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The Income Tax department has notified that taxpayers with earnings more than Rs 50 lakh or have more than one house need to share extra information when they file their tax returns for this fiscal.
The Income Tax department has notified the Income-tax Return Forms (ITR Forms) 2, 3, and 5 for the Assessment Year (AY) 2024-25, effective from April 1, 2024. These forms are applicable for individuals and Hindu Undivided Families (HUFs) without income from business or profession, individuals and HUFs with income from business or profession, and partnership firms, respectively. The Central Board of Direct Taxes (CBDT) highlighted that changes have been incorporated to facilitate taxpayers and improve ease of filing.
The deadline for filing ITR-2 and ITR-3 is set for July 31, 2024. However, taxpayers subjected to income tax audit and possessing business income are required to submit ITR-3 by October 31, 2024.
India News: The Income Tax Department has notified ITR forms 1 and 4 for assessment year (AY) 2024-25. Individuals and entities with annual total income of up to
New Delhi, Dec 23 (PTI) The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.