Income Tax Return: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available now; Tax slabs details

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New Delhi: The Income Tax department has enabled the online income tax return forms, ITR-1, ITR-2 and ITR-4, for FY 2023-24 (AY 2024-25) on its e-filing portal from April 1, 2024. With forms available online, the taxpayers eligible to file their tax returns can fill their ITRs for FY 2023-24. The last date to file Income Tax Returns for FY 2023-24 (AY 2024-25) is July 31, 2024.

ITR-1

ITR-1 (SAHAJ) is applicable for individuals. The return is applicable for a resident having total income from any of the following sources up to Rs 50 lakh: Salary/Pension, one house property, other sources (Interest, Family Pension, Dividend etc.) and agricultural income up to Rs 5,000. Individuals staying outside the country vannot use this form.

ITR-2

ITR-2 is applicable for individuals and Hindu Undivided Family (HUF) not having income under the head profits and gains of business or profession. Taxpayers can opt for this if they are not eligible for filing ITR-1.

ITR-3

ITR-3 is applicable for individuals and HUF who are not eligible for filing ITR-1, ITR-2 or ITR-4.

ITR-4

ITR-4 can be filed by taxpayers belonging to Hindu Undivided Family (HUF) having a total income up to Rs 50 lakh and having income from salary, business, One House Property or profession which is computed on a presumptive basis.

Tax Slabs for AY 2023-24

Individuals and HUFs can opt for the Old Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act).

Old Tax Regime

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

Income Tax Slab

Income Tax Rate

Up to ₹ 2,50,000

Nil

Up to ₹ 2,50,000

Nil

2,50,001 – ₹ 5,00,000

5% above ₹ 2,50,000

2,50,001 – ₹ 5,00,000

5% above ₹ 2,50,000

5,00,001 – ₹ 10,00,000

12,500 + 20% above ₹ 5,00,000

5,00,001 – ₹ 7,50,000

12,500 + 10% above ₹ 5,00,000

Above ₹ 10,00,000

1,12,500 + 30% above ₹ 10,00,000

7,50,001 – ₹ 10,00,000

37,500 + 15% above ₹ 7,50,000

10,00,001 – ₹ 12,50,000

75,000 + 20% above ₹ 10,00,000

12,50,001 – ₹ 15,00,000

1,25,000 + 25% above ₹ 12,50,000

Above ₹ 15,00,000

1,87,500 + 30% above ₹ 15,00,000

Tax slabs for 60 years or more but less than 80 years:

Old Tax Regime

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

Income Tax Slab

Income Tax Rate

Up to ₹ 3,00,000

Nil

Up to ₹ 2,50,000

Nil

3,00,001 – ₹ 5,00,000

5% above ₹ 3,00,000

2,50,001 – ₹ 5,00,000

5% above ₹ 2,50,000

5,00,001 – ₹ 10,00,000

10,000 + 20% above ₹ 5,00,000

5,00,001 – ₹ 7,50,000

12,500 + 10% above ₹ 5,00,000

Above ₹ 10,00,000

1,10,000 + 30% above ₹ 10,00,000

7,50,001 – ₹ 10,00,000

37,500 + 15% above ₹ 7,50,000

10,00,001 – ₹ 12,50,000

75,000 + 20% above ₹ 10,00,000

12,50,001 – ₹ 15,00,000

1,25,000 + 25% above ₹ 12,50,000

Above ₹ 15,00,000

1,87,500 + 30% above ₹ 15,00,000

Tax slabs for 80 years of age or more:

Old Tax Regime

New Tax Regime u/s 115BAC

Income Tax Slab

Income Tax Rate

Income Tax Slab

Income Tax Rate

Up to ₹ 5,00,000

Nil

Up to ₹ 2,50,000

Nil

5,00,001 – ₹ 10,00,000

20% above ₹ 5,00,000

2,50,001 – ₹ 5,00,000

5% above ₹ 2,50,000

Above ₹ 10,00,000

1,00,000 + 30% above ₹ 10,00,000

5,00,001 – ₹ 7,50,000

12,500 + 10% above ₹ 5,00,000

7,50,001 – ₹ 10,00,000

37,500 + 15% above ₹ 7,50,000

10,00,001 – ₹ 12,50,000

75,000 + 20% above ₹ 10,00,000

12,50,001 – ₹ 15,00,000

1,25,000 + 25% above ₹ 12,50,000

Above ₹ 15,00,000

1,87,500 + 30% above ₹ 15,00,000

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