The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and companies with yearly total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.
Individuals, other than Hindu Undivided Families (HUFs), enterprises with revenue up to Rs 50 lakh, and those with profits from business and profession in the current fiscal (April 2023-March 2024) can begin submitting forms for income earned this fiscal year.
Typically, ITR forms for a given fiscal year are notified by the end of March or early April. Last year, however, the applications were notified in February.
This year, however, ITR forms are being notified in December to allow taxpayers to file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that serve a large number of small and medium-sized taxpayers.
The forms were notified by the I-T Department on Friday.
A resident individual with an income of up to Rs 50 lakh from salary, one dwelling property, other sources (interest), and agricultural income of up to Rs 5,000 can submit a Sahaj.
Sugam can be submitted by resident individuals, HUFs, and firms (other than Limited Liability Partnerships (LLPs)) with total income of up to Rs 50 lakh and income from business and profession.
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