ITR Form: CBDT has released the income tax return forms for the current financial year 2023-24. The Income Tax Department has released Income Tax Return Forms One and Four for the assessment year 2024-25. This time these forms have been issued by the government three months ago.
New Delhi: There is good news for taxpayers filing income tax returns. The Central Board of Direct Taxes (CBDT) has released the income tax return forms for the current financial year 2023-24. This time these ITR forms have been issued three months before the end of the financial year. The last date for filling ITR form will be July 31, 2024. In this way, these forms have been issued seven months before the last date. The Income Tax Department has notified Income Tax Return Forms One and Four for the assessment year 2024-25. This form is filled by individuals and entities with total annual income up to Rs 50 lakh.
This will allow individuals, other than Hindu Undivided Families (HUFs), companies with income up to Rs 50 lakh and people earning income from business and profession in the current financial year (April 2023-March 2024) to apply for income earned in this financial year. Can start filing returns.
The forms came in February last year
Generally, ITR forms for the financial year are notified in late March or early April. But last year, the forms were notified in February. However, this year ITR forms have been notified in December itself to facilitate taxpayers to file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms. The Income Tax Department notified the forms on Friday.
These people can fill the form
Sahaj can be filed by resident individuals with income up to Rs 50 lakh and income from salary, owning a house, other sources (interest) and agriculture up to Rs 5,000. The Sugam form can be filled by individuals, Hindu Undivided Families and companies including Limited Liability Partnership (LLP) whose total income is up to Rs 50 lakh and whose income is from business and profession.
