Achi news desk-
This is the first time in recent years that the Income Tax Department allows taxpayers to submit IT returns on the first day of the new fiscal year.
The Income Tax Department has made ITR 1, 2, 4 and 6 available on the e-filing portal from April 1, 2024, and around 23,000 returns have already been filed for the financial year 2023-24. This is the first time in recent years that the Income Tax Department has allowed taxpayers to file their IT returns on the first day of the new financial year and is a step towards ease of compliance and seamless taxpayer services, the department said on Thursday. .
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are forms used by a large number of small and medium taxpayers. ITR-2 is filed by individuals who have income from residential property.
The Central Board of Direct Taxes (CBDT) in a statement said it has made it easier for taxpayers to file Income Tax Returns (ITRs) for the assessment year 2024-25 (relevant to the 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 returns. Companies will also be able to file their ITR through ITR-6 from April 1 onwards “, said the CBDT.
Sahaj can be filed by a resident individual having income up to Rs 50 lakh and receiving income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000.
Sugam can be filed by individuals, Hindu Undivided Families and companies – other than Limited Liability Partnerships (LLPs) – being resident with total income up to Rs 50 lakh and income from business and profession. As a precursor to this, CBDT has notified early ITR forms starting with ITR 1 and 4 notified on 22nd December 2023, ITR-6 notified on 24th January 2024 and ITR-2 notified on 31st January 2024 “Therefore , taxpayers have been allowed to file ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-2025 on the electronic 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. The facility to file ITR 3, 5 and 7 will be available soon, he added.
(with input from PTI)
Published: April 4, 2024, 7:55 PM IST
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