Income Tax Department notifies ITR forms 1 4 assessment year 2024-25 earnings profession current fiscal LATEST updates

Image Source : PIXABAY Income Tax Department notifies ITR forms 1, 4 for assessment year 2024-25

Business news: The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.

Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February. However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.

The I-T Department notified the forms on Friday (December 22). Sahaj can be filed by a resident individual having an income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income of up to Rs 5,000.

Sugam can be filed by individuals, HUFs and firms (other than Limited Liability Partnerships (LLPs)) being a resident having total income of up to Rs 50 lakh and income from business and profession.

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