Quick Summary
The Income Tax Department has announced the release of JSON Schema for Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24. This move aims to streamline and digitize the tax filing process, making it more efficient and convenient for taxpayers. The release of these schemas will facilitate tax professionals and software developers in creating software compatible with the new forms, enhancing the filing experience for taxpayers.
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FAQ :
The Income Tax Department has released the JSON Schema for Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2024-25.
The purpose is to streamline and digitise the tax filing process, making it more efficient and convenient for taxpayers, and to help software developers create compatible filing software.
ITR-1 is for resident individuals with a total income up to Rs. 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to Rs. 5,000.
ITR-4 is for resident individuals, HUFs, and firms (excluding LLPs) with a total income up to Rs. 50 lakh, having income from business and profession computed under sections 44AD, 44ADA, or 44AE, and agricultural income up to Rs. 5,000.
The JSON Schemas for both ITR-1 and ITR-4 were first released on 18th March 2024.
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