Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms well in advance for the Assessment Year 2024-25. The CBDT has notified Income-tax Return Forms (ITR Form) – 2, 3 and 5 for the Assessment Year 2024-25. Further, ITR Form-6 has also been notified.

Earlier, ITR-1 and ITR-4 for the A.Y. 2024-25 were notified dated Dec 22, 2023. All ITR Forms 1 to 6 have since been notified and will come into effect from April 1, 2024.

ITR-1

ITR-1 (SAHAJ) can be filed by resident Individuals having total income up to Rs. 50 lakh and having income from Salaries, one house property and income from other sources.

ITR-2 & 3

Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3.

ITR-4

ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income up to Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE.

In ITR-4 (largely applicable for presumptive taxation), an additional field to report ‘receipts in cash’ has been included in Schedule ‘BP- details of income from business or profession’, wherein the taxpayer to whom such form is applicable is required to report cash receipts as part of break-up of gross turnover during the year.

Personal cash receipts which were withdrawn earlier are not required to be reported under the aforesaid field.

ITR-5

Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5.

ITR-6

The companies other than those claiming exemption under section 11 can file ITR Form-6.

Changes have been incorporated in the ITRs in order to facilitate the taxpayers and to improve ease of filing. Largely, the changes incorporated were necessitated due to amendments in the Income-tax Act, 1961 made vide Finance Act, 2023.

The Notifications of the ITR Forms are available on the Department’s website at the following link: www.incometaxindia.gov.in.