Quick Summary
In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1 For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand. Utility Excel Based (Version 1.4) Includes
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FAQ :
The Income Tax Department has released updated Excel-based utilities and JSON schemas for ITR forms 1 to 7.
The latest versions of the utilities and JSON schemas were released on 16th January 2025.
ITR forms 1, 2, 3, 4, 5, 6, and 7 have all received updated utilities and JSON schemas.
The updated utilities and schemas include support for filing under section 139(8A).
ITR-1 is for resident individuals with a total income up to Rs. 50 lakh, having income from salaries, one house property, other sources, and agricultural income up to Rs. 5 thousand.
Yes, ITR-2 is for individuals and HUFs without business/profession income, while ITR-3 is for those with such income. ITR-4 is for residents with income from business and profession computed under specific sections (44AD, 44ADA, 44AE).
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