ITR Filing FY 2023-24: Which is the correct Income Tax Return form for salaried taxpayers – ITR-1 or ITR-2? Find out – Times of India

ITR filing FY 2023-24: The Income Tax Return filing deadline for FY 2023-24 is approaching, and if as a salaried taxpayer you are still wondering about the correct ITR form to use for filing return this year, then we have you covered. Salaried taxpayers can often be confused on the right ITR form – should it be ITR-1 or ITR-2?
The correct form for assessment year 2024-25 depends on the level of your income and a host of other factors.Do remember that from financial year 2023-24, the new income tax regime is the default income tax regime. If you want to file your ITR under the old income tax regime, you will have to opt for it.

Who should file tax return using ITR-1?

According to an ET report, salaried individuals should file ITR using ITR-1 if they satisfy the following conditions:
Total Income: The total income does not exceed Rs 50 lakh for the financial year.
Sources of Income: The income must be derived from:

Salaried individuals meeting the specified requirements can use the ITR-1 form to file a tax return. However, a salaried person cannot use ITR-1 if they are a non-resident or have income from other sources, such as capital gains or foreign income.
Also Read | ITR filing FY 2023-24 deadline extension: Will Income Tax Department extend the July 31, 2024 deadline for filing tax returns?

List of documents required to file ITR-1 and how to obtain them

To file ITR-1, you need to gather the following documents:

ITRs are annexure-less forms, meaning you are not required to attach any documents (such as investment proofs or TDS certificates) when filing your return, either manually or electronically. However, it is important to keep these documents handy for situations where they may need to be produced before tax authorities, such as during assessments or inquiries.

Who should file returns using ITR-2?

A salaried individual can file their tax return using the ITR-2 form if they meet any of the following criteria:

Income Sources

Asset Holdings: Holds assets outside India
Income Threshold: Total income exceeds Rs 50 lakh
Additional Categories:

Specific Situations:

Also Read | ITR Filing FY 2023-24: What happens if I file income tax return after deadline? Check penalties, consequences for late filing

Is Verification of ITR Mandatory?

Yes, according to the Income Tax department FAQs, verifying your ITR after submission is mandatory. The return must be verified within 30 days of successful submission, either through EVC mode or DSC.
You can also download the ITR-V receipt from the “View Filed Return” section after logging into the portal and send it to CPC via speed post within 30 days for verification. However, it is recommended to complete the verification online to avoid any postal issues.