Tax Filing Tips: The time has come to pay tax. The task of paying tax is a bit difficult. It is very important to pay tax correctly and on time. This can help you avoid legal troubles in the future.
The financial year 2024-25 is about to end. Therefore, it is important to understand which ITR form is right for you. There are two forms, ITR-1 (Sahaj) and ITR-4 (Sugam). But they have their own rules. They should be used after understanding them properly. Otherwise, mistakes can happen.
ITR-1 (Sahaj)
ITR-1 (Sahaj) is for those who live in India. Also, whose annual income is less than Rs 50 lakh. If your income is from easy sources like salary, pension, property of one house (which does not have old loss), or interest. In such a case, this form is for you. You can also add the income of your wife or small child in it. Provided their income is also from the same sources. But some people cannot fill ITR-1. Like if you live outside India. Are the director of a company. Apart from this, if you have property abroad. If you have income from foreign accounts or lottery, then also ITR-1 will not work.
ITR-4 (Sugam)
ITR-4 (Sugam) is for those who do small business or are professionals. Also, their income is up to 50 lakhs. This form can be used even when your income is calculated in an easy way. But if your income is audited, then instead of ITR-4, you can choose ITR-3 or ITR-5. ITR-1 and ITR-4 make paying tax easy but look at their rules carefully. Choose the right form according to your income and situation so that there is no mistake while paying tax. If you do not understand, then consult an expert.
When will Form 16 come?
It is generally mandatory to issue Form 16 by 31 May. This enables employees to file their Income Tax Return before the deadline. However, in respect of the financial year 2024-25, the last date for issuing Form 16 has been fixed as 15 June 2025. This document certifies the employee’s income, tax deduction and other related details. If your employer has deducted TDS from your income between 24 April 2024 and 25 March 2025, then you have to ensure that you receive Form 16 by 15 June 2025.
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