CBDT Press Release about Release of Almost all ITR Forms for FY 2023-24
In a recent press release on February 2, 2024, the Central Board of Direct Taxes (CBDT) has officially announced the release of all Income Tax Return (ITR) forms (except ITR-7) for the Assessment Year (AY) 2024-25, well in advance.
According to CBDT, vide the Notification No. 19 of 2024 dated January 31, 2024, ITR Forms 2, 3, and 5 have been notified for AY 2024-25. Additionally, Notification No. 16 of 2024 dated January 24, 2024, has introduced ITR Form 6 for the same assessment year. Earlier, on December 22, 2023, Notification No. 105 of 2023 notified ITR-1 and ITR-4 for AY 2024-25. All these forms are set to come into effect from April 1, 2024.
Applicability of ITR Forms:
ITR-1 (SAHAJ): For resident individuals with total income up to Rs. 50 lakh, having income from Salaries, one house property, and income from other sources.
ITR-2: Applicable to individuals and HUFs without income from business or profession.
ITR-3: Designed for individuals with income from business or profession.
ITR-4 (SUGAM): For resident individuals, HUFs, and firms (excluding LLP) with total income up to Rs. 50 lakh and income from business and profession under sections 44AD, 44ADA, or 44AE.
ITR-5: Meant for persons other than individuals, HUFs, and companies, such as partnership firms and LLPs.
ITR-6: Applicable to companies not claiming exemption under section 11.
According to the press release, the ITR forms have undergone changes aimed at enhancing the filing experience for taxpayers, aligning with amendments in the Income-tax Act, 1961, as per the Finance Act, 2023. These changes are geared towards improving ease of filing.
Ensure you stay compliant and file your returns seamlessly with the updated ITR forms for the AY 2024-25. For more information, refer to the official CBDT notifications available on the Department’s website.
To access the notifications of the ITR forms, visit the official Department’s website at www.incometaxindia.gov.in.
To Download the Press Release CLICK HERE
To Know about cash Transaction Limits under Different Sections of Income Tax CLICK HERE
Also Read
Key Tax Announcements in Budget 2024- A Comprehensive Overview