look news india
income tax return: March 31 i.e. the financial year 2023-24 passed and the new financial year 2024-25 has started from this week. Along with this, many questions are also being raised among the people regarding filing Income Tax Return (ITR). The most important and big question in this is whether ITR can be filed as soon as April starts or should we wait for some kind of order from the Income Tax Department. Secondly, if ITR can be filed as soon as April starts, then to whom is this permission given and who cannot file it now.
According to the website of the Income Tax Department, ITR Form-1, ITR Form-2, ITR Form-3 and ITR Form-4 have been made available from April 1 for filing returns for the financial year 2023-24. This return form can be filled till 31 July 2024. No fee will have to be paid for filing ITR till this date. However, it is important to know what types of earners these forms apply to.
Who will fill ITR Form-1
This can be filled by employed people whose income is less than Rs 50 lakh. This includes income from house or property, income from salary and pension. If someone earns less than Rs 5000 from farming then he is also allowed to fill this form. It is also called simple form.
What is ITR Form-2 for?
Taxpayers whose income is more than Rs 50 lakh should fill Sahaj form i.e. ITR Form-2. Apart from this, if you have earned money from capital gains or gambling or have earned money from more than 1 property then you will have to fill this form. Those investing in any company should also fill the same form.
Who will fill ITR Form-3?
A Hindu undivided family who earns income from his profession or business. This also includes income from ITR 2. Apart from betting or gambling, the same form should be filled for investment in property or unlisted companies.
ITR Form-4 for whom
HUF means Hindu Undivided Family whose annual income is more than Rs 50 lakh. They will have to fill this form. Along with this, income from salary, pension or other places is also included. Not only this, it also includes money earned from online lotteries etc.