The Income Tax (I-T) department has announced the availability of ITRs 1, 2, 4, and 6 on the e-filing portal from April 1, 2024. Remarkably, about 23,000 returns have already been filed for the fiscal year 2023-24, marking a significant early start to the tax filing season. This initiative signifies a notable departure from past practices, as taxpayers can now promptly submit their Income Tax Returns (ITRs) on the very first day of the new financial year. The Central Board of Direct Taxes (CBDT), in a statement, said that this step is geared towards enhancing ease of compliance and ensuring seamless taxpayer services.
ITR Form 1 (Sahaj) and ITR Form 4 (Sugam), designed for simplicity, cater to a substantial segment of small and medium taxpayers. Additionally, ITR-2, primarily utilised by individuals with income from residential property, is among the forms made available for immediate filing.
According to the CBDT, taxpayers have been facilitated to file their ITRs for the Assessment Year 2024-25, relevant to the Financial Year 2023-24, starting April 1, 2024. The e-filing portal now offers commonly used forms such as ITR-1, ITR-2, and ITR-4, while companies can utilise ITR-6 for their filings.
Sahaj, suitable for resident individuals with income up to Rs 50 lakh and various revenue sources including salary, property, interest, and limited agricultural income, has garnered particular attention. Similarly, Sugam, tailored for individuals, Hindu Undivided Families, and certain firms with total income up to Rs 50 lakh, is also available for filing.
The CBDT had previously notified the ITR forms well in advance, with ITRs 1 and 4 being notified on December 22, 2023, followed by ITR-6 on January 24, 2024, and ITR-2 on January 31, 2024. Consequently, taxpayers have had the opportunity to prepare and file their returns expeditiously.
Looking ahead, the CBDT assured taxpayers that the facility to file ITRs 3, 5, and 7 will be made available shortly, further facilitating seamless tax compliance. With this proactive approach and early availability of filing options, taxpayers are set to experience a smoother and more convenient tax filing process for the fiscal year 2023-24.