There are total 7 forms to file income tax return. But, ITIR-1 is used the most. This is for those people whose main source of income is salary. It is also called spontaneous. Recently the Income Tax Department has released ITR-1, ITR-2 and ITR-4, which can be used to file returns for FY24.
Taxpayers have started filing Income Tax Returns for FY2024. A few days ago, the Income Tax Department had released ITR-1, ITR-2 and ITR-4 forms. These forms can be used to file returns online. There are 7 ITR forms of the Income Tax Department, which are used by taxpayers to file returns. Many people get confused due to the large number of these forms. They do not know which taxpayers have to use which ITR form. Moneycontrol has tried to solve this problem of taxpayers.
Who can use ITR-1?
The most used form of income tax is ITR-1. This form is for resident individual taxpayers. It is also called spontaneous. There are certain conditions for using this form. This form can be used by an individual taxpayer whose income does not exceed Rs 50 lakh in the financial year. The second condition is that the income of the taxpayer should be from salary. He may have a house property. His agricultural income can be up to Rs 5,000. People earning income from interest can also use this form. Pensioners can also use that form.
Who cannot use ITR-1?
Sahaj i.e. ITR-1 cannot be used by NRIs. If any taxpayer has income from lottery etc. then he cannot use SAHAJ. This form cannot be used even if there are taxable capital gains. People investing in unlisted stocks also cannot use ITR-1. If the taxpayer is a director in a company then he cannot use this form. Even if there is income from more than one house property, this form cannot be used to file returns.
What is the process to file return?
If you fulfill the conditions mentioned above then you can use Sahaj. It is necessary to have Form 16 to file returns. Taxpayers can file returns online with the help of ITR Form 1. First of all you have to give personal information in this form. After that you will have to declare gross total income. Then information about total deduction, tax paid and total tax liability will have to be given. Every year 31st July is the last date to file income tax return.
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