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A Guide to Early Filing for FY 2023-24 with Automatic Income Tax Form 16 Part B in Excel

Pranab Banerjee , Last updated: 06 April 2024  

The Income Tax Department has taken a significant stride by enabling early filing of Income Tax Returns (ITRs) for the fiscal year 2023-24. Therefore, Effective from April 1, 2024, individuals can access ITRs 1, 2, 4, and 6 on the e-filing portal. In other words,  Notably, over 23,000 returns have already been filed, signalling a proactive beginning to the tax filing season.

Streamlining Tax Filing Process

 However, Proactive Initiative by the Income Tax Department Above all, The move to allow taxpayers to submit their ITRs on the very first day of the new financial year marks a departure from conventional practices. In addition, The initiative underscores the department's commitment to enhancing the ease of compliance and delivering seamless taxpayer services.

A Guide to Early Filing for FY 2023-24 with Automatic Income Tax Form 16 Part B in Excel

After that, Forms Available for Early Filing

Catering to Diverse Taxpayer Segments

 Similarly, The availability of ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) caters to the needs of small and medium taxpayers, ensuring simplicity and accessibility. Moreover, ITR-2, designed for individuals with income from residential property, is among the forms available for immediate filing.


Facilitation for Assessment Year 2024-25

Enabling Timely Tax Compliance Taxpayers can file their ITRs for the Assessment Year 2024-25, relevant to the Financial Year 2023-24, starting April 1, 2024. The e-filing portal offers commonly used forms such as ITR-1, ITR-2, and ITR-4, with ITR-6 available for companies.

Notified ITR Forms

Early Notification for Preparedness The CBDT had notified the ITR forms well in advance, allowing taxpayers ample time to prepare and file their returns efficiently. ITR forms 1 and 4 received notification on December 22, 2023. Following this, ITR-6 was notified on January 24, 2024, and ITR-2 on January 31, 2024. Future Steps


Continued Support for Taxpayers

The CBDT assures taxpayers that the facility to file ITRs 3, 5, and 7 will be made available shortly, further streamlining tax compliance. With a proactive approach and early availability of filing options, taxpayers can expect a smoother and more convenient tax filing process for the fiscal year 2023-24.

Download Excel Based Automatic Income Tax Form 16 Part B for the FY 2023-24 [This Excel Tool can prepare at a time 50 Employee' Form 16 Part B as per New and Old Tax Regime]

In conclusion, the Income Tax Department's initiative to enable early filing of returns for the fiscal year 2023-24 signifies a proactive approach towards enha

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Published by

Pranab Banerjee
(Software Maker & Income Tax Practisioner)
Category Income Tax   Report

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