The final date for submitting ITR for AY 2024-25 for individuals who don’t must get their accounts audited is July 31.
ITR-1, ITR-2 and ITR-4 for AY 2024-25 are enabled for submitting in on-line mode at e-submitting portal; final date for submitting earnings tax returns is July 31
Income Tax Return E-Filing For AY 2024-25: Income tax payers can now begin submitting their ITR for the monetary yr 2023-24 (or evaluation yr 2024-25) because the earnings tax division has enabled on-line submitting of ITR-1, ITR-2 and ITR-4. These varieties are meant for people, professionals and small companies.
“ITR-1, ITR-2 and ITR-4 for AY 2024-25 are enabled for filing in online mode at e-filing portal,” in accordance with the earnings tax division’s web site.
The final date for submitting earnings tax returns for the evaluation yr 2024-25 for individuals who don’t must get their accounts audited is July 31.
Who Is Eligible To File ITR-1, ITR-2, ITR-4?
ITR-1 is filed by people, together with salaried class and senior residents.
Though the ITR-1 on-line is now out there for submitting, salaried people will be capable to file the earnings tax return after Form-16 is on the market to them from their firm.
ITR-2 is filed by companies and professionals who’ve opted for presumptive taxation and people people whose annual earnings doesn’t exceed Rs 50 lakh.
ITR-4 is for resident people, HUFs and corporations (apart from LLP) having whole earnings as much as Rs 50 lakh and having earnings from enterprise and occupation which is computed underneath Sections 44AD, 44ADA or 44AE and agricultural earnings as much as Rs 5,000.
How To File Offline ITR
On Monday, April 1, 2024, the earnings tax division additionally enabled offline submitting of the ITR by making out there JSON and Excel utilities for ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-25.
In the offline methodology, taxpayers are required to obtain the related kind or Excel utility, fill it after which add it on the earnings tax division’s portal. However, within the on-line kind, taxpayers can straight fill particulars about their incomes on the earnings tax portal and submit it. In each modes, the varieties should be verified by the taxpayers.
Online Vs Offline ITR: What Should You Prefer?
According to earnings tax specialists, on-line or offline ITR shouldn’t be a range by random selection however depends upon the taxpayers’ state of affairs and related components.
Online mode might be faster if all particulars are available, and the taxpayer is comfy working straight on the tax submitting portal.
On the opposite hand, an offline utility could be higher if there are a number of data flows over completely different time intervals — right here one can add as and when the small print can be found.
Internet connectivity and the quantity of knowledge to be fed also needs to be thought-about.
Paper returns are accepted for a restricted set of taxpayers, corresponding to very senior residents with non-enterprise earnings. However, for efficient and faster processing, on-line submitting is preferable.
