CBDT Releases ITR Forms 1-6 for AY 2024-25 to Assist Taxpayers and Enhance Filing Convenience

The CBDT has released Income Tax Return Forms well ahead of time for the Assessment Year 2024-25. Specifically, ITR Forms 2, 3, 5, and 6 have been notified. Earlier, ITR-1 and ITR-4 were notified on December 22, 2023. With this, all ITR Forms from 1 to 6 are now available and will be applicable from April 1, 2024.

ITR-1

ITR-1 (SAHAJ) is for resident Individuals with total income up to Rs. 50 lakh. It's for those with income from Salaries, one house property, and income from other sources.

ITR-2 & 3

Individuals and HUFs without income from business or profession (and not eligible for ITR Form-1) can use ITR-2. Those with income from business or profession should use ITR Form-3.

ITR-4

ITR-4 (SUGAM) is for resident individuals, HUFs, and Firms (excluding LLPs) with total income up to Rs. 50 lakh and income from business and profession under section 44AD, 44ADA, or 44AE.

In ITR-4, an extra section for reporting cash receipts is included in Schedule ‘BP- details of income from business or profession’. Taxpayers subject to this provision need to report cash receipts as part of gross turnover during the year. Personal cash withdrawals are exempt from this reporting.

ITR-5

Partnership firms, LLPs, and entities other than individuals, HUFs, and companies can file ITR Form-5.

ITR-6

Companies not claiming exemption under section 11 can file ITR Form-6.

Changes have been made in the ITRs to aid taxpayers and enhance filing convenience. Most changes were due to amendments in the Income-tax Act, 1961 through the Finance Act, 2023.

Notifications of the ITR Forms are available on the Department’s website: www.incometaxindia.gov.in. 

Also Read: Full Speech of Finance Minister Nirmala Sitharaman