Download Offline Utility for ITR 1, 2, 4 & 6 Forms for AY25

Offline Utility Download for ITR 1,2,4 and 6 Forms

The CBDT department has announced some impressive news for taxpayers as they kick off the new ITR forms for FY 2023-24 (AY 2024-25). The department has introduced a wide range of income tax filing utilities on the e-filing portal, including the ITR-1 (Sahaj), ITR-2, ITR-4 (Sugam), and ITR-6 for the Financial Year 2023-24. The taxpayers can file their ITR-1, ITR-2, and ITR-4 forms for the FY 2023-24 can be offline, online, or in Excel format, while ITR-6 is only available in offline mode.

The taxpayers have the option to exclude themselves from the newly introduced tax system by completing Form 10-IEA, which complies with Section 115BAC and IT Rule 21AGA.

Although the utility for filing Income Tax Returns is available, most taxpayers can't submit their ITR immediately for several reasons.

SFT Not Yet Filed: Statement of Financial Transactions (SFT) for the AY 2024-25 must be filed by May 31, 2024, and the Annual Information Statement (AIS) will be updated only after the SFT filing.

Form 26AS Not Updated: Individuals often need to claim TDS or TCS on their income tax returns. The due date for filing TDS returns for the fourth quarter of the assessment year 2024-25 is May 31, 2024, while for Quarter 4 TCS returns, it is May 15, 2024. Therefore, it is likely that the entire TDS won't be recorded before the first week of May, while TCS will only be reflected after May 15th.

Due Date of ITR Filing: Although the deadline to file income tax returns for AY 2024-25 for Non-Tax Audit cases is July 31st and the main ITR utilities are now available, in most cases, ITR cannot be filed until after May. This means that taxpayers have approximately two months to complete their ITR without incurring any late fees.

Late Fees of ITR Filing: The late filing fee for Income Tax Returns (ITR) after the due date is INR 1,000. However, if the income exceeds Rs. 5,00,000, the taxpayer must pay INR 5,000. The belated Income Tax Return (ITR) for the assessment year 2024-25 can be submitted until December 31, 2024

Taxpayers who have no TDS, TCS, or AIS deducted from their income can file their Income Tax Returns.

Comments

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...

How ITR Software Assists Individuals in Filing Tax Returns

Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...

Why Small Firms Should Consider Gen Payroll Software?

Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...

SAG Infotech: Need Tax Software (Call 0141-4072000)

Search This Blog