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The Income Tax department has notified that taxpayers with earnings more than Rs 50 lakh or have more than one house need to share extra information when they file their tax returns for this fiscal.
ITR filing: The deadline for filing tax returns using ITR-2 and ITR-3 for the FY 2023-24 (AY 2024-25) is July 31, 2024, for most taxpayers. However, individuals who are subjected to income tax audit and have income from business or profession have an extended deadline until October 31.
The deadline for filing ITR-2 and ITR-3 is set for July 31, 2024. However, taxpayers subjected to income tax audit and possessing business income are required to submit ITR-3 by October 31, 2024.
ITR-2 and ITR-3: Income tax return (ITR) forms have been notified by the central board of direct taxes (CBDT) via an notification in e-gazette. ITR-2 is to be filed by those who have capital gains income and are ineligible to file ITR-1. Do note that ITR-3 is to be filed by those entities who have income from business or profession.
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