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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.