Income Tax Update: Important news for income tax payers, know which form is right for you?

The new financial year 2024-25 has started and as soon as this year starts, queues of people filing ITR have started forming. For information, let us tell you that the forms related to the submission of income tax returns have been given on the e-filing portal (Income Tax Return Form). According to the data, so far 23,000 people have filed their returns in the first 4 days of April.

Also, some people are not updated about the last date to file it, so let us tell you that the last date to file an Income Tax Return (ITR) for the assessment year 2024-25 is 31st July. At present, taxpayers still have a lot of time.

Know who files ITR 1 and 2?
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to the needs of a large number of small and medium taxpayers. Whereas ITR-2 is filed by people having income from residential property.

CBDT issued this statement
For information, let us tell you that the Central Board of Direct Taxes (CBDT updates) has said in a statement that it has given the facility to taxpayers to file their ITR for the assessment year 2024-25 from April 1, 2024.

The Central Board of Direct Taxes (CBDT) has said that commonly used forms ITR-1, ITR-2, and ITR-4 are available on the e-filing portal. Taxpayers can take forms from there to file their returns.

Know who can fill ITR-6?
Along with this, CBDT said that companies can also file their Income Tax returns through ITR-6 from April 1. Sahaj form can be filed by a resident individual with an income of up to Rs 50 lakh. This income can be salary, a house property, and other sources (interest) and agricultural income up to Rs 5,000.

These people can fill out the easy form
At the same time, the Sugam form can be filled by such individuals, Hindu undivided families, and firms (except LLP) whose total income from business and profession is up to Rs 50 lakh.

23,000 people filed returns in just 4 days
The Central Board of Direct Taxes had already notified the ITR Form. ITR 1 and 4 forms were notified on December 22, 2023, while ITR-6 was notified on January 24 and ITR-2 on January 31. With the beginning of the new financial year, the online filing facility has started and around 23,000 returns have been filed in these four days. CBDT said that the facility to file ITR 3, 5 and 7 forms will also be made available soon.

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