• Source:PTI
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ITR Forms:  The Income Tax department announced on Thursday that ITRs 1, 2, 4, and 6 have been made accessible on the e-filing portal since April 1, 2024, and that around 23,000 returns have already been filed for the fiscal year 2023-24. This is 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 toward ease of compliance and seamless taxpayer services.

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are more straightforward forms that serve a large number of small and medium taxpayers. ITR-2 is filed by those with residential property income. In a statement, the Central Board of Direct Taxes (CBDT) stated that it has made it easier for taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to the Financial Year 2023-24) starting 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 ITR through ITR-6 from April 1 onwards," the CBDT said.

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Sahaj can be submitted by a resident individual with an income of up to Rs. 50 lakh who receive 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 with a total income up to Rs. 50 lakh and income from business and profession.

In preparation for this, CBDT had announced the ITR forms early, beginning with ITRs 1 and 4 which were announced on December 22, 2023, ITR-6 was announced on January 24, 2024, and ITR-2 was announced 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. 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.

(With PTI Inputs)

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