Categories: Income tax Return

Income Tax Return Form ITR 1 & ITR 4 notified for AY 2024-25

Page Contents

Toggle

Income Tax Return Form ITR 1 & ITR 4 notified for AY 2024-25

Central Board of Direct Taxes notified Income Tax Return – ITR 1 & ITR 4 for AY 2024-25 / FY 2023-24 vide The Central Board of Direct Taxes Notification No. 105/2023-Income Tax Dated: 22nd December, 2023.
The post also states that the remaining ITR forms will be made available when they’re ready. The social networking platform made the statement shortly after a notice to that effect was published on Friday.
Income Tax Return -Forms – ITR 1 & ITR 4 are meant for AY 2024-25. This means assesses can use these Income Tax Return – ITR 1 & ITR 4 forms to file their tax returns for FY 2023-24.

Income Tax Return Form ITR-4:

A resident individual, Hindu Undivided Family, firm (other than a Limited Liability Partnership), or income from business & Profession that is computed on a presumptive taxation basis u/s 44AD, 44AE, or 44ADA may file the Income Tax Return form-4, known as Sugam, if their income during the FY is not more than Rs. 50 lakh. Other sources of income include income from savings accounts, interest on enhanced compensation, deposits, family pensions, income tax refunds, and any other interest income, such as interest on unsecured loans.

Income Tax Return ITR-1:

Income Tax Return form ITR-1 is normally known as Sahaj & it is supposed to be filed by a resident individual whose total income does not more than Rs. 50,00,000/- during the FY.
The income for which the return is filed includes agricultural income, family pension income, income from salary, one house property & other sources which include savings income, interest from deposits, income tax refund and interest on enhanced compensation, any other interest income & family pension.
To File Income Tax Return ITR-1, Income taxpayer required to download Annual Information Statement & required to keep copies of House Rent Receipt (in case applicable), Form 16, investment payment premium receipts (in case applicable).
However, Income Tax Returns are annexure-less forms, so you are not needed to attach any kind of document (for example Tax Deducted at Source certificates, proof of investment) along with Income taxpayer return (whether submit it online or manually).

CBDT Notification No. 105/2023-Income Tax Dated: 22nd December, 2023 :

More read for related blogs are:

For query or help, contact: singh@carajput.com or call at 9555555480

Tags: forms releasedIncome TaxINCOME TAX RETURNITRITR 1ITR 4ITR formsnotified CBDTpersonal financesahajsugamtax return

1 year ago

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.