Income Tax Return, ITR Filing 2024: The time has come to file income tax returns (ITR). Like every year, all taxpayers including salaryed employees will be able to file their tax returns using one of the seven ITR forms currently available. In the recent times, 7 ITR forms are available for tax payers on the department's e-filing portal.
It is necessary to identify the correct ITR form. Which income tax return form is right for your income. Today we are going to tell you through this news that while filling the ITR form, which form you have to select.
Income tax returns i.e. ITR is a type of form, in which all information about your income is full.
This form can be used by average salary employees or residents whose total income is up to Rs 50 lakh from salary/pension, a house property and other sources.
The person cannot use the ITR-1 form who has assets outside India or who is earning income from abroad. Also, people whose annual income is more than Rs 50 lakh, they cannot use this form. People with annual income of more than Rs 5,000 from agriculture are not allowed to file ITR 1.
ITR 2 forms can fill a person or HUF whose income is not in the item of business or profit or profit from any profession. In a financial year, individuals with income of more than Rs 50 lakh and HUF should fill this form.
Those people or HUFs, who have benefits from business or profession in the total income of the year, cannot file ITR2. Apart from this, those tax payers whose income is from interest, salary, bonus etc. Those who earn income from commission or remuneration from partnership firm will not file ITR2.
The new update was launched on 25 March 2025. It provides facility to filing revised returns under Section 139 (8A), so that individuals can improve their returns if needed. This makes it easier for salary employees, pensioners and other non-commercial taxpayers to file returns.
