CBDT enabled Functionalities to File Commonly used ITRs

The Central Board of Direct Taxes (CBDT) has made it easier for taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (applicable to the Financial Year 2023-24) beginning April 1, 2024.

The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs using ITR-6 beginning April 1.

As a forerunner, CBDT notified the ITR forms early, commencing with ITRs 1 and 4 on December 22nd, 2023, ITR-6 on January 24th, 2024, and ITR-2 on January 31st, 2024.

To help e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4, and ITR-6, as well as the Schema of Tax Audit Reports, have been made available for the the financial year 2024-25. The same is available on the e-filing portal’s downloads section.

Thus, taxpayers can now submit ITR-1, ITR-2, ITR-4, and ITR-6 for the financial year 2024-2025 on the e-filing platform beginning April 1, 2024. The option to file ITRs 3, 5, and 7 will be available shortly.

This is the first time in recent memory that the Income Tax Department has allowed taxpayers to file their returns on the opening day of the new financial year. This is another significant step toward simplified compliance and seamless taxpayer services.