Understanding Tax Deduction at Source (TDS)
Understanding Tax Deduction at Source (TDS) Tax Deduction at Source (TDS) is a mechanism where income tax is automatically deducted from payments made to a person during specified transactions. This…
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Find the Suitable Income Tax Return Form for Filing Your Returns Here
Income Tax Department Enables All Return Filing Forms and Releases ITR-6 Excel Utility for AY 2024-25
The Income Tax Department has activated all return filing forms, including ITR-1, ITR-2, ITR-4, and ITR-6, on the e-filing portal for the purpose of filing returns.
Additionally, the department has made available the excel utility for ITR-6 specifically for Assessment Year 2024-25. Previously, excel utilities for ITR-1, ITR-2, and ITR-4 for the same assessment year were also made accessible.
During the first month of Assessment Year 2024-25, the tax department has received approximately 6 lakh returns. Notably, nearly two-thirds of these returns have already undergone processing.
If you’re aiming to file your tax return ahead of the usual deadline of July 31 and want to file early this year, you might be interested in determining which form is required for filing your income tax return.
Income Tax Return filing forms
ITR-1
This form is designed for individuals who are residents (excluding those who are not ordinarily residents) with a total income of up to ₹50 lakh. It applies to individuals who earn income from salaries, one house property, other sources (such as interest, etc.), and agricultural income up to ₹5,000.
ITR-2
This form is intended for Individuals and Hindu Undivided Families (HUFs) who do not derive income from profits and gains of business or profession.
ITR-4
Income Tax Return Form 4 is applicable to individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who are residents and have a total income of up to ₹50 lakh. They should have income from business or profession calculated under sections 44AD, 44ADA, or 44AE. Furthermore, the taxpayer should not have agricultural income exceeding ₹5,000.
ITR-6
This tax filing form is meant for the companies besides the entities claiming exemption under section 11.
Finance Minister Nirmala Sitharaman has refuted media reports that claimed that the BJP if re-elected will bring some key changes in the tax system after the Lok Sabha polls ensure a victory.
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