CBDT Releases Income Tax Return Forms for Assessment Year 2024-25
In a proactive move, the Central Board Of Direct Taxes, Ministry Of Finance (CBDT) has released the Income Tax Return (ITR) forms for the Assessment Year 2024-25 well in advance. This early notification encompasses ITR Forms 2, 3, 5, and 6, offering taxpayers ample time to prepare and submit their returns efficiently.
Previously announced on December 22, 2023, were the availability of ITR-1 (SAHAJ) and ITR-4 for the same assessment year. With the subsequent notification now covering all forms from 1 to 6, taxpayers can anticipate a smooth compliance process starting from April 1, 2024.
Here's a brief overview of the different ITR forms and their eligibility criteria:
ITR-1 (SAHAJ): Reserved for resident individuals with a total income of up to Rs. 50 lakh, deriving income from salaries, one house property, and other sources.
ITR-2 & 3: Intended for individuals and Hindu Undivided Families (HUFs) without income from business or profession. ITR-2 is for those ineligible for ITR-1, while ITR-3 caters to individuals with income from business or profession.
ITR-4 (SUGAM): Targeted at resident individuals, HUFs, and firms (excluding LLPs) with a total income of up to Rs. 50 lakh, deriving income from business or profession under sections 44AD, 44ADA, or 44AE. Notably, a new field for reporting cash receipts has been introduced in Schedule 'BP,' facilitating better disclosure of gross turnover details.
ITR-5: Applicable to entities other than individuals, HUFs, and companies, such as partnership firms and LLPs.
领英推荐
ITR-6: Intended for companies not eligible for exemption under section 11 of the Income-tax Act, 1961.
The updated forms incorporate changes aligned with recent amendments to the Income-tax Act, 1961, introduced via the Finance Act, 2023. These adjustments aim to enhance the filing experience and streamline compliance processes for taxpayers.
It's crucial for taxpayers to familiarize themselves with the specific requirements of each form to ensure accurate and timely filing. The complete notifications of the ITR forms are accessible on the Income Tax Department's official website, providing comprehensive guidance for taxpayers.
In conclusion, the timely release of ITR forms for the Assessment Year 2024-25 underscores the CBDT's commitment to facilitating taxpayer compliance and improving the ease of filing.
To learn more about how ComplianceEase.IN can benefit you and your clients, feel free to contact us at [email protected] or visit our Website https://www.complianceease.in