Page 2 - Itr Forms News Today

The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25

ITR-1, ITR-4 FY24: The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms ITR-1 and ITR-4 for the fiscal year 2023-24

In a post recently shared on X platform (formerly Twitter), the Income Tax (I-T) department has announced that the Board has notified ITR forms 1 and 4.

Most changes in the forms are minor, but since the new, minimal exemptions regime is the default one this time, you will have to specifically opt out of it if you wish to avail of tax benefits under section 80C, 80D, 80G, and so on.

Interim Budget 2024: Technology has eased tax-filing thanks, in part, to pre-filled forms. But mass tax-notices and erroneous notices have caused confusion. And dispute resolution needs to improve.

Technology has eased tax-filing thanks, in part, to pre-filled forms. But mass tax-notices and erroneous notices have caused confusion. And dispute resolution needs to improve.

The income tax department has imposed stricter regulations on cash transactions, and anyone exceeding the limits set by the department may receive a notice.

Here is a fast document checklist that you should have available before visiting incometax.gov.in to file your tax returns if you intend to do it yourself for Assessment Year 2023–2024.

In its response, the finance ministry said that in a bid to make the process of filing returns more tax-payer friendly and less time-consuming, it is working on introducing a common ITR form by merging all the existing forms except ITR 7.

The last date to file income tax return (whose books of accounts are not required to be audited) is July 31 every year. However, there are few compelling reasons to extend this date permanently. Read on to know why there is a need to extend ITR filing deadline permanently from July 31.