Big news for ITR filers, the government released this form three months ago, know which is important to fill.
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Income Tax Return: The Income Tax Department has notified Income Tax Return Forms 1 and 4 for the assessment year 2024-25. This form is filled by individuals and entities with total annual income up to Rs 50 lakh. This will allow individuals, other than Hindu Undivided Families (HUF), companies with income up to Rs 50 lakh and people earning income from business and profession in the current financial year (April 2023-March 2024) to apply for income earned in this financial year. Can start filing returns. Generally, ITR forms for the financial year are notified in late March or early April. But last year, the forms were notified in February. However, this year ITR forms have been notified in December itself to facilitate taxpayers to file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms. The Income Tax Department notified the forms on Friday. Sahaj can be filed by resident individuals with income up to Rs 50 lakh and income from salary, owning a house, other sources (interest) and agriculture up to Rs 5,000. The Sugam form can be filled by individuals, Hindu Undivided Families and companies like Limited Liability Partnership (LLP) whose total income is up to Rs 50 lakh and whose income is from business and profession.
Who files Form-1?
Those citizens of India whose annual income is up to Rs 50 lakh can file Form-1. Your salary, your pension or income from any other source is also included in the income up to Rs 50 lakh. Even income from agriculture up to Rs 5000 is included, but if you are a director of a company and have invested in an unlisted company, income from it, more than one house or property If you earn income from business, then you cannot file Form-1.
Who will file Form-2?
If the income of any citizen of India is more than Rs 50 lakh, then they can file Form-2. Under this, one has to declare about more than one residential property, income or gains from investments, income from dividends of more than Rs 10 lakh and income from agriculture of more than Rs 5,000. Apart from this, if there is interest income from PF, then this form is also filed.
Record ITR filed this year
In November this year, the Income Tax Department said in a statement that in the financial year 2023-24, a total of 7.85 crore ITRs have been filed for all assessment years, surpassing the previous record of 7.78 crore filed in the financial year 2022-23. Is. The due date for filing ITR (except ITR 7) was October 31, exclusively for taxpayers who were not involved in international or specified domestic transactions, and whose accounts required audit. For the year 2023-24, more than 7.65 crore ITRs have been filed till October 31, 2023. This is 11.7 percent more than last year. Out of 7.65 crore ITRs filed for FY 23-24, more than 7.51 crore ITRs have been verified, out of which 7.19 crore have already been processed till October 31, i.e. about 96 percent of the verified ITRs have been processed. October 31 also marked the last date for filing essential statutory forms like Form 10B, 10BB and Form 3CEB, with over 1.44 crore various statutory forms filed till the deadline. The statement said that during the busiest filing days, the e-filing portal successfully managed the traffic, thereby providing a seamless experience to taxpayers and tax professionals in terms of submission of forms and ITR.
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