Income Tax News: For the assessment year (AY) 2024–2025, the Income Tax Department has made available ITR forms 1 and 4 for individuals and entities with an annual total income up to ₹50 lakh. People can start filing returns for the income earned this financial year, including Hindu Undivided Families (HUFs), individuals, businesses with up to ₹50 lakh in revenue, and people in business and profession. The current fiscal year runs from April 2023 to March 2024.
Early Release of ITR Forms
By the end of March or the beginning of April, ITR forms for a particular fiscal year are typically made available. This year, however, the ITR forms are released in December, allowing taxpayers to file early. Simplified ITR Forms 1 (Sahaj) and Form 4 (Sugam) are intended for a broad spectrum of small and medium-sized taxpayers. These forms were formally notified by the IT Department on Friday.
Total Income and Entities
Residents who earn up to ₹50 lakh from salaries, one residential property, other sources (interest), and up to ₹5,000 from agriculture are eligible for Sahaj. Sugam is for residents who earn up to ₹50 lakh in total, including income from their business and profession, and who are individuals, HUFs, and firms (excluding Limited Liability Partnerships (LLPs)). As of December 17, the Financial Year 2023–24’s provisional Direct Tax collections show a net amount of Rs. 13,70,388 crore, up 20.66% from the same period in the previous Financial Year (FY 2022-23) when it was Rs. 11,35,754 crore.
Breakdown of Net Collection
When the net collection is broken down, Corporation Tax (CIT) is valued at Rs. 6,94,798 crore (net of refund), while Personal Income Tax (PIT) at Rs. 6,72,962 crore (net of refund) includes Securities Transaction Tax (STT). The gross direct tax collection for the fiscal year 2023–2024 (before accounting for refunds) is estimated to have reached Rs. 15,95,639 crore. This represents a 17.01 percent increase over the collections from the same period in the previous fiscal year (FY 2022-23), which came to Rs. 13,63,649 crore. CIT at Rs. 7,90,049 crore and PIT including STT at Rs. 8,02,902 crore make up the gross collection of Rs. 15,95,639 crore.
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