ITR Forms 1, 2, 4, and 6 were enabled on the tax department’s e-filing portal earlier this month. Excel utilities of ITR-1, ITR-2 & ITR-4 for AY 2024-25 were also made available. Normally, the Central Board of Direct Taxes (CBDT) enables these utilities a bit later towards the end of April every year, but this…
The Income Tax Department has enabled all necessary utilities and forms on its e-filing portal for online and offline tax return filing for taxpayers for the financial year 2023-24 (Assessment Year 2024-25).
ITR Forms 1, 2, 4, and 6 were enabled on the tax department’s e-filing portal earlier this month. Excel utilities of ITR-1, ITR-2 & ITR-4 for AY 2024-25 were also made available. Normally, the Central Board of Direct Taxes (CBDT) enables these utilities a bit later towards the end of April every year, but this year the tax department provided these forms earlier than expected.
Even though the tax department has uploaded these forms, if you are a salaried taxpayer, you have to wait for ITR filing until you don’t receive Form 16 from your company. Employers normally issue Form 16 to their employees towards the end of May every year as they need to show TDS (tax deducted at source) of employees for the last quarter of the fiscal year.
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Likewise, those who have invested in fixed deposits with banks will also need to wait for their banks to deduct TDS on FD interest. Banks usually deduct and deposit TDS with the Income Tax Department by April 30.
What is Form 16?
Form 16, a certificate of salary break-up and TDS, is issued by employers to employees for the purpose of tax return filing.
ITR Filing: Why should taxpayers wait to file tax returns?
It’s not that you as a salaried taxpayer cannot file income tax return without Form 16, but then the chances are that you might miss certain components of your salary to be put under different heads in the ITR form. If you miss any of the components and file a wrong or incomplete return, you may get a notice from the Income Tax Department.
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Who can file ITR now?
Those categories of taxpayers who have not earned any income from salary can file tax returns even before the July 31 tax return filing deadline. For example, NRIs who do not have any other source of income in India, except for capital gains from the sale of property, can file their tax returns.
Income tax returns: Key deadlines and procedures
Like previous years, taxpayers have been asked to file their income tax return for FY 2023-24 by July 31, 2024, unless an extension is granted.
The tax department provides a four-month window after the fiscal year ends for taxpayers to gather all necessary proofs and documents to reconcile income tax returns with what they declared or submitted with their employers. This four-month window starts from April 1 and ends on July 31, in case there is no extension.
Filing a tax return within the deadline is as important as ITR filing itself. Missing the ITR filing deadline attracts penalties for taxpayers. Filing ITR only takes around half an hour if you have Form 16 and other key financial details with you.
Read More: Income-tax filing: Should you file your returns in April or wait until July 31?
Due date for filing ITR for AY 2024-25
For the Assessment Year 2024-25, the due date for return filing, as per section 139(1), is July 31, 2024, unless extended by the government.
Income tax return filing deadlines for different categories:
- For individuals and entities not liable for tax audit: July 31, 2024.
- For taxpayers covered under tax audit (excluding transfer pricing cases): October 31, 2024.
- For taxpayers covered under transfer pricing: November 30
- Due date for revised return/belated return of income for FY 2023-24: December 31
