Assessment Year 2024-25: Income Tax Return Forms for the Assessment Year 2024–2025 have been informed well in advance by the Central Board of Direct Taxes (CBDT). The CBDT has announced Income-tax Return Forms (ITR Forms)-2, -3, and 5 for the Assessment Year 2024–2025. ITR Form-6 has also been notified.
Assessment Year 2024-25
ITR-1 and ITR-4 for the A.Y. 2024–2025 were previously notified on December 22, 2023. Since then, notice has been sent to everyone ITR Forms 1 through 6, which will take effect on April 1, 2024.
ITR-1
Residents with total incomes up to Rs. 50 lakh, including income from one residential property, salaries, and other sources, may submit an ITR-1 (SAHAJ).
ITR-2 and 3
While those with income from a business or profession can submit ITR Form-3, individuals and HUFs without revenue from a company or profession can file ITR Form-2 (Sahaj).
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ITR-4: Assessment Year 2024-25
ITR-4 (SUGAM) is filed by resident persons, HUFs, and firms (other than LLPs) whose business and professional income is computed under section 44AD, 44ADA, or 44AE and whose total income does not exceed Rs. 50 lakh.
A new field for reporting “receipts in cash” has been added to Schedule “BP-details of income from business or profession” in ITR-4 (which is primarily used for presumptive taxation). The taxpayer to whom this form applies must report cash receipts as part of the breakdown of gross turnover during the year.
ITR-5
Individuals, HUFs, partnerships, limited liability partnerships, and other entities can all file ITR Form-5.
ITR-6: Assessment Year 2024-25
Companies may file ITR Form-6, with the exception of those asserting section 11 exemption.
The ITRs have undergone changes to make filing them easier for taxpayers and to assist them. The Finance Act of 2023 brought about adjustments to the Income-tax Act of 1961, which mostly required the changes that were implemented.
You may get the Notifications of the ITR Forms by visiting www.incometaxindia.gov.in, the Department’s website.
