Income Tax Return Filing: To file your ITR, you will need to gather all the necessary documents and information. (Representative image)ITR Form 4 Sugam: ITR-1 and ITR-4 are streamlined forms designed to accommodate a significant portion of small and medium-scale taxpayers.Income Tax Return Form Filing: Income taxpayers are now able to initiate the filing process for their Income Tax Returns (ITR) for the financial year 2023-24 (or assessment year 2024-25), as the Income Tax Department has activated online filing options for ITR-1, ITR-2, and ITR-4. These forms cater to individuals, professionals, and small businesses.Also Read: Income Tax Return Filing: Confused Between ITR 1 And 4 Forms? Clear All Doubts HereIn February 2023, CBDT also made certain changes in the ITR-1 form about disclosure under Section 139 (1), which is filed voluntarily by persons having annual taxable income of less than Rs 2.5 lakh. These individuals will not be required to intimate in their ITR forms even if their fixed deposits exceed Rs 1 crore.ITR Forms FY 2023-24 (AY 2024-25)ITR-1 and ITR-4 are streamlined forms designed to accommodate a significant portion of small and medium-scale taxpayers.Who Can File ITR 1?ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.Who Can File ITR 2 Form?While ITR-2 is filed by people having income from residential property and having income above Rs 50 lakh, ITR-3 is filed by professionals. ITR-5 and ITR-6 are filed by LLPs and businesses.In the offline method, taxpayers are required to download the relevant form, fill it and then upload it on the department’s portal. However, in the online form, taxpayers can directly fill in details about their incomes on the income tax portal and submit it. In both modes, the forms need to be verified by the taxpayers.Who Can File ITR 4 Sugam?ITR 4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000.ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:Income not exceeding Rs 50 Lakh during the FYIncome from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AEIncome from Salary/Pension, one House Property, Agricultural Income (up to Rs 5000/-)Other sources which include (excluding winning from Lottery and Income from Race Horses):-Interest from Savings Account-Interest from Deposit (Bank / Post Office / Cooperative Society)-Interest from Income Tax Refund-Family Pension-Interest received on enhanced compensationAny other Interest Income (e.g., Interest Income from unsecured loan)Documents Required For ITR 4 FilingYou will need to keep the below documents ready (as applicable) to file ITR-4:Form 16Form 26AS & AISForm 16ABank StatementsHousing Loan Interest CertificatesReceipts for Donation MadeRental AgreementRent ReceiptsInvestment premium payment receipts – LIC, ULIP etcFor more details, taxpayers can check the official portal of the IT department (https://www.incometax.gov.in/iec/foportal/help/e-filing-itr4-form-sugam-faq).Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.Namit Singh SengarNamit writes on personal finance, economy and brands. Currently contributing to News18.com as a Senior Sub Editor in the business vertical. Prior to t…Read More



Source link