[Good News] ITR-1 and ITR-4 Form for FY 2023-24 notified [Read Notification]

The Central Board of Direct Taxes (CBDT) notified two return forms, i.e., ITR-1 SAHAJ and ITR-4 SUGAM, via issuing a notification.

ITR-1 SAHAJ: Individuals with a total income of up to Rs 50 lakh from salaries, one residential property, other sources (such as interest), and agricultural income of up to Rs 5,000 should file ITR-1 (SAHAJ).

ITR-4 SUGAM: Individuals, HUFs, and firms (other than LLPs) having total income up to Rs 50 lakh and income from business and profession calculated under Sections 44AD, 44ADA, or 44AE are subject to ITR-4 (SUGAM).

The Official Notification Stated:

In exercise of the powers conferred by Section 139 read with Section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:

Title:

1. These rules may be called the Income-tax (Thirtieth Amendment) Rules, 2023.

2. They shall come into force with effect from the 1st day of April, 2024;

In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 12.

(i) in sub-rule (1), in the opening portion, for the figure “2023”, the figure “2024” shall be substituted;

(ii) in sub-rule (5), for the figures “2022”, the figures “2023” shall be substituted.

To Read Official Notification Download the PDF Given Below: