The Central Board of Direct Taxes ( CBDT ) has recently released Notification No. 19 of 2024 on January 31, 2024, introducing the Income-tax Return Forms ( ITR Form )- 2, 3, and 5 for the Assessment Year ( A.Y. ) 2024-25. Additionally, ITR Form-6 for the A.Y. 2024-25 was notified through Notification No. 16 of 2024 on January 24, 2024. This follows the earlier notifications of ITR-1 and ITR-4 for the A.Y. 2024-25, which were issued under Notification No. 105 of 2023 on December 22, 2023. All ITR Forms from 1 to 6 will be effective from April 1, 2024.
Here is a brief overview of the key ITR Forms and their eligibility:
ITR-1 ( SAHAJ ):
Filed by resident individuals with a total income up to Rs. 50 lakh.
Applicable for those with income from Salaries, one house property, and income from other sources.
ITR-2:
Individuals and HUFs not having income from business or profession.
Not eligible for filing ITR Form-1 ( Sahaj ).
ITR-3:
Individuals having income from business or profession.
ITR-4 ( SUGAM ):
For resident individuals, HUFs, and Firms ( other than LLP ) with a total income up to Rs. 50 lakh.
Applicable for those with income from business and profession computed under section 44AD, 44ADA, or 44AE.
ITR-5:
Applicable for persons other than individuals, HUF, and companies ( partnership firms, LLP, etc. ).
ITR-6:
Companies other than those claiming exemption under section 11.
The changes in the ITRs aim to facilitate taxpayers and enhance the ease of filing. Most changes are a result of amendments in the Income-tax Act, 1961, introduced by the Finance Act, 2023. The complete notifications for the ITR Forms are accessible on the department’s website here.
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