ITR-1 and ITR-4 forms enabled for online filing through income tax e-filing portal for AY 2025-26, know who all can file online income tax returns
The Income Tax Department has launched the online utility for filing income tax returns for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 forms are available for online filing. The article specifies eligibility criteria for each form, detailing income sources and limitations for individuals, HUFs, and firms. Read below to know more.
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Who needs to file ITR-1?
Total income does not exceed Rs 50 lakh during the financial year
Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include:
Interest from Savings Accounts
Interest from Deposits (Bank / Post Office / Cooperative Society)
Interest from Income Tax Refund
Interest received on Enhanced Compensation
Any other Interest Income
Family Pension
What are the types of income that don't form part of ITR 1 form?
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Who is eligible to file ITR-2?
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Are not eligible to file ITR-1 (Sahaj)
Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of:
interest
salary
bonus
commission or remuneration, by whatever name called, due to, or received by him from a partnership firm
Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories.
Who is not eligible to file ITR-2?
Interest
salary
bonus
commission or remuneration, by whatever name called, due to, or received by him from a partnership firm.
Who is eligible to file ITR-3?
Who is eligible to file ITR-4 for AY 2024-25?
Income not exceeding Rs 50 Lakh during the FY
Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE
Income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000/-)
Other Sources which include (excluding winning from Lottery and Income from Race Horses): Interest from Savings Account Interest from Deposit (Bank / Post Office / Cooperative Society) Interest from Income Tax Refund Family Pension Interest received on enhanced compensation Any other Interest Income (e.g., Interest Income from Unsecured Loan)
Who is not eligible to file ITR-4 for AY 2024-25?
is a Resident but Not Ordinarily Resident (RNOR), or Non-Resident Indian
has total income exceeding ₹ 50 Lakh
has agricultural income in excess of ₹5,000/-
is a Director in a Company
has income from more than one House Property;
has income of the following nature:winnings from lottery;
activity of owning and maintaining race horses;
income taxable at special rates u/s115BBDA or Section 115BBE;
has held any unlisted equity shares at any time during the previous year
has deferred income tax on ESOP received from employer being an eligible start-up
is not covered under the eligibility conditions for ITR-4
The Income Tax Department has released the online utility for filing income tax returns. This means now eligible taxpayers can start filing their ITR through the e-filing online portal for FY 2024-25 ( AY 2025-26 ). However, as of today only ITR-1 and ITR-4 forms are enabled for online filing, which means those who need to file ITR-2 or ITR-3 need to wait for the time being.Read below to know who is eligible for filing ITR-1 and 4 and who needs to file ITR-2 and ITR-3.ITR-1 can be filed by an Indian resident individual whose:'Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above),' said the Income Tax Department in its frequently asked question (FAQ ).Following are the types of income that shall not form part of ITR 1 form:-(a) Profits and gains from business and professions;(b) Capital gains;(c) Income from more than one house property;(d) Income under the head other sources which is of following nature:-(i) winnings from lottery;(ii) Activity of owning and maintaining race horses;(iii) Income taxable at special rates under section 115BBDA or section 115BBE;According to an income tax department FAQ, ITR-2 can be filed by individuals or HUFs who:ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of:The ITR-3 form is mainly used by those individuals who are engaged in a business or any profession and in some cases are required to maintain a books of accounts. Those who do not have income from business or profession are not eligible to file under ITR-3.ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:ITR-4 cannot be filed by an individual / HUF / Firm (Other than LLP) who:
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