CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25′

The Central Board of Direct Taxes (CBDT), through Notification No. 19 of 2024 dated January 31, 2024, has officially released Income-tax Return Forms (ITR Forms) – 2, 3, and 5 for the Assessment Year (A.Y.) 2024-25. Additionally, Notification No. 16 of 2024 dated January 24, 2024, has introduced ITR Form-6 for the A.Y. 2024-25. Previously, ITR-1 and ITR-4 for the A.Y. 2024-25 were published through Notification No. 105 of 2023 dated December 22, 2023. These ITR Forms (1 to 6) are now officially notified and will be applicable from April 01, 2024.

ITR-1 (SAHAJ) is designed for resident individuals with a total income of up to Rs. 50 lakh, deriving income from Salaries, one house property, and income from other sources. Individuals and HUFs without income from business or profession (and ineligible for ITR Form-1 Sahaj) can opt for ITR-2. Those with income from business or profession can choose ITR Form-3. ITR-4 (SUGAM) is applicable to resident individuals, HUFs, and firms (excluding LLP) with a total income of up to Rs. 50 lakh, deriving income from business and profession computed under section 44AD, 44ADA, or 44AE. Entities other than individuals, HUFs, and companies, such as partnership firms, LLPs, etc., can utilize ITR Form-5. Companies not claiming exemption under section 11 can use ITR Form-6.

The changes in the ITRs aim to enhance the ease of filing and facilitate taxpayers, with most adjustments being prompted by amendments in the Income-tax Act, 1961 through the Finance Act, 2023. Detailed notifications of the ITR Forms can be accessed on the Department’s website: www.incometaxindia.gov.in.

The detailed Press Release is available at: Press Release Link