ITR E-Filing FY 2024-25: ITR-1 and ITR2 form online for returning filing on Income Tax E-Filing portal; Check the details
ITR FY 2024-25: The Income Tax Department has activated its website Incetax.gov.in to file income tax returns using ITR-1 and ITR-4 forms. Eligible people can now submit their ITRs through an e-filing portal for FY 2024-25 (Ay 2025-26). Currently, only ITR-1 and ITR-4 submissions are available online, while people requiring ITR-2 or ITR-3 will have to wait for further updates.Last month, the Income Tax Department had extended the deadline for filing ITR from FY 2024-25 to 15 September from 31 July.
Who can do e-phile ITR using ITR-1 for FY 2024-25?
ITR-1 filing is allowed for Indian resident persons:* Total annual income is below Rs 50 lakhs* Earn from salary, a house property, family pension income, agricultural income (up to Rs 5000), and additional sources:* Savings Account Interest* Bank / Post Office / Cooperative Society)* Income tax refund interest* Increased compensation interest* Other interest earnings* Family Pension“The income of the spouse (apart from those covered under the Portuguese Civil Code) or a minor is club (only if the source of income is within the specified boundaries as mentioned above),” The Income Tax Department said in its often asked questions (FAQ).This year, new ITR forms allow individuals with long -term capital gains from equity shares and equity mutual fund investment to allow their tax returns through ITR -1 and ITR -4 form (as applied). This provision applies when the capital profit remains within Rs 1.25 lakh.
Who can do e-filing ITR using ITR-4 for FY 2024-25?
ITR-4 resident persons, HUFS and firms (except LLP) apply to fulfill these conditions:* Financial income should not exceed 50 lakh rupees* Business and professional income is calculated under Section 44AD, 44ADA or 44AE* Income sources include salary/pension, single house property, agricultural income (₹ 5000/-till limited)* Additional income from other sources (except for lottery win and race horse income):* Savings Account Interest* Bank/Post Office/Cooperative Society Deposit Interest* Interest on income tax refund* Family Pension* Increased compensation interest* Additional interest income (including unsafe loan interest)
