Business information: The Income Tax Department has notified ITR forms 1 and 4, that are filed by people and entities with annual complete earnings of as much as Rs 50 lakh, for assessment year (AY) 2024-25. Individuals, apart from Hindu Undivided Families (HUFs), corporations having earnings as much as Rs 50 lakh and people having earnings from enterprise and career within the present fiscal (April 2023-March 2024) can begin submitting returns for the earnings earned this monetary year.
Usually, ITR forms for a selected monetary year are notified by the top of March or early April. But final year, the forms have been notified in February. However, this year, ITR forms are notified in December itself, to allow taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are easier forms that cater to a lot of small and medium taxpayers.
The I-T Department notified the forms on Friday (December 22). Sahaj may be filed by a resident particular person having an earnings of as much as Rs 50 lakh and who receives earnings from wage, one home property, different sources (curiosity) and agricultural earnings of as much as Rs 5,000.
Sugam may be filed by people, HUFs and corporations (apart from Limited Liability Partnerships (LLPs)) being a resident having complete earnings of as much as Rs 50 lakh and earnings from enterprise and career.
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