The last date for filing ITR for financial year 2023-24 (assessment year 2024-25) is July 31, 2024, unless the government extends it. As per the ET report, the Income Tax Department issued the notification on December 22, 2023. ,
Unlike last year, when the Income Tax Department issued a notification itr form For the financial year 2022-23 (assessment year 2023-24), this year ITR forms have been notified in February 2023, just after Budget 2023, three months before the current financial year ends on March 31, 2024. However, it is important to note that taxpayers will not know their exact total income until the financial year ends.
Who can file ITR-1?
ITR-1 is specifically designed for individuals who fulfill the following criteria:
- They are resident persons.
- His total income from all sources does not exceed Rs 50 lakh.
- Their income sources may include salary, income from a house property, and other sources such as interest, dividends and agricultural income up to Rs 5,000.
However, individuals who satisfy the following conditions cannot use ITR-1:
- They are directors in a company or have invested in unlisted equity shares.
- They have to face TDS on cash withdrawal under section 194N or they have deferred income tax on ESOPs.
- They also have income from sources other than those mentioned above, such as capital gains and income from two house properties.
While filing ITR for financial year 2023-24 (assessment year 2024-25), individuals will have to exclusively select the old tax regime if they opt for it. In the online ITR form, they will need to ‘opt-out’ of the new tax regime, which has been made the default tax regime till Budget 2023.
If an individual does not choose the option, the online ITR form will automatically calculate tax using the income tax slabs of the new tax regime. It is important to note that the new tax regime does not allow the usual deductions and tax exemptions like HRA and LTA tax exemption, Section 80C and 80D. However, the standard deduction of Rs 50,000 from salary income and the deduction claimed under section 80CCD (2) of the Income Tax Act is available under the new tax regime from financial year 2023-24 (assessment year 2024-25). Section 80CCD(2) deduction is also applicable on employer’s contribution to the National Pension System (NPS) under the new tax regime.
New income tax system vs old system: It is important to take a decision now. Income Tax Slab 2023-24
On the other hand, ITR-4 form is for individuals and Hindu Undivided Families (HUFs) who are residents of India and have income from business and profession. This income should not exceed Rs 50 lakh in a financial year. Additionally, income must be computed under sections 44AD, 44ADA and 44AE. People eligible to file ITR-4 will also have to opt out of the new tax regime if they do not want to use it, as the new tax regime will be the default regime in ITR.