The income tax department has provided ITR forms 1, 2 and 4 on its portal for online filing of tax returns for the financial year 2023-24 (AY 2024-25). The Central Board of Direct Taxes (CBDT) has enabled these forms with pre-filled data on the income-tax e-filing portal this year earlier than usual. Previously, these forms used to get notified by the authority towards the later part of April.

Earlier, the tax department released offline JSON utilities of ITR-1, ITR-2, ITR-4 and ITR 6 for filing of returns for AY 2024-25. It also provided the offline Excel utilities of ITR-1, ITR-2 and ITR-4 for return filing.

The I-T Department allows taxpayers to file their tax returns online, offline and partially online or partially offline. Taxpayers are usually allowed to file their tax return till July 31 every year without any late fee or penalty.

Also Read: Tax planning should be an all-year round exercise! Know why

How to file tax return online?

Taxpayers need to go to the e-filing portal of the income tax department and log in with their user credentials. Before they start filing tax return, they are advised to keep certain documents and information available with them for e-filing. Among these documents are PAN, Aadhaar, bank statements, Form 16, Demat account statements, etc.

How to file tax return offline?

Taxpayers can download JSON and Excel utilities of ITR forms with pre-filled data from income tax e-filing portal. Besides this, they have options to file return partially offline or online as well.

What are ITR forms 1, 2, 4 and 6 and who file them?

ITR-1 or Sahaj: This form should be used by those taxpayers whose gross total income from all sources is not exceeding Rs 50 lakh in a financial year. This is applicable for resident individuals, having income from salaries, one house property and other sources of income.

ITR-2: Individuals or Hindu Undivided Families (HUF) having incomes from salary/pension, house property, short-term or long-term capital gains, sale of investments and property are required to file ITR-2.

ITR-4 or Sugam: Taxpayers having up to Rs 50 lakh annual income from business and professions taxable under sections 44AD, 44ADA and 44AE are eligible to file ITR-4. However, they need to file ITR-3 if their business turnover exceeds Rs 2 crore.

ITR-6: ITR 6: All companies registered under the Companies Act 2013 or the earlier Companies Act 1956 need to file ITR 6.
However, the companies whose income comes from the property used for religious or charitable purposes do not need to file this form.