Income Tax Return (ITR) Forms Are Out For AY24-25: Check ITR Filing Deadline And Eligibility Criteria

The deadline for filing income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024. Taxpayers have the flexibility to file their returns either entirely online through the e-filing income tax portal or via a combination of online and offline methods using JSON and Excel utilities.
Income Tax Return, Income Tax Return Forms, ITR Forms, ITR-1, ITR-2, ITR-4, ITR Deadline

Income Tax Return (ITR) Forms Are Out For AY24-25: Check ITR Filing Deadline And Eligibility Criteria (image source: Canva)

Income Tax Returns (ITR) Forms : The Income Tax Department has introduced online tax return forms, including ITR-1, ITR-2, and ITR-4, for the financial year 2023-24 (assessment year 2024-25) on the income tax e-filing portal, effective April 1, 2024. This enables eligible taxpayers to initiate the filing process for FY 2023-24 using these forms.

Availability of Offline Utilities

Previously, the tax department had released offline Excel utilities for ITR-1, ITR-2, and ITR-4. Subsequently, offline JSON utilities for these forms, along with ITR-6, for FY 2023-24 (AY 2024-25), have also been made accessible.

Deadline and Options for Filing Income Tax Returns

The deadline for filing income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024. Taxpayers have the flexibility to file their returns either entirely online through the e-filing income tax portal or via a combination of online and offline methods using JSON and Excel utilities.

Filing Income Tax Return Online

Taxpayers can log into their accounts on the e-filing portal and opt for the 'File income tax return' feature. Most required information is prefilled from their Annual Information Statement (AIS) and Form 26AS. However, it's advisable to cross-verify this data with documents like Form 16, Form 16A, TDS certificates, interest certificates, and salary slips for accuracy.

Using Offline Utilities

Alternatively, taxpayers can utilize offline utilities like JSON and Excel, downloadable from the e-filing income tax portal. To access prefilled data in these utilities, taxpayers must download a prefilled XML from their e-filing income tax account. After completing the forms offline, they can upload them on the e-filing website.

Eligibility Criteria for ITR-1, ITR-2, and ITR-4

Depending on their income sources, taxpayers can select ITR-1, ITR-2, or ITR-4:
- ITR-1: Applicable to resident individuals (excluding not ordinarily residents) with income from salaries, one house property, other sources like interest, dividends, family pension, and agricultural income up to Rs 50,000. Gross total income from all sources must not exceed Rs 50 lakh.
- ITR-2: Suitable for taxpayers with more than one house property or capital gains.
- ITR-4: Designed for individuals with income from business and professions taxable under sections 44AD, 44ADA, and 44AE.
Unlike previous years, the Income Tax Department has notified income tax return forms in advance this year. Both online and offline utilities have been made available at the start of the new financial year. However, some salaried taxpayers may need to wait until the end of June to gather essential TDS certificates before commencing the filing process.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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