Indian IT Department Releases ITR Forms Early for 2024-25 Fiscal Year

Indian IT Department Releases ITR Forms Early for 2024-25 Fiscal Year

VoM News Desk | December 23, 2023 | 04:44 PM IST | Breaking News | Follow on Google News

Indian IT Department Releases ITR Forms Early for 2024-25 Fiscal Year (Representative Image)

Indian IT Department Releases ITR Forms Early for 2024-25 Fiscal Year

The Indian Income Tax Department has initiated the fiscal year by issuing Income Tax Return (ITR) forms 1 and 4 ahead of schedule. This move caters to individual taxpayers, Hindu Undivided Families (HUFs), and specific firms for the assessment year 2024-25, allowing them to prepare financial filings early. This proactive step aims to simplify the tax filing process, accommodating incomes up to INR 50 lakh for the period between April 2023 and March 2024.

Streamlined Filing with ‘Sahaj’ and ‘Sugam’
ITR Form 1, labeled ‘Sahaj’, addresses resident individuals earning from salaries, one house property, interest, and agricultural gains up to INR 5,000. Conversely, ITR Form 4, known as ‘Sugam’, covers individuals, HUFs, and firms (except LLPs) with a combined income ceiling of INR 50 lakh. ‘Sugam’ encompasses incomes from business and profession, broadening the tax base.

Surge in Direct Tax Collections
The provisional Direct Tax collections for the fiscal year 2023-24, until December 17, indicate a significant growth. The net amount stands at INR 13,70,388 crore, marking a 20.66% increase over the previous year. Moreover, the gross Direct Tax collection, pre-refunds, reached INR 15,95,639 crore, growing by 17.01%. Contributions from Corporation Tax (CIT), Personal Income Tax (PIT), and Securities Transaction Tax (STT) underline this financial uptrend.

Timelines and Requirements for Taxpayers
Taxpayers are reminded of the December 31 deadline for belated and revised income tax returns for the fiscal year 2021-22. Filing under Sections 139(4) and 139(5) of the Income-tax Act, 1961, necessitates essential documents like Aadhaar card, PAN card, Form 26AS, and Form 16. Validating ITR remains pivotal, with the I-T Department offering five methods for verification. Post the December deadline, updated ITR filings are allowed within a 24-month window from the relevant assessment year’s end, based on extended provisions.

VoM News Desk

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