Updated February 2nd, 2024 at 20:12 IST

Income Tax Department notifies I-T return forms for assessment year 2024–25

Department emphasised that all ITR Forms 1 to 6 have now been notified and will be effective on April 1, 2024.

Reported by: Business Desk
Income Tax Department notifies IT return forms for assessment year 2024–25 | Image:Pixels
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I-T notification: The Income Tax Department announced the notification of I-T return forms 2, 3, and 5 for filing tax returns for the assessment year 2024–25 on Friday. This follows the earlier notifications of ITR-1 and ITR-6 in December 2023 and January 2024, respectively.

"The Central Board of Direct Taxes (CBDT), dated January 31, 2024, has notified Income-tax Return Forms (ITR Forms) 2, 3, and 5 for the Assessment Year (AY) 2024–25," stated the CBDT in a released statement. It emphasised that all ITR Forms 1 to 6 have now been notified and will be effective on April 1, 2024.

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Forms for various segment

For individuals and HUFs without income from business or profession who are not eligible to file ITR Form-1 (Sahaj), ITR-2 is the applicable form. Those with income from business or profession can file ITR Form 3. ITR-4 (Sugam) is designated for resident individuals, HUFs, and firms (excluding LLPs) with a total income of up to Rs 50 lakh and income from business and profession.

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Partnership firms and LLPs are directed to file ITR Form-5, while companies, excluding those claiming exemption under Section 11, are advised to use ITR Form-6.

The CBDT mentioned, "Changes have been incorporated in the ITRs in order to facilitate the taxpayers and to improve ease of filing." These adjustments aim to simplify the filing process and enhance the experience for taxpayers.

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(with PTI inputs) 

 

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Published February 2nd, 2024 at 20:11 IST