Income Tax Return (ITR) Filing Forms 2023-24: The Central Board of Direct Taxes (CBDT) has formally launched the Income Tax Return (ITR) varieties, particularly ITR-2 and ITR-3, for the monetary 12 months 2023-24. These varieties are relevant for the evaluation 12 months 2024-25, and it will be significant for particular taxpayers to concentrate on the details related to submitting utilizing these varieties.
The deadline for submitting ITR-2 and ITR-3 is July 31, 2024. However, taxpayers obligated to conduct earnings tax audits with enterprise earnings should file ITR-3 by October 31, 2024, states an ET report.
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ITR-2 submitting necessities
Individuals or Hindu Undivided Families (HUFs) falling beneath the next classes are mandated to file ITR-2:
The deadline for submitting ITR-2 and ITR-3 is July 31, 2024. However, taxpayers obligated to conduct earnings tax audits with enterprise earnings should file ITR-3 by October 31, 2024, states an ET report.
ALSO READ | What is the Section 80C restrict for tax deduction for FY 2024-25 after Interim Budget 2024?
ITR-2 submitting necessities
Individuals or Hindu Undivided Families (HUFs) falling beneath the next classes are mandated to file ITR-2:
- Not eligible to file ITR-1.
- Individuals or HUFs with out earnings from the revenue and positive factors of enterprise or occupation, and no earnings within the nature of curiosity, wage, bonus, fee, or remuneration from a partnership agency.
- Those having earnings from one other individual, like a partner or minor youngster, to be clubbed with their very own earnings.
Changes in ITR-2 for FY 2023-24
Mihir Tanna, Associate Director at S.Okay Patodia and Associates, was quoted as saying that the next additions have been made to ITR-2:
- Inclusion of Legal Entity Identifier (LEI) details.
- Details of contributions made to political events if claimed, together with date, mode of cost, and transaction details.
- Details of deductions for the upkeep, together with medical remedy, of a dependent with a incapacity (Type of dependent,
PAN , Form 10IA details). - Individuals or HUFs required to bear tax audits can now confirm ITR with EVC, which was beforehand potential solely by DSC (Digital Signature Certificate).
An LEI (Legal Entity Identifier) is a singular 20-symbol code used for identification within the world monetary system. It is obligatory for crediting refunds exceeding Rs 50 crore.
Documents required for submitting ITR-2
To efficiently file ITR-2, the next paperwork are required:
- Form 16 for salaried people.
- Form 16A or TDS certificates for people incomes curiosity on fastened deposits or financial savings accounts.
- Form 26AS for verification of TDS on wage and different incomes.
- Rent receipts for people dwelling in rented lodging.
- Summary of annual revenue/loss assertion for capital positive factors from shares or securities.
- Details of tenant/native tax cost/curiosity on borrowed capital for these receiving lease from a property.
- Relevant paperwork demonstrating incurred losses through the present 12 months or earlier years.
- Also, gather supporting paperwork (e.g., insurance coverage, donation, lease, tuition payment receipts) for tax deductions beneath sections 80C, 80D, 80G, 80GG, particularly in the event that they weren’t thought-about in your Form 16.
ITR-3 submitting necessities
According to FAQs printed by the Income Tax Department, ITR-3 is to be utilized by entities, together with people or HUFs, having earnings beneath the top “profits or gains of business or profession” and are ineligible to file Form ITR-1, ITR-2, or ITR-4.
