E-filing starts from April 1
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Income Tax Returns: The Central Board of Direct Taxes (CBDT) said that it has given the facility to taxpayers to file their ITR for assessment year 2024-25 (relevant to FY 2023-24) from April 1, 2024. However. ITR 3, 5 and 7 forms have not been launched at present. CBDT said that the facility to file ITR 3, 5 and 7 forms will also be made available soon.
Income Tax Department made a record
For the first time in recent years, the Income Tax Department has enabled taxpayers to file their IT returns on the very first day of the new financial year. This is a step towards ease of tax compliance and seamless taxpayer services.
What forms are available on the e-filing portal?
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, 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. Along with this, CBDT said that companies can also file their ITR through ITR-6 from April 1.
People with income up to Rs 50 lakh can fill Sahaj form
Sahaj form can be filed by a resident individual with income up to Rs 50 lakh. This income can be salary, a house property, other sources (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.
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