Income Tax Return Filling big update! Income Tax Department notified ITR Forms 2, 3 and 5, know what is their use.

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Income Tax Return Filling big update! Income Tax Department notified ITR Forms 2, 3 and 5, know what is their use.
Income Tax Return Filling big update! Income Tax Department notified ITR Forms 2, 3 and 5, know what is their use.

Income Tax Return Filling: The deadline for filing ITR-2 and ITR-3 for filing income tax return has been set as July 31, 2024.

New Delhi. The date for filing income tax return is getting closer. Meanwhile, the Income Tax Department has notified Income Tax Return Forms 2, 3 and 5 for filing tax returns for assessment year 2024-25.

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The Central Board of Direct Taxes (CBDT) gave this information on Friday. CBDT said in a statement that ITR-2, 3 and 5 forms have been notified on January 31, 2024 for filing returns in assessment year 2024-25.

These forms are used by a variety of entities, including individuals with specific types of income. The deadline for filing ITR-2 and ITR-3 for filing income tax returns has been set as July 31, 2024. Primarily, income tax audited and commercial income taxpayers are required to submit ITR-3 by October 31, 2024.

Which form to use?

According to the statement, all forms 1 to 6 of ITR have been notified and will be effective from April 1, 2024 for filing returns. Individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession (and are not eligible to file ITR Form-1 (SAHAJ)), can file ITR-2. Whereas people having income from business or profession can file ITR Form-3.

Why changes were made in the form

ITR-1 form for individuals with income up to Rs 50 lakh was notified in December, 2023 while ITR-6 form for companies filing returns was notified in January, 2024. CBDT said, ‘For the convenience of taxpayers and for ease of filing returns, changes have been made in the ITR form.’

ITR-4 (Sugam) is for resident individuals, HUFs and firms (other than LLP) with total income up to Rs 50 lakh and income from business and profession. At the same time, partnership firms and LLP can file ITR Form-5. Except the companies claiming exemption under Section 11, other companies can use ITR Form-6 for returns.

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