Which ITR form should salaried person use to file income tax return for FY 2023-24 (AY 2024-25)? Each year, you will need to choose between the old and new tax regimes for that specific Assessment year. Failing to meet the ITR filing deadline has both financial and non-financial consequences
The deadline for filing an income tax return (ITR) for FY 2023-24 (AY 2024-25) is July 31, 2024. This deadline applies to people whose accounts are not required to be audited. Missing the ITR filing deadline carries both monetary and non-monetary implications.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
ET Guide to ITR
Who should switch from old to new tax regime now?
No tax refund if you filed ITR with this refund amt
You can be jailed for not filing ITR and paying tax
From AY 2024-25, the new tax regime will be the default option. You must select between the old and new tax regimes for each Assessment year.
What is the difference between ITR-1 and ITR-2 forms?
Please note that you should check and cross-verify with tax experts and chartered Accountants before filing your tax returns.
Which form should salaried individual file
Salaried individuals can file their tax return using the ITR-1 form if they satisfy the following conditions:
Total income does not exceed Rs 50 lakh during the FYIncome is from salary, one house property, family pension income, agricultural income (up to Rs 5000/-), and other sources, which include:Interest from Savings AccountsInterest from Deposits (Bank / Post Office / Cooperative Society)Interest from Income Tax RefundInterest received on Enhanced CompensationAny other Interest IncomeFamily PensionIncome of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
Salaried individuals who meet the aforementioned requirements may use the ITR-1 form to file a tax return. But, a salaried person cannot file a tax return using ITR-1 if they are a non-resident or have income from other sources, such as capital gains, foreign income, etc.
What documents are needed to file ITR-1?
You would need to download AIS and keep copies of Form 16, house rent receipt (if applicable), investment payment, premium receipts (if applicable). However, ??ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically). However, you need to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc.
Who can file tax return using the ITR-2 form?
A salaried individual can file his/her tax return using the ITR-2 form if he/she:Is a Director of a company
Is holding an investment in unlisted equity sharesHas income from salaries, more than one house property, capital gains, foreign income and other sources of incomeIs holding assets outside IndiaTotal income exceeds Rs 50 lakhHindu Undivided Family (HUF) Is a non-resident individual or a resident individual (both ordinarily or not ordinarily) If there are losses that must be carried forward or brought forward under the income head 'Income from house property'. If TDS under Section 194N was applicable to you for certain cash withdrawals made during the FY 2022-23 If agriculture income exceeds Rs 5,000 in a financial year If you have capital gains from selling virtual digital assets such as cryptocurrency.Therefore, a salaried person must file an income tax return using the ITR-2 form if they have income from both salary and capital gains, such as from equity shares, mutual funds, etc.
How to file ITR-2 online with salary, capital gains and other incomes for FY 2023-24
Does taxpayer require to mandatorily verify the return?
According to the Income Tax department FAQs, Yes, verification of ITR after submission of ITR is mandatory. Taxpayer to ensure the return should be verified within applicable due time of 30 days post successful submission of return either through EVC mode or DSC. Taxpayer can also download the ITR-V receipt copy available under View Filed return after login on the portal and send to CPC through speed post within 30 days of filing return for verification of ITR to avoid any further issues. Please note that it is recommended to complete the verification through Online mode only to avoid any postal related issue.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
