Income Tax Returns: From Forms, Deadlines To Methods; Everything You Need To Know About Filing ITR For FY23-24

Recently, the Income Tax Department (IT Department) has enabled the electronic filing (e-filing) versions of the ITR-1,2,3 forms for the financial year 2023-2024 i.e. assessment year 2024-25. Starting from April 1, the deadline for filing the income tax returns (ITRs) to FY24 has been kept till July 31,2024.

What are the methods of filing Income Tax Returns?

The IT Department offers two methods for filing the tax - Online and Offline. Taxpayers can opt either of it.

In online submission, one of the most preferred, the taxpayer has to directly file the IT Departments' e-filing portal. The online process involves logging into the e-filing income tax portal and using the pre-filled data from the Annual Information Statement (AIS) and Form 26AS.

On the other hand, in the case where individuals opting for offline approach, the department provides downloadable utilities in Excel and JSON formats for ITR 1,2,3,4 and even for ITR-6 for FY23-24. Using these tools, taxpayers can file their ITR offline and later upload the overall data to the e-filing portal for submission.

What are the different types of ITR Forms?

There is a total of 7 types of ITR form ranging to various categories based on income profiles and entities, assuring taxpayers can select the most suitable appropriate for the financial circumstances.

From Sahaj to Sugam, Let's take a look at the 7 ITR forms:

ITR 1 (Sahaj): It is for resident individuals with income sources up to Rs 50 lakh, including salary, one house property, and other sources such as interest and dividends, also an agricultural income up to Rs 50,000.

ITR 2: It is for individuals and Hindu Undivided Families (HUFs) with income from diverse sources, multiple properties, foreign income, or those who are directors of a company.

ITR 3: For individual or HUFs with income classified under profit or gains of business or profession.

ITR 4 (Sugam): For individuals and HUFs with income from business or profession under the presumptive taxation scheme, along with income from other sources.

ITR 5: Beyond individual taxpayers, it is used by a wide range of entities such as firms, LLPs, Co-operative societies, local authorities etc.

ITR 6: This is specifically foe companies that are registered under the Companies Act 2013 or 2026, excluding those getting income from property held for religious or charitable purposes.

ITR 7: This is used by companies, local authorities, associations of persons (AOP), and Artificial Juridical Persons claiming exemption under Section 139 (4A) for income earned from a charitable or religious trust.

In case you missed it: TDS MESSAGE

As the forms of the ITR filing has been released, salaried taxpayers may receive messages from the IT Department regarding the total tax deducted at source (TDS). These messages are not demands for additional tax payment but acknowledgements of TDS deposited during the final quarter and the previous financial year.