BUSINESS

CBDT notifies ITR forms for Assessment Year 2024-25

Source:PTI
February 02, 2024 20:54 IST

The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25.

Illustration: Dominic Xavier/Rediff.com

The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.

 

"The Central Board of Direct Taxes (CBDT) dated January 31, 2024, has notified Income-tax Return Forms (ITR Form)- 2, 3 and 5 for the Assessment Year (AY) 2024-25," the Central Board of Direct Taxes (CBDT) said in a statement.

All ITR Forms 1 to 6 have since been notified and will come into effect from April 1, 2024, it added.

Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form-3.

ITR-4 (Sugam) is for resident individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having income from business and profession.

Partnership firms and LLPs can file ITR Form-5 and companies other than those claiming exemption under section 11 can file ITR Form-6.

"Changes have been incorporated in the ITRs in order to facilitate the taxpayers and to improve ease of filing," the CBDT added.

Source: PTI
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