(*4*)
The Income Tax Department has notified ITR forms 1 and 4, that are filed by people and entities with annual whole revenue of as much as ₹50 lakh, for evaluation yr (AY) 2024-25.
Individuals, in addition to Hindu Undivided Families (HUFs), corporations having revenue as much as ₹50 lakh and people having earnings from enterprise and career within the present fiscal (April 2023-March 2024) can begin submitting returns for the revenue earned this monetary yr.
Usually, ITR forms for a selected monetary yr are notified by the tip of March or early April. But final yr, the forms have been notified in February.
However, this yr, ITR forms are notified in December itself, to allow taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are less complicated forms that cater to a lot of small and medium taxpayers.
The I-T Department notified the forms on Friday.
Sahaj will be filed by a resident particular person having revenue of as much as ₹50 lakh and who receives revenue from wage, one home property, different sources (curiosity) and agricultural revenue of as much as ₹5,000.
Sugam will be filed by people, HUFs and corporations (aside from Limited Liability Partnerships (LLPs)) being a resident having whole revenue of as much as ₹50 lakh and revenue from enterprise and career.
