ITR Update: For the first time, the Income Tax Department has enabled the portal by implementing the provision for taxpayers to file their income tax returns from the first day of the new financial year.
Income Tax Return: The process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started from April 1, 2014. And in the last four days, 23,000 income tax returns have been filed. The Income Tax Department said that forms related to submission of income tax returns for the financial year 2023-24 have been made available on the e-filing portal and about 23,000 returns have been filed in the last four days.
For the first time in recent years, the Income Tax Department has enabled the portal by implementing the provision for taxpayers to file their income tax returns from the first day of the new financial year. This is a step taken towards ease of tax compliance and uninterrupted taxpayer services.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to the needs of a large number of small and medium taxpayers. Whereas ITR-2 is filed by people having income from residential property. CBDT said in a statement that it has given the facility to taxpayers to file their ITR for assessment year 2024-25 (for financial year 2023-24) from April 1, 2024.
CBDT said, commonly used forms ITR-1, ITR-2 and ITR-4 are available on the e-filing portal for taxpayers to file their returns from April 1, 2024. CBDT said that companies can also file their ITR through ITR-6 from April 1. Taxpayers with income up to Rs 50 lakh can file ITR through Sahaj form. This income can be salary, a house property, other sources of income like interest (and agricultural income up to Rs 5,000.
The Sugam form can be filed by individuals, Hindu undivided families and firms (except LLP) whose total income from business and profession is up to Rs 50 lakh. CBDT had already notified the ITR form. CBDT said that the facility to file ITR 3, 5 and 7 forms will also be made available to the taxpayers soon.
