AY 2024-25 Tax Returns: ITR-1, ITR-2, and ITR-4 Online Filing Now Operational, Check Details

As the new financial year unfolds, the Income Tax Department has opened the doors for taxpayers to commence their income tax return filing for the assessment year 2024-25 . With the advent of online facilities, individuals, professionals, and small businesses can conveniently submit their returns through the e-filing portal .

The income tax department's website announced the availability of ITR-1 , ITR-2 , and ITR-4 forms for online filing , signalling the commencement of the tax filing season . The deadline for individuals not requiring their accounts to be audited is set for July 31, offering ample time for taxpayers to organise their financial documentation.

Understanding which form to file is crucial for a seamless submission process. ITR-1 caters to individuals, including salaried individuals and senior citizens, while ITR-2 is tailored for businesses and professionals under presumptive taxation or with an annual income below Rs 50 lakh. Similarly, ITR-4 is designated for resident individuals, HUFs, and firms with total income up to Rs 50 lakh, encompassing various income sources.

For those preferring offline methods, the income tax department has introduced JSON and Excel utilities for ITR-1, ITR-2, ITR-4, and ITR-6 for the assessment year 2024-25. This allows taxpayers to download the relevant form, fill it offline, and then upload it onto the income tax portal for submission. However, the online filing option provides a direct avenue for inputting income details on the portal itself, streamlining the process.

When deciding between online and offline modes, taxpayers must consider their individual circumstances. While online filing offers speed and efficiency, offline utilities may be preferable for those dealing with multiple information flows over time. Factors such as internet connectivity and data volume should also influence the choice between the two methods.

In the age of digitalisation, paper returns are becoming increasingly obsolete. Although exceptions exist for specific taxpayer categories, such as very senior citizens with non-business income, online filing ensures effective and prompt processing, aligning with the modernisation efforts of the income tax system.