CBDT has notified revised/new income tax return forms, ITR-1 Sahaj and ITR-4 Sugam, applicable for AY 2024-25, vide Notification 105/2024.
New ITR-1 Sahaj AY 2024-25
The ITR-1 Sahaj form has been revised for AY 2024-25. This form can be filed by resident individuals (other than not ordinarily residents) having:
i) Total income up to Rs 50 lakh
ii) Income from salaries, one house property, other sources like interest, etc.
iii) Agricultural income up to Rs 5,000
However, ITR-1 cannot be filed by individuals who are directors in a company, have invested in unlisted equity shares, had tax deducted u/s 194N, or have deferred income tax on ESOPs.
New ITR-4 Sugam AY 2024-25
The ITR-4 Sugam form has also been revised for AY 2024-25. It can be filed by resident individuals, HUFs, and firms (other than LLPs) having:
i) Total income up to Rs 50 lakh
ii) Income from business/profession computed under sections 44AD, 44ADA or 44AE
ITR-4 cannot be used by individuals who are directors, have invested in unlisted shares, have deferred ESOP tax, or have agricultural income over Rs. 5,000.
Conclusion
The ITR-1 Sahaj and ITR-4 Sugam forms have been notified by the CBDT well in advance to allow taxpayers more time to collate information and file returns on time, deterring them from seeking extensions. These changes will be effective from April 1, 2024 for the Assessment Year 2024-25. Taxpayers are advised to carefully review the eligibility conditions for the applicable ITR forms before filing their returns for AY 2024-25.
CBDT Income Tax Notification 105/2023 dated 22/12/2023: Revised Forms ITR-1 Sahaj & ITR-4 Sugam Notified for AY 2024-25
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