Income tax return forms for FY 2023-24 (AY 2024-25), are now accessible on the e-filing income tax portal.

income tax return forms

Filing Forms for FY 2023-24 Enabled: Online ITR Forms Now Accessible as of April 1, 2024

The Income Tax Department has activated online filing forms, including ITR-1, ITR-2, and ITR-4, for the fiscal year 2023-24 (Assessment Year 2024-25) on the e-filing portal since April 1, 2024. Eligible taxpayers can now promptly file their FY 2023-24 tax returns using these forms.

income tax return forms

The Income Tax Department has activated online filing forms, namely ITR-1, ITR-2, and ITR-4, for the financial year 2023-24 (Assessment Year 2024-25) on the e-filing portal starting from April 1, 2024. Taxpayers eligible to utilize these ITR forms can now proceed to file their FY 2023-24 tax returns with ease.

Previously, the tax department had issued offline Excel utilities for ITR-1, ITR-2, and ITR-4. Additionally, offline JSON utilities for FY 2023-24 (AY 2024-25) have been made available for ITR-1, ITR-2, ITR-4, and ITR-6.

The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.

Methods of Filing Income Tax Return

1. Complete Online Filing

Taxpayers can choose to file their ITR entirely online via the tax department’s e-filing income tax portal. By logging into their account on the portal, taxpayers can access the “File income tax return” option. Here, most of the taxpayer’s information is pre-filled from their Annual Information Statement (AIS) and Form 26AS. However, it is advisable for taxpayers to cross-check the pre-filled data with their documents such as Form 16, Form 16A, other TDS certificates, interest certificates, and salary slips.

2. Partial Online, Partial Offline Filing

Alternatively, taxpayers can opt for a combination of online and offline methods. This involves using JSON and Excel utilities provided by the tax department. Taxpayers can partially fill out their return offline using these utilities and then proceed to submit it online through the portal.

Filing ITR Completely Online

Taxpayers can file their income tax return entirely online by following these steps:

  • Log in to the e-filing income tax portal.
  • Access the “File income tax return” option.
  • Verify and cross-check pre-filled data with relevant documents.
  • Submit the return electronically through the portal.

Filing ITR with Offline Utilities

Taxpayers have the option to file their ITR using offline utilities such as JSON and Excel, which can be downloaded from the e-filing income tax portal. After downloading these utilities onto their system, taxpayers can input their information. To access pre-filled data within the offline utilities, taxpayers must download the pre-filled XML from their e-filing income tax account. Once the necessary details are entered into the offline utilities, they are then required to upload the completed file onto the e-filing website.

User Eligibility criteria to file ITR-1, ITR-2 and ITR-4

Depending on their income sources in the financial year, taxpayers have the option to file their tax return using either ITR-1, ITR-2, or ITR-4.

ITR-1 can be filed by taxpayers who are resident individuals (other than not ordinarily resident), having income from salaries, one house property, other sources of income such as interest, dividend, family pension and agricultural income up to Rs 50,000 and gross total income from all sources not exceeding Rs 50 lakh in a financial year.

ITR-2 can be filed by taxpayers having more than one house property, and those who have earned capital gains.

ITR-4 is used by taxpayers having income from business and professions which is taxable under sections 44AD, 44ADA and 44AE.

Read More: What are the differences between income tax and tax deduction at source?

CBDT Notifies ITR Forms Ahead of Schedule

In contrast to previous years, where income tax return forms were typically notified in April, this year they were released well in advance. With the commencement of the new financial year, the tax department has made both online and offline utilities for ITR forms available. However, numerous salaried taxpayers may need to wait until the end of June to gather the necessary TDS certificates before initiating the ITR filing process.

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Have you forgotten to double-check your tax return? Carry it out.

Have you forgotten to double-check your tax return? Carry it out

While ITRs can be validated electronically in five different methods, a physical copy can also be sent to Bengaluru’s Centralized Processing Centre (CPC).

One of the most significant financial tasks of the year is the filing of income tax returns. It’s critical that you file your income tax return on or before the deadline, with complete and correct information about your earnings and any other information requested on the ITR form. The deadline for reporting ITRs for FY2020-21 is December 31, 2021.

ITR verification is the final step in the income tax return filing process. The ITR must be confirmed within 120 days of the filing date, according to income tax legislation. A taxpayer has six options for verifying their return. While ITRs can be validated electronically in five different methods, a physical copy can also be sent to the Centralized Processing Centre for verification (CPC), Bengaluru.

Note that if an ITR is not confirmed within 120 days of filing, the income tax authorities will not consider it a genuine return. Furthermore, if the ITR is not confirmed, it will not be accepted for processing by the tax department. Furthermore, taxpayers will not receive any tax refund unless they have filed a validated ITR that has been confirmed by the income tax department after processing.

What to do if the ITR isn’t confirmed within the allotted time:

An individual can file a condonation delay request on the e-filing income tax site if an ITR was not verified within the statutory time limit owing to a legitimate reason. They will be asked to explain why the ITR was not confirmed earlier when filing such a request. If specific circumstances are met, the income tax department will grant a request for a deferral in payment. The following are some of the criteria:

  • A claim is true and accurate;
  • In the hands of another individual, income for which a tax return has been submitted is not assessable;
  • The taxpayer is experiencing genuine hardship as a result of the ITR not being confirmed in a timely manner.

If you have failed to verify your tax return, here’s how you can file condonation delay request:

Step 1: Login to your account on the income tax portal.
Step 2: Under the ‘Services’ tab on your Dashboard, select ‘Condonation Request’.
Step 3: On the ‘Condonation Request page’, select the type of condonation request you want to proceed with. (Currently income tax department shows only one option: Delay in submission of ITR-V). Select it and click on ‘Continue’.
Step 4: On the ‘Delay in submission of ITR-V’ page, click on ‘Create Condonation Request’.
Step 5: On the ‘Select ITR page’, select the record for which you want to raise a condonation request for delay in ITR-V submission and click on ‘Continue’.
Step 6: On the ‘Provide reason for delay page’, select the reason of your delay and click on Submit.

Step 5: On the ‘Select ITR page,’ select the record for which you want to submit an ITR-V delay condonation request and click ‘Continue.’
Step 6: Select the cause for your delay on the ‘Provide explanation for delay page’ and click Submit.

A success notification will appear, along with a Transaction ID. Make a mental note of the Transaction ID for future use. A confirmation message will be sent to the email address and mobile number you provided when you registered with the e-Filing portal.

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Keep in mind that there is no explicit provision in the Income Tax Act that specifies a time restriction for filing a condonation delay request. However, the CBDT has stated in Circular No. 9/2015 dated June 9, 2015 that no condonation application for a refund/loss claim will be considered after six years from the end of the assessment year for which the application/claim is lodged.

How to keep track of a delay condonation application’s progress:

Through the new income tax site, you can quickly check the status of your condonation request. The ‘Condonation Request’ option under the ‘Services’ tab can be used to track the status. You will not be able to file an ITR until your delay condonation request is approved. While there is no set timeframe for acceptance or denial of a condonation request, the tax department typically processes such requests in 3 to 4 months.

What if your request for a condonation delay is denied?

If the application is denied, the return will remain unverified, and a non-verified return is viewed as an invalid return under income tax regulations, meaning the individual will be responsible for all of the repercussions of failing to file a tax return. If the assessee’s request for a condonation is denied, they will be liable to criminal sanctions under the IT law.

Tax-Saving Infrastructure Bonds: Find out how much tax you’ll have to pay at maturity and how to avoid TDS.

Consequences of failing to file an ITR:

  • Section 234F imposes late filing fines of Rs 5,000. However, if the taxpayer’s total income is less than Rs 5 lakh, late costs are limited to Rs 1,000.
  • In addition, any amount of tax that remains unpaid would be subject to interest at 1% per month or part of a month under section 234A.
  • Due to non-filing of the tax return within the statutory due dates, the opportunity to claim certain deductions and/or set off and carry forward of losses other than losses from house property loss is lost.
  • The Internal Revenue Service (IRS) can charge a penalty under 270A for under-reporting income, which is equal to 50% of the tax saved by the taxpayer due to non-filing of a return.
  • The taxman can also bring a case against the defaulting taxpayer under section 276CC, which can result in a sentence of rigorous imprisonment for a period ranging from three months to two years, as well as a fine, based on the amount of tax avoided.

Tax-Saving Infrastructure Bonds: Find out how much tax you’ll have to pay at maturity and how to avoid TDS.

Tax-Saving Infrastructure Bonds: Find out how much tax you’ll have to pay at maturity and how to avoid TDS.

The long-term infrastructure bonds that were issued in FY 2011-12 to allow tax deductions of up to Rs 20,000 from taxable income are set to mature in FY 2021-22.

The long-term infrastructure bonds that were issued in the Financial Year 2011-12 to offer deductions of up to Rs 20,000 from taxable income under section 80CCF of the Income Tax Act are set to mature in the Financial Year 2021-22.

Although the bonds provided tax benefits under section 80CCF at the time of purchase, the bonds’ interest is taxable in the hands of investors.

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As a result, the tax-advantaged long-term infrastructure bonds were not really tax-free bonds.

The annual interest payout option and the cumulative interest option were both available to the investors.

While investors who chose annual interest distributions have already paid tax on the amount of interest received, those who chose the cumulative option would pay more tax in the year of investment than they saved in the year of investment.

Taxation

Because the interest on long-term infrastructure bonds is taxable, the interest earned by the investors – annually for those who chose the annual option and aggregate on maturity for those who chose the cumulative option – will be added to their taxable income.

As a result, tax payable will be lower for investors in lower tax bands and higher for those in higher tax brackets.

TDS

For Resident taxpayers who choose the cumulative option in physical format, the interest payment will be subject to a 10% Tax Deducted at Source (TDS) if the interest payment upon redemption exceeds Rs 5,000.

5 Mistakes to Avoid while Filing your Income Tax Returns!

The TDS rate will increase to 20% if the bondholder does not have a valid PAN or if the investor has not submitted his tax returns for the last two years and the total TDS and TCS in each of those years is Rs 50,000 or higher.

TDS will not be applied to investors who hold bonds in demat form.

TDS of 31.2 percent would be applied to interest payouts for non-resident taxpayers.

How can TDS be saved?


Resident bondholders must submit Form 15G / 15H, as appropriate, to avoid TDS. Those who did not disclose their PAN data at the time of investment must update their PANs with the various RTAs within the time frames set by the bond issuers.

Non-Resident bondholders must submit a tax officer’s order under Section 197 / 195 setting NIL / lower TDS rates to the appropriate RTAs before the deadline to guarantee that TDS is collected at the rates provided in the order.