February o3, 2024: The Central Board of Direct Taxes (CBDT) on January 31 notified the income tax return forms (ITR Form) 2, 3 and 5 for the assessment year (AY) 2024-25. On January 24, ITR Form-6 was also notified for the AY2024-25. ITR-1 and ITR-4 for the AY 2024-25 were notified on December 22, 2023.
All ITR forms 1 to 6 have since been notified and will come into effect from April 1, 2024.
ITR-1 (SAHAJ) can be filed by resident Individuals having total income up to 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 of up to Rs 50 lakh and having income from business and profession computed under Section 44AD, 44ADA or 44AE.
Persons other than individuals, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5.
Companies other than those claiming exemption under section 11 can file ITR Form-6.
Changes have been incorporated in the ITRs 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.
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