No sooner had the new financial year started than the income tax return (ITR) filing process commenced for FY 2024.
The income tax department (ITD) has already enabled all the return filing forms – ITR-1, ITR-2, ITR-4 and ITR-6 — for filing the returns at the e-filing portal.
The department has released the excel utility of ITR-6 for AY 2024-25. Prior to this, the department enabled the excel utility of ITR-1, ITR-2 and ITR-4 for AY 2024-25.
The excel utilities of these forms are available under the ‘downloads’ button at e-filing portal.
So far, the tax department has received around 6 lakh returns in the first month of Assessment Year 2024-25. Notably, almost two-thirds of these returns have already been processed.
If you are also planning to file your return early this year and do not wish to wait until July 31, you may want to know which form you would need to file your income tax return.
A lowdown on ITR filing forms
ITR-1: This form is meant for individuals who are resident (other than not ordinarily resident) having total income up to ₹50 lakh, who have income from salaries, one house property, other sources (interest etc), and agricultural income up to ₹5,000.
ITR-2: This form is meant for Individuals and HUFs who do not have an income from profits and gains of business or profession.
ITR-4: The income tax return form 4 is meant for individuals, HUFs and firms (other than LLP) who are residents and have a total income up to ₹50 lakh, and have income from business and profession which is computed under sections 44AD, 44ADA or 44AE. Additionally, the taxpayer should not have an agricultural income up to ₹5,000.
ITR-6: This tax filing form is meant for the companies besides the entities claiming exemption under section 11.
In another news, Finance Minister Nirmala Sitharaman has refuted media reports that claimed that the BJP if re-elected will bring some key changes in the tax system after the Lok Sabha polls ensure a victory.
Source By: livemint
