ITR Filing 2024: It’s time to file Income Tax Returns (ITR). Like every year, all taxpayers, including salaried employees, will be able to file their tax returns using any of the seven ITR forms currently available. Currently, there are 7 ITR forms available for taxpayers on the department’s e-filing portal. Identifying the correct ITR form is an important part of the ITR filing process. Which income tax return form is right for your income?
What is ITR form?
Income Tax Return i.e. ITR is a type of form in which all the information about your income is filled.
Who is eligible to file ITR 1?
This form can be used by average salaried employees or residents whose total income from salary/pension, one house property and other sources is up to Rs 50 lakh.
Who is not eligible to file ITR 1?
The ITR-1 form cannot be used by a person who has assets outside India or who is earning income from abroad. Also, individuals whose annual income is more than Rs 50 lakh cannot use this form. People with an annual income of more than Rs 5,000 from agriculture are not allowed to file ITR 1.
Who can file ITR 2?
The ITR 2 form can be filed by individuals or HUFs whose income is not under the head of profits or gains from business or any profession. Individuals and HUFs having income of more than Rs 50 lakh in a financial year should file this form.
Who is not eligible to file ITR 2?
Individuals or HUFs whose total income for the year includes profits from business or profession cannot file ITR 2. Also, tax payers whose income is from interest, salary, bonus etc. Those who earn income from commission or remuneration from a partnership firm will not file ITR 2.
What changes has the government made in ITR 2 form?
The new update was launched on 25 March 2025. It provides the facility of filing revised returns under section 139 (8A), allowing individuals to correct their returns if required. This makes it easier for salaried employees, pensioners and other non-business taxpayers to file returns.