Quick Summary
Central Board of Direct Taxes (CBDT) has issued Notification No. 105/2023 dated December 22, 2023, introducing the Income Tax Return (ITR) Forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) for the Assessment Year (A.Y.) 2024-25. The notification specifies that these forms will come into effect from April 1, 2024, ushering in a new era of tax compliance and reporting.
Purpose of Forms
- ITR-1 (SAHAJ): This form is simpler and typically used by individuals with income from salary, one house property, other sources (like interest), and agricultural income up to Rs. 5,000.
- ITR-4 (SUGAM): This form is also simplified and applicable to individuals, HUFs, and firms (other than LLPs) with total income up to Rs. 50 lakh and income from business and profession computed under sections 44AD, 44ADA, or 44AE.
Official copy of the notification has been enclosed below
FAQ :
The CBDT has notified the Income Tax Return (ITR) Forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) for the Assessment Year 2024-25.
These forms will come into effect from April 1, 2024.
ITR-1 is generally used by individuals with income from salary, one house property, other sources (like interest), and agricultural income up to Rs. 5,000.
ITR-4 is applicable to individuals, HUFs, and firms (excluding LLPs) with a total income up to Rs. 50 lakh and income from business and profession computed under sections 44AD, 44ADA, or 44AE.
The purpose of these forms is to facilitate tax compliance and reporting for the upcoming assessment year.
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