Good News: ITR Filing Utilities now available for ITR-1, ITR-2, ITR-4 and ITR-6 for AY 24-25: Can you File your Return?:

Good News: ITR Filing Utilities now available for ITR-1, ITR-2, ITR-4 and ITR-6 for AY 24-25: Can you File your Return? The Income Tax Department has given a very good gift to Taxpayers in the beginning of this Financial Year 2024-25. The Income Tax Return (ITR) Filing Utilities are now available for filing ITR-1 (Sahaj), ITR-2, ITR-4 (Sugam), and ITR-6 for Assessment Year 2024-25 on the Income Tax Portal. ITR-1, ITR-2 and ITR-4 for AY 2024-25 are available in the Offline, Excel and Online mode for filing the Return. ITR-6 is available in Offline mode only. Option for opting out of the new Tax regime, by filing Form 10-IEA as per section 115BAC read with Income Tax Rule 21AGA is also available for filing. Here is the link to Download the Return Yes, now your utility to file the Return of Income Tax is available. But wait! Can you file your ITR now? For Most of them the Answer is no. Form 26AS not Updated Most of us have to claim Tax Deducted at source (TDS) or Tax Collected at source (TCS)  in our Income Tax Returns. Now the due date to file TDS return for quarter 4 of Financial Year 2023-24 is 31st May 2024 and for Quarter 4 TCS return is 15th May 2024. This means that in most of the cases, complete TDS will not be reflected before 1st week of May and TCS will be reflected after the 15th of May only. AIS not updated Statement of Financial Transactions (SFT) for Financial Year 2023-24 will be filed up to 31st May 2024. The Annual Information Statement (AIS) will be completely updated after the SFT is filed. Due Date to File ITR All though the due date to file ITR for FY 2023-24 for Non-Tax Audit cases is 31st July, and major ITR utilities are now available, but in majority of cases ITR can be file after May only and we can say that taxpayer roughly get 2 months to file their ITR without Late fees. Late Fees for Filing ITR After Due Date The late filing fees if Income Tax Return (ITR) is filed after due date is Rs 5,000 if your Income is more than Rs. 500,000 and is Rs 1,000 otherwise. Also the belated ITR for FY 2023-24 can be filed up to 31st December 2024. Taxpayers who have no impact of TDS, TCS or AIS in their ITR are welcome to file their Income Tax Return.