CBDT notifies ITR Forms for Assessment Year 2024-25 well in advance

The Central Board of Direct Taxes (CBDT) vide Notification No. 19 of 2024 dated 31.01.2024, has notified Income Tax Return Forms (ITR Form) – 2, 3 and 5 for the Assessment Year (A.Y.) 2024-25.

Furthermore, ITR Form-6 has been announced for the financial year 2024-25 by Notification No. 16 of 2024, dated January 24, 2024. Previously, ITR-1 and ITR-4 for the financial year 2024-25 were announced by Notification No. 105 of 2023, dated December 22, 2023. All ITR Forms 1 to 6 have since been informed and will come into force from 1st April 2024.

ITR-1 (SAHAJ) can be filed by resident Individuals having a total income upto Rs. 50 lakh and having income from Salaries, one house property and income from other sources. Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form-3.

ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individuals, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form-5.

Companies other than those claiming an exemption under Section 11 may file ITR Form 6.

Changes have been made to the ITRs to make it easier for taxpayers to file. The majority of the amendments were needed by amendments to the Income-tax Act of 1961 accepted under the Finance Act of 2023.