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.
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 ₹ 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income of up to ₹ 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 ₹ 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.
Source: https://www.ndtv.com/business-news/how-income-tax-department-eased-returns-filing-this-year-see-details-5375825
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