The Aryavarth Express
Agency(New Delhi): The Central Board of Direct Taxes (CBDT) has taken a proactive step by notifying Income-tax Return Forms (ITR Forms) for the Assessment Year (A.Y.) 2024-25 well in advance. The CBDT, through Notification No. 19 of 2024 dated January 31, 2024, has notified ITR Forms – 2, 3, and 5 for A.Y. 2024-25. Additionally, ITR Form-6 was notified earlier via Notification No. 16 of 2024 dated January 24, 2024. Preceding these, ITR-1 and ITR-4 for A.Y. 2024-25 were announced through Notification No. 105 of 2023 dated December 22, 2023. With these notifications, all ITR Forms 1 to 6 are now in effect from April 1, 2024.
The ITR-1 (SAHAJ) form is applicable for resident individuals with a total income of up to Rs. 50 lakh, comprising income from salaries, one house property, and other sources. ITR-2 is for individuals and Hindu Undivided Families (HUFs) not earning income from business or profession (and not eligible for filing ITR-1). ITR-3 is designated for those with income from business or profession. ITR-4 (SUGAM) caters to resident individuals, HUFs, and Firms (other than LLPs) with a total income of up to Rs. 50 lakh, including income computed under sections 44AD, 44ADA, or 44AE of the Income-tax Act. Partnership firms, LLPs, and others, excluding individual, HUF, and companies, can file ITR Form-5, while companies not claiming exemption under section 11 should file ITR Form-6.
These updated ITR forms incorporate changes aimed at facilitating taxpayers and improving the ease of filing. The modifications primarily arise from amendments in the Income-tax Act, 1961, made via the Finance Act, 2023. The detailed notifications of the ITR Forms are available on the Department’s website at www.incometaxindia.gov.in.