income from salaries, one house property, other sources of income such as interest, dividend, family pension and agricultural income up to Rs 50,000 and gross total income from all sources not exceeding Rs 50 lakh in a financial year.
• ITR-2 can be filed by taxpayers having more than one house property, and those who have earned capital gains.
• ITR-4 is used by taxpayers having income from business and professions which is taxable under sections 44AD, 44ADA and 44AE.

ITR forms notified early by CBDT

Unlike previous years when the income tax department used to notify income tax return forms in April, this year the forms were notified well ahead of time. With the start of the new financial year, the tax department has enabled online and offline utilities of ITR forms. However, many salaried taxpayers will have to wait till the end of June to collect the required TDS certificates before they can start the ITR filing process.

Also read: ITR-1,4 for income tax return filing FY2023-24 notified by CBDT; last date to file July 31, 2024

The Income Tax Department has made the online income tax return forms, ITR-1, ITR-2, and ITR-4 available for FY 2023-24 (AY 2024-25) on the e-filing portal. These online ITR forms have been accessible since April 1, 2024. Taxpayers who are eligible to use these forms can now file their tax returns for FY 2023-24. The tax department had previously released offline Excel utilities for ITR-1, ITR-2, and ITR-4. The offline JSON utilities for ITR-1, ITR-2, ITR-4, and ITR-6 for FY 2023-24 (AY 2024-25) have also been released.

The deadline to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.

Methods to file income tax return

A taxpayer can submit their ITR either entirely online on the tax department’s e-filing income tax portal or partially online using JSON and Excel utilities.

Filing ITR entirely online: A taxpayer can file their income tax return entirely online by logging into their account on the e-filing income tax portal. Most of the taxpayer’s data is prefilled online from their Annual Information Statement (AIS) and Form 26AS. It is recommended by tax experts to cross-check the prefilled data with their documents such as Form 16, Form 16A, TDS certificates, interest certificates, salary slips, etc.

Filing ITR using offline utilities: Taxpayers can download JSON and Excel offline utilities from the e-filing income tax portal to fill in their details. Pre-filled data can be downloaded in XML format from the e-filing income tax account. Once details are entered in the offline utilities, they need to be uploaded on the e-filing website.

Eligibility criteria for ITR-1, ITR-2, and ITR-4

Depending on their income sources in the financial year, taxpayers can file their tax returns using ITR-1, ITR-2, and ITR-4.

• ITR-1: For resident individuals (other than not ordinarily resident) with income from salaries, one house property, other sources like interest, dividend, family pension, agricultural income up to Rs 50,000, and total income not exceeding Rs 50 lakh in a financial year.
• ITR-2: For taxpayers with more than one house property and capital gains.
• ITR-4: For taxpayers with income from business and professions taxable under sections 44AD, 44ADA, and 44AE.

Early notification of ITR forms by CBDT

Unlike previous years, this year the income tax return forms were notified early by the CBDT. Online and offline utilities of ITR forms were made available at the beginning of the financial year. However, many salaried taxpayers may need to wait until the end of June to collect the necessary TDS certificates before starting the ITR filing process.