In a proactive move, the Central Board of Direct Taxes (CBDT) has released Income Tax Return Forms (ITR Forms) well in advance for the Assessment Year (A.Y.) 2024-25. The latest notifications include ITR Forms 2, 3, 5, and 6, following the earlier releases of ITR-1 and ITR-4. Set to be effective from April 1, 2024, these forms come with modifications aimed at enhancing the filing experience for taxpayers. This Press Release provides a comprehensive overview of the newly notified ITR Forms, detailing the criteria for each form and shedding light on the changes introduced. Stay informed and prepared for seamless tax compliance.
Ministry of Finance
CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25
Posted On: 02 FEB 2024
The Central Board of Direct Taxes (CBDT) vide Notification No. 19 of 2024 dated 31.01.2024, has notified Income-tax Return Forms (ITR Form) – 2, 3 and 5 for the Assessment Year (A.Y.) 2024-25. Further, vide Notification No. 16 of 2024 dated 24.01.2024, ITR Form-6 has been notified for the A.Y. 2024-25. Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were notified vide Notification No. 105 of 2023 dated 22.12.2023. All ITR Forms 1 to 6 have since been notified and will come into effect from 1st April, 2024.
ITR-1 (SAHAJ) can be filed by resident Individuals having total income upto Rs. 50 lakh and having income from Salaries, one house property and income from other sources. Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5. The companies other than those claiming exemption under section 11 can file ITR Form-6.
Changes have been incorporated in the ITRs in order to facilitate the taxpayers and to improve ease of filing. Largely, the changes incorporated were necessitated due to amendments in the Income-tax Act, 1961 made vide Finance Act, 2023. The Notifications of the ITR Forms are available on the Department’s website at the following link: www.incometaxindia.gov.in.
Conclusion: As the Ministry of Finance takes a forward leap, notifying Income Tax Return Forms for A.Y. 2024-25, taxpayers can anticipate a smoother and more streamlined filing process. The early release, coupled with changes aligning with amendments in the Income-tax Act, 1961, reflects a commitment to ease the compliance burden. Whether you fall under the purview of ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, or ITR-6, understanding the nuances of these forms is crucial for accurate and efficient filing. Explore the official notifications on the Department’s website and embrace the changes for a hassle-free tax season.
Author Bio
