Taxpayers Can File Income Tax Return For AY25 AS ITR Forms Has Been Enabled

Income Tax Return Form Enabled For AY 2024-25: You can now file income tax returns for the financial year 2023-24 and assessment year 2024-25. The Income Tax Department has enabled Income Tax Return Forms for filing ITR 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. The last date for filing income tax return for assessment year 2024-24 is 31 July 2024. Taxpayers will be able to file income tax returns online by visiting the e-filing website of Income Tax.

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 No. 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 No. 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 No. 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.

In earlier years, the Income Tax Department used to notify the income tax return forms in the month of April after the start of the new financial year. But this time it has already been notified. Also, with the start of the new financial year, online and offline income tax return forms have also been enabled so that taxpayers can file income tax returns.

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