Search results
Income from Business or Profession
- This Return Form should not be used by an individual whose total income for the AY 2024-25 includes Income from Business or Profession. For declaring these types of Income, you may have to use ITR-3 or ITR-4.
cleartax.in/s/which-itr-to-fileWhich ITR Should I File? Types of ITR Forms for FY 2023-24 ...
People also ask
Who should not use the Ay 2024-25 tax return form?
How to file ITR under old tax regime for Ay 2024-25?
Can via deductions be claimed from Ay 2024–25?
Do you have to file a tax return for 2023-24?
Ans: From AY 2024-25, new tax regime has become the default tax regime and VIA deductions cannot be claimed, except deduction u/s 80CCD(2)/80CCH/80JJAA as per the provision of Section 115BAC of the Income Tax Act, 1961.
- FAQs on New vs. Old Tax Regime (AY 2024-25)
10) While filing ITR for FY 2023-24 (AY 2024-25), I want to...
- FAQs on New vs. Old Tax Regime (AY 2024-25)
- What Is Itr?
- Why Should You File Itr?
- Who Are Exempted from Filing Income Tax Returns?
- Which ITR to file?
- ITR-1 Or Sahaj
- ITR-2
- ITR-3
- ITR 4 Or Sugam
- ITR-5
- ITR-6
Income Tax Return(ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department. The department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms...
If you want to claim an income tax refund from the department.If you have earned from or have invested in foreign assets during the FY.If you wish to apply for a visa or a loanIf the taxpayer is a company or a firm, irrespective of profit or loss.Central government have the power to exempt specified class or classes of persons from filing income tax returns in addition to the existing exempt persons like individuals having total income less than the basic tax expedition limit, non-residents not having income accruing or arising from India etc. However, currently, there are no such exemption...
The following infographic will help you find out which type of income taxreturn is applicable to you for FY 2023-24. Once you figure out which ITR you need, click on the links below to learn more about them.
This Return Form is for a resident individualwhose total income for the AY 2024-25 includes: 1. Income from Salary/ Pension; or 2. Income from OneHouse Property(excluding cases where loss is brought forward from previous years); or 3. Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) 4. Agricultural income up to...
ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2024-25 includes: 1. Income from Salary/Pension 2. Income from House Property 3. Income from Other Sources (including Winnings from Lottery and Income from Race Horses) 4. If you are an Individual Director in a company 5. If you have had investment...
The current ITR-3 Form is to be used by an individual or a Hindu Undivided Family who have income from a proprietary business or is carrying on a profession. The persons having income from the following sources are eligible to file ITR-3: 1. Carrying on a business or profession not opting for presumptive income 2. Carrying on a business or professi...
The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes: 1. Business income according to the presumptive income scheme under section 44AD or 44AE 2. Professional income according to presumptive income scheme under section 44ADA 3. Income from salary or pension up to...
ITR-5 is for firms, LLPs (Limited Liability Partnership), AOPs (Association of Persons), BOIs (Body of Individuals), Artificial Juridical Person (AJP), Estate of deceased, Estate of insolvent, Business trust and investment fund. Click here to read our comprehensive guide to the ITR-5
For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes), this return has to be filed electronically only. Click here to read our comprehensive guide to the ITR-6
10) While filing ITR for FY 2023-24 (AY 2024-25), I want to opt for the old tax regime instead of the default new tax regime, should I file Form 10-IEA before filing his income tax return (ITR)?
Jul 10, 2024 · It is mandatory to file an income tax return (ITR) for the financial year 2023-24 while some individuals are exempted from this rule. Who are they? When are you not required to file an income tax return for the assessment year 2024-25? Read here to find out.
Jul 8, 2024 · Section 115BAC is applicable to all AOP's (other than cooperative societies) or BOIs or AJPs who are filing returns of income in ITR-5 from AY 2024–25, where taxpayers can compute the tax as per the revised tax slab applicable to the new tax regime and pay the tax accordingly.
Jun 6, 2024 · Discover key changes and updates in the latest Income Tax Return (ITR) Forms for AY 2024-25. Explore eligibility criteria and features of each form for seamless tax filing.
Jun 8, 2024 · The current deadline for filing ITRs for FY 2023-24 (AY 2024-25) is July 31, 2024, for salaried individuals and those whose accounts are not required to be audited. Failing to meet this deadline will result in a penalty ranging from Rs 1,000 to Rs 5,000, applicable even if the tax liability is zero.
