ITR e-filing FY 2024-25: ITR-1 and ITR 2 forms enabled online for return filing on income tax e-filing portal; check details

ITR Filing FY 2024-25: The Income Tax Department has activated its web site incometax.gov.in for filing income tax returns utilizing ITR-1 and ITR-4 forms. Eligible people can now submit their ITR through the e-filing portal for FY 2024-25 (AY 2025-26). Currently, solely ITR-1 and ITR-4 submissions can be found online, while these needing to submit ITR-2 or ITR-3 should wait for additional updates.Last month, the Income Tax Department had prolonged the deadline to file ITR for FY 2024-25 to September 15 from July 31.

Who can e-file ITR utilizing ITR-1 for FY 2024-25?

The ITR-1 filing is allowed for Indian resident people who:* Have a complete annual income under Rs 50 lakh* Earn from wage, one home property, household pension income, agricultural income (as much as Rs 5000), and extra sources together with:* Savings Account curiosity* Deposit curiosity (Bank / Post Office / Cooperative Society)* Income Tax Refund curiosity* Enhanced Compensation curiosity* Other curiosity earnings* Family Pension“Income 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),” mentioned the Income Tax Department in its incessantly requested query (FAQ ).This 12 months the brand new ITR forms allow people with long-term capital good points from fairness shares and fairness mutual fund investments to submit their tax returns by means of ITR-1 and ITR-4 forms (as relevant). This provision applies when the capital good points stay inside Rs 1.25 lakh.

Who can e-file ITR utilizing ITR-4 for FY 2024-25?

ITR-4 is relevant for Resident Individuals, HUFs, and Firms (excluding LLP) assembly these circumstances:* Annual income mustn’t surpass Rs 50 Lakh within the FY* Business and Professional earnings calculated presumptively underneath sections 44AD, 44ADA or 44AE* Income sources embody Salary/Pension, Single House Property, Agricultural Income (restricted to ₹ 5000/-)* Additional income from Other Sources (excluding lottery winnings and Race Horse income):* Savings Account Interest* Bank/Post Office/Cooperative Society Deposit Interest* Interest on Income Tax Refund* Family Pension* Enhanced Compensation Interest* Additional Interest Income (together with Unsecured Loan Interest)