Income Tax Return E-Filing For AY 2024-25: Income tax payers can now start filing their ITR for the financial year 2023-24 (or assessment year 2024-25) as the income tax department has enabled online filing of ITR-1, ITR-2 and ITR-4. These forms are meant for individuals, professionals and small businesses.
“ITR-1, ITR-2 and ITR-4 for AY 2024-25 are enabled for filing in online mode at e-filing portal,” according to the income tax department’s website.
The last date for filing income tax returns for the assessment year 2024-25 for people who do not need to get their accounts audited is July 31.
Who Is Eligible To File ITR-1, ITR-2, ITR-4?
ITR-1 is filed by individuals, including salaried class and senior citizens.
Though the ITR-1 online is now available for filing, salaried individuals will be able to file the income tax return after Form-16 is available to them from their company.
ITR-2 is filed by businesses and professionals who have opted for presumptive taxation and those individuals whose annual income doesn’t exceed Rs 50 lakh.
ITR-4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.
How To File Offline ITR
On Monday, April 1, 2024, the income tax department also enabled offline filing of the ITR by making available JSON and Excel utilities for ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-25.
In the offline method, taxpayers are required to download the relevant form or Excel utility, fill it and then upload it on the income tax department’s portal. However, in the online form, taxpayers can directly fill details about their incomes on the income tax portal and submit it. In both modes, the forms need to be verified by the taxpayers.
Online Vs Offline ITR: What Should You Prefer?
According to income tax experts, online or offline ITR is not a selection by random choice but depends on the taxpayers’ situation and associated factors.
Online mode will be quicker if all details are readily available, and the taxpayer is comfortable working directly on the tax filing portal.
On the other hand, an offline utility would be better if there are multiple information flows over different time periods — here one can add as and when the details are available.
Internet connectivity and the volume of data to be fed should also be considered.
Paper returns are accepted for a limited set of taxpayers, such as very senior citizens with non-business income. However, for effective and quicker processing, online filing is preferable.
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