Income Tax Department has released ITR forms for the new financial year, know all the information related to it step by step.

New income tax return forms Details: The Income Tax Department has made available online tax return forms, ITR-1, ITR-2 and ITR-4 on income tax for the financial year 2023-24 (AY 2024-25). The e-filing portal is starting from April 1, 2024. This means that tax payers can now file their tax returns for the financial year 2023-24 using these forms. Earlier, the tax department had released offline excel utilities for ITR-1, ITR-2 and ITR-4.

Apart from this, ITR-1, ITR-2, ITR-4 and ITR-6 for the financial year 2023-24 (AY 2024-25) are also now available. The last date for filing income tax returns for the financial year 2023-24 (AY 2024-25) is July 31, 2024.

Which documents are required to file ITR?

You can file your ITR through online, partial online and partial offline mode. For both methods you will need the following documents:

• Form 16 (if salaried)
• Form 16A (if income from other sources)
• Any other TDS certificate
• interest certificate
• salary slip etc

Step 1: Choose the right ITR form as per your income

This is an important step as choosing the wrong form may delay your return process. Here’s a summary of which form is best for you:

ITR-1 (Spontaneous): This is the simplest form which includes salaried, pensioners or individuals having agricultural income of more than Rs 5000 through single income source. Income from goods may relate to sale of long-lived assets and should be exempt under section 10(38). Apart from this, the total income of the taxpayer from all sources should not exceed Rs 50 lakh in a financial year.

ITR-2: This form is for those whose condition is a little stronger. Taxpayers who own more than one property or have made capital gains can file their tax returns using ITR-2. For example, if there is property abroad, authority to sign on a foreign account, or one of the income sources is agricultural income of more than Rs 5000 then ITR-2 form has to be used. It is also for those whose income includes income from lottery, horse riding, gambling etc and who have short and long term capital gains available.

ITR-4 (Sugam): This form is suitable for salaried and pensioners as well as small traders and professionals. The income of these people from business or professional is not more than Rs 50 lakh. Businesses paying tax under Articles 44 AD, 44 ADA and 44 AE and taxpayers earning income from these businesses can use ITR-4 to file their returns.

Step 2: File your ITR online

Online filing is the most convenient method for most people. Here’s how the process works:

• Go to the e-filing portal of the Income Tax Department.
• Register if you are a new user, otherwise log in to your existing account.
• Go to “File Income Tax Return” section and select Financial Year 2023-24 (Assessment Year 2024-25).
• Select the appropriate ITR form for you and check the tax data pre-filled by the department. This data is obtained from your Form 16, 16A and other sources. Correct any mistakes and fill in missing information.
• Fill the required information, upload documents and submit the return.

Offline Mode of Filing (Partially Online)

If you have limited access to the internet or are not comfortable with online filing, you can adopt a partly online, partly offline approach. Here’s how it works:

Download ITR Form: Download the appropriate ITR form (ITR-1, ITR-2 or ITR-4) from the Income Tax Department website.

Fill the form: Fill the downloaded form by hand. Make sure you enter all the required information and sign.

Attach Documents: Attach photocopies of necessary documents along with the form, like Form 16, 16A, bank statement, investment certificate etc.

Complete the verification process: You will have to verify your return. To do this, use one of the following methods:

Aadhaar OTP: If your Aadhaar is linked to your PAN, you can verify your tax return using the Aadhaar OTP.

EVC (Electronic Verification Code): You can generate EVC tax through your net banking account.

Submission of ITR-V: You can fill the ITR-V form, sign it, pay taxes and send it to the Centralized Processing Center (CPC).

• The offline filing process may take additional time for verification. Submit your return as soon as possible to ensure timely filing.
• Submit your return as soon as possible to ensure filing.

Step 4: Preparing for the future (AY 2024-25)

The process of filing income tax returns for the next financial year will remain largely the same. However, you should keep in mind that the tax department may make changes to the forms from time to time. Therefore, always visit the Income Tax Department website for latest updates. Filing income tax return is an important process. Unlike previous years, the Income Tax Department has notified the Income Tax Return Form much earlier instead of April this year. At the beginning of the new financial year, both online and offline facilities of ITR form have been made available by the tax department. However, many salaried taxpayers may have to wait till the end of June to collect the required TDS certificates before starting the ITR filing process.