Taxpayers in India must follow the recent government guidelines to file their income tax returns on time. The Income Tax Department of India created 7 categories of ITR (Income Tax Returns) based on Income slabs. You can download the PDF format of these ITR forms from the official website of the Income Tax department for AY 2024-25. In this article, you will learn how to download the ITR form for ITR 1, ITR 2, ITR 3, ITR 4, and ITR 5.What are the Steps to Download ITR 1, 2, 3, 4, and 5 Forms from the Income Tax Site?You can now file Income Tax Return forms conveniently online. Check out the easy steps to download ITR forms in PDF from the official website of the Income Tax department:Log in to the official website of www.incometaxindia.gov.in.Select the assessment year on the right side of the page.You will find ITR 1 form download option in the first column.Click on the PDF icon to download the form.You can also download other ITR form PDF the same way.The ITR forms are arranged serially for your convenience.Income Tax Form FY 2023-24 (AY 2024-25) PDF DownloadITR FormsApplicabilityDownload ITR formsITR-1 SAHAJFor resident individuals other than not ordinarily resident having Income from Salaries, one house property, other sources (interest, dividend etc.) and having total income less Rs.50 lakhDownload ITR 1ITR-2For Individuals and HUFs who do not have income from profits and gains of business or professionDownload ITR 2ITR-3For Individuals and HUFs who have income from profits and gains of business or professionDownload ITR 3ITR-4-SugamFor Presumptive Income from Business & ProfessionDownload ITR 4ITR-5Other than:(i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7Download ITR 5ITR-6Companies who do not claim exemption under section 11Download ITR 6ITR-7For those who are required to submit return under following sections:- 139(4A) - 139(4B) - 139(4C) - 139(4D) - 139(4E) - 139(4F)Download ITR 7You can also follow the steps below to download the ITR form XML file: Visit the income tax filing portal.Click on 'Register' if you are a new user and enter the required information to validate your registration.In case you are an existing user, you can click on the ‘Login’ button to visit your account.Navigate to 'My Account' after logging in to your account.Click on ‘Download Pre-filled XML’.Select the Assessment Year for which you want to download the ITR.Once the income tax form download procedure is completed, save the XML file.Related ArticlesWhich ITR to File?How to File ITR in Cleartax?How to Efile ITR?ITR -Everything you need to knowDownload ITR-V.

As a part of the Beti Bachao Beti Padhao campaign, the Prime Minister Narendra Modi launched a scheme called ‘Sukanya Samriddhi Yojana (SSY)’, the campaign literally translates to ‘Girl Child Prosperity Scheme’ in line with the above objectives. It was launched on 22 January 2015 in Panipat, Haryana. In this blog, we will explore the various details of the Sukanya Samriddhi Yojana, including its eligibility criteria, tax benefits, interest rates, and how it stands as an effective tool for financial planning for a girl child’s education and marriage.What is Sukanya Samriddhi Yojana (SSY)?The Government of India launched a social campaign on 22 January 2015 to address the issue of the declining child sex ratio in our country. The Beti Bachao Beti Padhao (BBBP) campaign sends the message ‘Save girls, educate the girl child’. This is a national initiative jointly run by the Ministry of Women and Child Development, the Ministry of Health and Family Welfare, and the Ministry of Human Resource Development.BBBP aims to achieve the following:To stop gender discrimination against children and abolish the practice of sex determination.To ensure the survival and protection of girls.To ensure higher participation of girls in education and other areas.SSY aims at tackling a major problem associated with the girl child i.e., the financial burden related to education and marriage.

Have you maxed out your tax saving options under Section 80C and still looking for ways to reduce your tax burden? Let us explore Section 80CCD(1B) which offers an additional deduction of up to Rs. 50,000 for contributions made to the National Pension System (NPS).Budget 2025 UpdateFrom financial year 2025-2026, the same tax benefits available for NPS contributions under Section 80CCD(1B) will now apply to contributions made to NPS Vatsalya accounts.What is Section 80CCD(1B)?Section 80CCD(1B) provides an additional deduction of up to Rs 50,000 for contributions made to NPS. The additional deduction of Rs. 50,000/- under Section 80CCD(1B) is available over and above the benefit of Rs 1.50 lakh deduction under Section 80CCD(1). Thus, the maximum deduction limit is Rs. 2 lakhs under Section 80CCD(1) + Section 80CCD(1B) (Deductions would be available to an individual only if he exercises the option of shifting out of the new tax regime u/s 115BAC(1A)).Maximum deductions under section 80C + 80CCC + 80CCD(1) = Rs. 1.5 lakh Rs.

Business codes, also known as Business or Profession Codes, are used in India for Income Tax Return (ITR) filing to classify the nature of business or profession. These codes are specified by the Income Tax Department and help in accurately reporting income from different sources. The codes vary depending on the type of business or profession. Taxpayers need to select the appropriate code that best represents their line of work when filing their ITR forms. The codes ensure proper categorisation and facilitate efficient tax assessment and compliance.

Section 80IA of the Income Tax Act offers tax benefits to businesses operating in some specific sectors. Under this provision, you can exempt the tax levied on your business profits for a certain period depending on a business’s eligibility. This article will discuss the eligibility, exemption, applicability, and deduction of Section 80IA for the assessment year 2025-26.What is Section 80IA?Section 80IA of the Income Tax Act provides tax benefits to businesses that operate in infrastructure, power, telecommunication, and other specified sectors. This provision offers tax deductions and exemptions to encourage businesses to invest in the mentioned sectors. Investments in these sectors help our country's economic growth, thus, the Income Tax department encourages it by providing tax exemptions.80IA EligibilityYour business needs to meet the following criteria to be eligible for tax benefits under Section 80IA:Your business must be incorporated in India.

Post Office investment-savings schemes in India offer secure, government-backed options with guaranteed returns. These schemes cater to risk-averse investors and include popular products like the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), and Monthly Income Scheme (MIS). Recently, deposit limits have been increased, making them even more attractive. In this article, we will discuss the different types of Post Office savings schemes and their benefits.Post Office Investment-Savings SchemesThe Post Office Saving Schemes include several reliable products and offer risk-free investment returns. Around 1.65 lakh post offices spread all over the country operate these schemes.

It’s time to take taxes off your mind because filing with Cleartax is easier than ever! Here is a step-by-step guide on filing your ITR (Income Tax Returns) on Cleartax for the financial year 2024-25.ITR e-Filing – Documents RequiredTo begin, gather the following documents to pace up the process:PANAadhaarBank account detailsForm 16Other Income informationInvestments detailsLoginLogin to your Cleartax account and click on ‘Start Filing’.Create an Account or Login with ClearTaxCreate a new account or simply click on Login if you are already a user of ClearTax.Link Your PANLinking your PAN allows us to submit your return to the income tax department. If you are filing with us for the first time, you need to link your PAN by entering your PAN, Date of Birth, and the OTP received on your registered mobile number. You can verify the OTP using either your 'Aadhaar registered mobile number' or ‘IT Department registered mobile number.’Pre-fill Your Personal InformationIf you have previously filed with Cleartax and your PAN is already linked, you will directly see the autofill screen. To pre-fill your information from the income tax department, you will need to complete another OTP verification. This OTP verification is to capture all your personal information and income details in your income tax return with maximum security of your data.If you choose the 'IT Department' option, you will need to enter two OTPs, one sent to your mobile number and the other to your email.Too many OTPs can seem a lot of effort, but it is totally worth it! Most of your information will be auto-filled. This saves you nearly 2 hours of your time that would have been spent manually entering and correcting details.

Making a mistake or two is completely normal when you're doing something you don’t often do or are not used to doing – like filing income tax returns. Sometimes we may miss entering certain information. Sometimes there could be an error. In these situations, your return is labelled as a ‘defective return,’ and the income tax department will issue a notice of defective return as per Section 139(9). This notice aims to help you correct any mistakes.

New sections were introduced in the Finance Bill, 2021 to deduct TDS (tax deducted at source)/ collect TCS (tax collected at source) at higher rates when the amount is paid to specified persons who have not filed their income tax returns. Section 206AB is inserted after section 206AA of the Income Tax Act. The latter provides for the deduction of TDS at higher rates for those who do not provide/furnish their Permanent Account Number (PAN). Similarly, section 206CCA for TCS is inserted after section 206CC of the Income Tax Act. Read on for a detailed explanation covering the recent CBDT circular no. 10/2022, the compliance check functionality and more.Budget 2025 UpdateIt was proposed to omit Sections 206AB and 206CCA in order to avoid blocking of capital and reduce the compliance burden for the deductor/collector. This will be effective from 1st April 2025.What is Section 206AB and 206CCA?Section 206AB– Deduct TDS at higher rates than usual when you make payments to those who have not filed their income tax return in the last year.Section 206CCA– Collect TCS at higher rates than usual from the amounts received from buyers.Rate of TDS Under Section 206AB or Rate of TCS Under Section 206CCA?TDS under section 206ABIf payment is made to a specified person as mentioned above, then tax shall be deducted at source (TDS) at higher of below rates:2 times the rate given in the Income Tax Act or Finance Act or5%If the person provides the PAN but has not filed the return for the last assessment year, the due date for filing has expired, and the aggregate of TDS or TCS in his case is Rs.

When it comes to buying or selling property in India, taxes are an important part. One such tax is the Tax Deducted at Source (TDS) on the sale of property under Section 194-IA. Property here refers to only immovable property like land and buildings. Before making a payment to the seller, buyer has to deduct tax at the time of purchasing property. While making a purchase of the property, the buyer has to deduct tax before making a payment to the seller.