CBDT enables ITR filing for FY24; 23,000 returns filed in 4 days
This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services.
)
The Income Tax department on Thursday said ITRs 1, 2, 4 and 6 have been made available on e-filing portal from April 1, 2024, and about 23,000 returns have already been filed for the 2023-24 fiscal year.
This is for the first time in recent years that the Income Tax department has enabled taxpayers to file their I-T Returns on the first day of the new financial year and, is a step towards ease of compliance and seamless taxpayer services.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. ITR-2 is filed by people having income from residential property).
In a statement, the Central Board of Direct Taxes (CBDT) said it has facilitated taxpayers to file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year (relevant to Financial Year 2023-24) from April 1, 2024.
"The ITRs -- i.E. ITR-1, ITR-2 and ITR-4 -- commonly used by taxpayers are available on the e-filing portal from April 1, 2024 onwards for taxpayers to file their returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards," the CBDT said.
Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income of up to Rs 5,000.
Sugam can be filed by individuals, Hindu Undivided Families and firms -- other than Limited Liability Partnerships (LLPs) -- being a resident having total income up to Rs 50 lakh and income from business and profession.
As a precursor to this, CBDT had notified the ITR forms early, beginning with ITRs 1 and 4 that were notified on December 22, 2023, ITR-6 was notified on January 24, 2024 and ITR-2 was notified on January 31, 2024.
"Thus, taxpayers have been enabled to file ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-2025 on the e-filing portal from 01.04.2024. In fact, about 23,000 ITRs for AY 2024-25 have already been filed to date," the CBDT said. Facility to file ITRs 3, 5 and 7 will be made available soon, it added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
