Income Tax News: On Thursday, April 1, 2024, the Central Board of Direct Taxes (CBDT) announced that it has made it easier for taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024–25 (i.e., FY2023-24). The most popular ITRs utilised by taxpayers, ITR-1, ITR-2, and ITR-4, are now accessible via the e-filing portal. Returns can be filed by taxpayers. From April 1 onward, businesses will also be able to file their ITRs using ITR-6, according to the statement.
Current Filing Status
It stated that as of right now, 23,000 ITRs for AY 2024–2025 have been filed. The CBDT announced that it will soon be possible to file ITRs 3, 5, and 7. The ITR-1, ITR-2, and ITR-4 e-filing versions for the fiscal year 2023–24 (assessment year 2024–25) have been made available by the Income Tax Department. For individuals who wish to file returns offline, the agency also provides downloading utilities for ITR-1, ITR-2, ITR-4, and even ITR-6 for FY 2023–24 (AY 2024–25) in Excel and JSON formats.
E-Return Intermediaries
July 31, 2024 is the deadline for filing income tax returns (ITRs) for FY 2023–24 (AY 2024–25). “CBDT had notified the ITR forms early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January, 2024 and ITR-2 was notified on January 31st, 2024. To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for AY 2024-25.”
“The same can be accessed under downloads section of the e-filing portal. Thus, taxpayers have been enabled to file ITR-1, ITR-2, ITR-4 and ITR-6 for AY 2024-2025 on the e-filing portal from 01.04.2024. Facility to file ITRs 3, 5 and 7 will be made available shortly,” it added.
ITR-1 (Sahaj)
- Those with a combined income of up to Rs. 50 lakhs from one home, one rental property, and other sources are eligible to apply.
- Not for anyone who makes more than Rs. 5,000 in agricultural earnings, has more than one property, makes money from a business or profession, or has capital gains.
ITR-2
For people and HUFs who aren’t able to file an ITR-1 and who make more than Rs. 5,000 in agricultural income, capital gains, income from more than one property, or income from overseas sources.
ITR-3
For individuals and HUFs earning more than Rs. 5,000 in capital gains, agricultural income, income from multiple properties, or income from foreign sources but unable to submit an ITR-1.
ITR-4 (Sugam)
- For individuals, HUFs, and companies (not including LLPs) that have taken on income from their business or field of labour.
- excludes people who get income from capital gains, numerous properties, or overseas assets.
ITR-5
beneficial to corporations, artificial juridical persons, LLPs, AOPs, BOIs, cooperative societies, and local governments. Not for HUFs, corporations, individuals, or anybody eligible to submit an ITR-7.
ITR-6
- For businesses that aren’t claiming Section 11 exemption (income from property held for religious or charitable purposes).
- Also relevant to businesses, limited liability partnerships, AOPs, BOIs, and other entities that have to submit income tax returns in accordance with Section 139(4A), (4B), (4C), or (4D).
ITR-7
- For people and organisations that are required under Section 139(4A) through (4B) through (4C) through (4D) through (4E) through (4F) to file a return.
- includes trusts, universities, schools, and political parties.
