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.

The post Income Tax Return: Important update for taxpayers, know who has to fill ITR1, ITR2, ITR3 and ITR4, which one is best for you first appeared on Rightsofemployees.com.

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.

The post Income Tax Payers Alert! Government’s announcement! May have to pay a fine of Rs 5,000 first appeared on Rightsofemployees.com.