The deadline for filing returns this year is September 15

Earlier, only ITR-1 and ITR-4 were live for online return filing. This year the last date for filing Income Tax Return is 15 September. Generally, the last date for filing Income Tax Return is 31 July. But, in the Union Budget last year , the government had changed many rules including Capital Gains Tax. According to this, changes in Income Tax forms were necessary. After the necessary changes, the department is making the revised forms live.

What type of taxpayers is ITR 2 for

ITR-2 form is used by individuals and Hindu Undivided Families (HUC) who do not have income from business or profession. Generally, this form is used by taxpayers whose income comes from sources like salary, pension, capital gains. People who have income from more than one house property can use this form. Taxpayers who have short term or long term capital gains or loss on investment or sale of property can use this form. If a taxpayer has income from winning lottery or horse race, then he can use this form. Non-resident or resident non ordinarily can use ITR Form 2.

What type of taxpayers is ITR 3 for

ITR Form 3 is for individuals and Hindu Undivided Families (HUF) who have made profit or loss from business or profession. This form is used a lot, due to which it is called a master form. In this form, information can be given about income from house property, salary/pension income, capital gains and income from other sources. If income is earned from a partnership firm, then this form can be used.

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These forms are for those people and organizations whose annual income is up to Rs 50 lakh. It is important for taxpayers to understand some important sections of the Income Tax Act, 1961 while filing returns.

These sections can help you in correct tax calculation, availing deductions and choosing the right tax regime. Let us tell you about it…

Filing under section 139(1)

Let us tell you that under section 139(1), it is mandatory for those people and organizations whose income is above a certain limit to file their ITR within the prescribed time limit. Under this section, information has been given about the provisions for both mandatory and voluntary return filing.

Tax Saving under Section 80C

If you opt for the old tax regime, then section 80C gives you the opportunity to save your tax by investing in several tax saving schemes. For example, you can avail a deduction of up to Rs 1.5 lakh by investing in Public Provident Fund (PPF), Employee Provident Fund (EPF), Equity Linked Savings Scheme (ELSS), tax saving FD and life insurance.

However, note that under the new tax regime, the benefit of section 80C is not available. But taxpayers opting for the new regime can avail a deduction of up to 10% on employer’s contribution to the National Pension Scheme (NPS) under section 80CCD(2).

Apart from this, there is a provision of tax deduction on contribution made to Agniveer Corpus Fund under Section 80CCH and under Section 80JJAA, eligible business entities can claim deduction on appointing new employees.

Section 24B

Taxpayers who are paying interest on home loan or home improvement loan can claim tax deduction under section 24B. The special thing is that this benefit is available under both the old and new tax regimes. In both regimes, you can avail a maximum tax exemption of up to Rs 2 lakh on home loan interest.

Section 10(13A)

Under this section, people living in rented houses can claim exemption on House Rent Allowance (HRA) if their rent is more than Rs 1 lakh per annum.

Section 80D

There is a provision for deduction on the premium of health insurance policies under section 80D. For those below 60 years of age, this limit is Rs 25,000, however, for senior citizens, this limit has been increased to Rs 50,000. Taxpayers can claim a maximum deduction of up to Rs 1 lakh by combining the premiums of their spouse, children and parents.

Section 234F

If you file ITR after the due date, there is a provision of penalty under section 234F. On filing the return late, a penalty of Rs 1,000 is applicable on those with income less than Rs 5 lakh and for those with income more than Rs 5 lakh, the penalty amount increases to Rs 5,000. Not only this, if you file ITR late, you may also have to pay interest charges under section 234A and 234B.

So if you are going to file ITR, keep in mind the above mentioned important sections. These sections will not only help you save maximum tax but will also make tax planning easier for you.

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The Income Tax Department has made income tax return forms ITR-1, ITR-2, ITR-3 and ITR-4 available for the financial year 2023-24 (AY 2024-25) on the e-filing portal from April 1, 2024. Now taxpayers can file income tax returns by choosing forms ITR1-4 on the portal.

The last date for filing income tax returns for the financial year 2023-24 is 31 July 2024. This means that income tax returns can be filed without any fees till July 31. Let us know what is ITR-1, ITR-2, ITR-3 and ITR-4 and who can fill it?

What is ITR1, ITR2, ITR3 and ITR4?

The Income Tax Department presents tax return forms according to the income. Accordingly, a taxpayer has to fill ITR. There are 7 types of ITR, which include ITR1, ITR2, ITR3 and ITR4. Here we are telling you which form you should fill.

Who should fill ITR1 form-

ITR 1 or Sahaj form should be filled by those people whose annual income is less than Rs 50 lakh. This earning can be from salary, pension or other sources. Those earning income from house or property can also fill this form. A farmer earning Rs 5000 can also fill this form.

People earning more than 1 house property, making capital gains, investing in business or unlisted companies, a businessman, HNI investors and a director of a company are not eligible to fill this form.

Who can fill ITR2 form?

If the annual earning limit is more than Rs 50 lakh then ITR 2 can be filed. Apart from this, short term, capital gains, those earning from more than one house property, those earning more than Rs 5000 from farming, income from horse riding betting, income from lottery or legal gambling, those investing in any company or any other The director of the company can fill this form.

ITR3 Form –

This form can be filled by a person or HUF who is earning from his business or profession. Income from ITR 2 is also included in this. Apart from this, those earning from shares of unlisted companies should also fill this form. Also, if there is income from salary, house property, capital gains, horse racing, lottery etc. then ITR Form-3 can be filled.

ITR4 Form –

This form is for individuals and HUFs whose annual income is Rs 50 lakh or more, then ITR 4 form should be filled. This form has to be filled if the income is under section 44AD and 44AE of Income Tax. Those earning from salary, pension or other sources can fill ITR 4.

IMD Alert : There will be rain and storm too, IMD has issued a yellow alert regarding the weather.

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Those people whose income is taxable, they have to file income tax return. Currently, there is an old tax regime and a new tax regime for filing individual income tax returns. The tax slab is different in these.

ITR form

Taxpayers will have to file their income tax returns for the financial year 2022-23 by 31 July. In February, the Central Board of Direct Taxes (CBDT) released ITR forms for this financial year. Taxpayers can file ITR as soon as this financial year ends. There are seven types of ITR forms for different individuals, businesses and companies, these include ITR 1 (Sahaj), ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7.

Penalty may have to be paid

Different ITR forms are filed according to different needs. Whereas ITR-1 and ITR-4 are simple forms that cater to a large number of small and medium taxpayers. However, people filing income tax should take care of one important thing, otherwise they may have to pay a fine of Rs 5,000.

Income tax return

Actually, the last date for filing ITR for the financial year 2022-23 is 31 July. In such a situation, if someone is not able to file income tax return till 31st July, then he will have time till 31st December to file the late return and pay the penalty. Rs 5,000 will have to be paid as penalty.

This is the provision

According to the Income Tax Department’s website, the penalty for late ITR filing is Rs 5,000, even after that if someone does not file ITR by the due date, then the amount for filing after that can be doubled. Apart from this, there is also a provision of punishment in some cases.

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More than 3 crore Income Tax Returns have been filed till July 25, 2022 for the financial year 2021-22 and assessment year 2022-23. The last date for filing Income Tax Return is 31st July 2022. In such a situation, the Income Tax Department has advised the taxpayers to file the return as soon as possible.

Recently, the Finance Ministry had clarified that the last date for filing ITR will not be extended this year. If you have not yet filed your ITR Return, it is important that you do so before Sunday, that is, 31st July. If you miss the deadline for filing ITR, you may have to suffer a loss.

A salaried individual can file his tax return using ITR-1 or ITR-2. It is important to ensure that the tax return is filed using the correct form. Filing ITR using wrong tax return form will result in faulty ITR filing. After which the Income Tax Department can send you a notice for income tax. In which you will be asked to file ITR using the correct form. The form you need to use to file ITR will depend on your sources of income during the financial year.

Who can file ITR-1?

• Total income should not exceed Rs 50 lakh
• The source of income should be salary, a house property and other sources of income, i.e. interest income, dividend etc. and agricultural income only up to Rs.5,000.
• Person should ordinarily be resident Indian
• If a salaried person fulfills the above conditions, then he/she can file tax return using ITR-1 form.
• If a salaried person has income from any other source such as capital gains, foreign income etc. or is a non-resident individual, he cannot file tax return using ITR-1.

Who can file ITR-2?

A salaried person can file his tax return using ITR-2 form if he-

• is a director of a company
• Investing in unlisted equity shares
• Income from salary, more than one house property, capital asset, foreign income and other sources of income
• holds assets outside India
• Total income is more than Rs 50 lakhs
• Hindu Undivided Family (HUF)
• is a non-resident person or a resident person (both in the ordinary or not in the ordinary course)
• If there are losses which should be carried forward or carried forward under the head ‘Income from house property’.
• Thus, if a salaried person has income from salary and capital gains, he/she has to file income tax return using ITR-2 form.

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