The Central Board of Direct Taxes (CBDT) on Saturday notified Income Tax Return forms 1 and 4. In a post on X platform (formerly Twitter), the Income Tax (I-T) department announced that the Board has notified ITR forms 1 and 4.
The post also highlights that the other ITR forms will be released in the due course. The announcement on the social media platform was made soon after a notification on Friday was released to this effect.
The forms are meant for the assessment year 2024-25. This means assesses can use these forms to file their tax returns for financial year 2023-24.
ITR-1: The form 1 is known as Sahaj and it is supposed to be filed by a resident individual whose total income does not exceed ₹50 lakh during the financial year.
The income for which the return is filed includes income from salary, one house property, family pension income, agricultural income and other sources which include savings income, interest from deposits, income tax refund and interest on enhanced compensation, any other interest income and family pension.
To file ITR-1, you need to download AIS and keep copies of Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable).
However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically).
ITR-4: The ITR form-4 is known as Sugam and can be filed by a resident individual/ HUF/ firm (other than LLP) who has income not exceeding ₹50 lakh during the financial year, income from business and profession which is computed on a presumptive basis under section 44AD, 44ADA or 44AE, income from salary/ pension, one house property, agricultural income up to ₹5,000 and other sources that include interest from savings account, deposit, income tax refund, family pension, interest on enhanced compensation and any other interest income such as interest on unsecured loan.
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Published: 23 Dec 2023, 09:54 PM IST