The Income Tax department announced that ITRs 1, 2, 4, and 6 are now available on the e-filing portal since April 1, 2024, with around 23,000 returns already filed for the 2023-24 fiscal year. This marks the first time in recent years that taxpayers can file their I-T Returns on the first day of the new financial year, aiming to enhance compliance and taxpayer services.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simplified forms suitable for small and medium taxpayers. ITR-2, for those with income from residential property, is also available.
The Central Board of Direct Taxes (CBDT) facilitated taxpayers to file their Income Tax Returns (ITRs) for the 2024-25 Assessment Year (relevant to Financial Year 2023-24) from April 1, 2024. ITRs 1, 2, and 4, commonly used by taxpayers, along with ITR-6 for companies, are accessible on the e-filing portal.
Sahaj can be filed by a resident individual with income up to Rs 50 lakh, including income from salary, one-house property, other sources (interest), and agricultural income up to Rs 5,000. Sugam can be filed by individuals, Hindu Undivided Families, and firms, excluding Limited Liability Partnerships (LLPs), with total income up to Rs 50 lakh and income from business and profession.
The CBDT had notified the ITR forms in advance, with ITRs 1 and 4 notified on December 22, 2023, ITR-6 on January 24, 2024, and ITR-2 on January 31, 2024. As a result, taxpayers can file ITR-1, ITR-2, ITR-4, and ITR-6 for AY 2024-2025 on the e-filing portal from April 1, 2024, with around 23,000 ITRs for AY 2024-25 already filed to date. The facility to file ITRs 3, 5, and 7 will be available soon.
