New revenue tax return varieties ITR-1, ITR-2, ITR-4 accessible for FY 2023-24; know particulars AY 2024-25 e-filing | Enterprise – Occasions of India

ITR submitting varieties for FY 2023-24:The Revenue Tax Division has made the net tax return varieties, ITR-1, ITR-2, and ITR-4, accessible for FY 2023-24 ,AY 2024-25) on the revenue tax e-filing portal beginning April 1, 2024. This implies eligible taxpayers can now file their tax returns for FY 2023-24 utilizing these varieties.
As per an ET report, earlier, the tax division launched offline Excel utilities for ITR-1, ITR-2, and ITR-4.Moreover, offline JSON utilities for ITR-1, ITR-2, ITR-4, and ITR-6 for FY 2023-24 (AY 2024-25 ) are additionally accessible now.
The deadline to file revenue tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.

Choices for submitting revenue tax returns

Taxpayers have the choice to file their revenue tax return (ITR) both solely on-line by the tax division’s e-filing revenue tax portal or by a mixture of on-line and offline strategies utilizing JSON and Excel utilities.
Submitting revenue tax return on-line
Taxpayers can log into their account on the e-filing portal and choose the ‘File revenue tax return’ possibility. A lot of the required data is routinely prefilled from their Annual Data Assertion (AIS) and Type 26AS. Nonetheless, it is really helpful that taxpayers cross-check this prefilled information with paperwork like Type 16, Type 16A, different TDS certificates, curiosity certificates, and wage slips to make sure accuracy.
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Utilizing offline utilities
Taxpayers even have the choice to file their ITR utilizing offline utilities akin to JSON and Excel. These utilities will be downloaded from the e-filing revenue tax portal and used to fill of their particulars. To entry pre-filled information within the offline utilities, taxpayers should obtain a prefilled XML from their e-filing revenue tax account. After filling within the obligatory particulars offline, taxpayers can add the finished varieties on the e-filing web site.

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

Taxpayers can select to file their tax return utilizing ITR-1, ITR-2, or ITR-4, relying on the sources of their revenue for the monetary yr:

Early notification of ITR varieties by CBDT

In contrast to earlier years, the Revenue Tax Division has notified revenue tax return varieties effectively prematurely this yr, as an alternative of April. At the start of the brand new monetary yr, each on-line and offline utilities of ITR varieties have been made accessible by the tax division. Nonetheless, many salaried taxpayers might have to attend till the top of June to assemble the mandatory TDS certificates earlier than they will start the ITR submitting course of.