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Notified ITR Forms: Big news for taxpayers! ITR forms 2, 3, 5 notified for filing Income Tax Return, know what changes have happened

Income Tax Return Form: All forms 1 to 6 of ITR have been notified and will be effective from April 1, 2024 for filing returns.

Income Tax Return Filing: Income Tax Department has notified Income Tax Return Forms 2, 3 and 5 for filing tax return for assessment year 2024-25. The Central Board of Direct Taxes (CBDT) said in a statement that ITR-2, ITR-3 and ITR-5 forms have been notified on January 31, 2024 for filing returns in assessment year 2024-25. ITR-1 and ITR-6 forms have already been notified.

The ITR-1 form for individuals with income up to Rs 50 lakh was notified in December, 2023, while the ITR-6 form for companies filing returns was notified in January, 2024.

All ITR forms will be effective from April 1, 2024

CBDT said, changes have been made in the ITR Form for the convenience of taxpayers and for ease in filing returns. According to the statement, all forms 1 to 6 of ITR have been notified and will be effective from April 1, 2024 for filing returns.

Who can file ITR-2?

Individuals and Hindu Undivided Families (HUF) who do not have income from business or profession (and are not eligible to file ITR Form-1 (Sahaj)), can file ITR-2.

Who can file ITR-3 and ITR-4?

Whereas people having income from business or profession can file ITR Form-3. ITR-4 (Sugam) is for resident individuals, HUFs and firms (other than LLP) with total income up to Rs 50 lakh and income from business and profession.

Who can file ITR-5 and ITR-6?

At the same time, partnership firms and LLP can file ITR Form-5. Except the companies claiming exemption under Section 11, other companies can use ITR Form-6 for returns.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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