Govt notifies Income Tax Return forms 1, 4 for assessment year 2024-25

• December 24, 2023
• CA Chandan Agarwal's Office

ITR forms for the financial year are usually announced by end of March or early April. However, this year, they are announced early.

The Income Tax Department has released ITR forms 1 and 4 for individuals and entities with an annual total income of up to ₹50 lakh for the assessment year (AY) 2024-25.

Individuals, including Hindu Undivided Families (HUFs), firms with income up to ₹50 lakh, and those earning from business and profession in the current fiscal (April 2023-March 2024), can commence filing returns for the income earned this financial year.

ITR forms for a specific financial year are usually announced by the end of March or early April.

However, this year, the ITR forms are announced in December itself, facilitating early filing for taxpayers. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simplified forms designed for a large number of small and medium taxpayers.

The I-T Department officially notified these forms on Friday.

Sahaj is applicable to resident individuals with income up to ₹50 lakh, deriving earnings from salary, one house property, other sources (interest), and agricultural income up to ₹5,000.

Sugam is for individuals, HUFs, and firms (excluding Limited Liability Partnerships (LLPs)), being residents with a total income of up to ₹50 lakh, including income from business and profession.

The provisional Direct Tax collections for the Financial Year 2023-24 (as of December 17) reveal a net amount of Rs. 13,70,388 crore, reflecting a 20.66 per cent increase from the corresponding period in the previous Financial Year (FY 2022-23) when it stood at Rs. 11,35,754 crore.

Breaking down the net collection, Corporation Tax (CIT) is at Rs. 6,94,798 crore (net of refund), and Personal Income Tax (PIT) including Securities Transaction Tax (STT) is at Rs. 6,72,962 crore (net of refund).

The provisional figures of Gross Direct Tax collection (before adjusting for refunds) for FY 2023-24 reach Rs. 15,95,639 crore, marking a 17.01 per cent growth over the collections of the corresponding period in the preceding financial year (FY 2022-23), which was Rs. 13,63,649 crore.

The Gross collection of Rs. 15,95,639 crore comprises CIT at Rs. 7,90,049 crore and PIT including STT at Rs. 8,02,902 crore.

Source: https://www.hindustantimes.com/business/govt-notifies-income-tax-return-forms-1-4-for-assessment-year-202425-101703321649139.html