ITR Forms for A.Y. 2024-25 notified in Advance: CBDT Notifies

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.

Also Read: ITR Update: CBDT notifies Changes in Form ITR 6 in Accordance with Amendment in Finance Act, 2023 w.e.f. April 1st 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. Also read: CBDT Notifies ITR-2, ITR-3 and ITR 5 Forms for A.Y. 2024-25; Expands ITR Filing under EVC to Tax Audit Cases of Individual/ HUF 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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