Income tax return: This is important news for taxpayers filing income tax returns. 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.
Form details
ITR Form One (Sahaj) and ITR Form Four (Sugam) are simple forms. 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 limited liability partnership companies. These are those companies whose total income is up to Rs 50 lakh and whose income is from business and profession.
Notified about 3 months ago
Generally, ITR forms for the financial year are notified in late March or early April. But last year ITR forms were notified in February. However, this year to facilitate taxpayers to file returns early, ITR forms have been notified in December itself.
What is the benefit
With the ITR form being notified now, 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) can file ITR forms this financial year. You can start filing returns for income earned in.
Delayed ITR filing deadline
The last date for filing delayed and revised income tax returns (ITR) for financial year 2021-22 (AY 2022-23) is December 31. Taxpayers who missed filing ITR in August can now submit returns or modify the returns initially filed, which may contain errors. Let us tell you that delayed return is the income tax return filed after the expiry of the deadline for filing the original ITR.
