The Income Tax Department has officially notified the Income Tax Return Forms 2, 3, and 5 for filing tax returns for the assessment year 2024-25.
The Central Board of Direct Taxes (CBDT) made this announcement on January 31, 2024, following the prior notification of ITR-1 and ITR-6 forms in December 2023 and January 2024, respectively.
Effective Date and Changes:
According to CBDT, the changes in the ITR forms have been implemented to enhance taxpayer convenience and simplify the return-filing process.
All ITR forms, ranging from ITR-1 to ITR-6, have been officially notified and will come into effect from April 1, 2024, for filing returns.
CBDT notifies ITR Forms 1-6 for AY 2024-25, well in advance, to facilitate taxpayers & improve ease of filing!
????ITR Forms – 2, 3 and 5 were notified vide Notification No. 19/2024 dtd 31.01.2024.
????ITR Form-6 was notified vide Notification No. 16/2024 dtd 24.01.2024.
????ITR… pic.twitter.com/u3QjPRxQzC— Income Tax India (@IncomeTaxIndia) February 2, 2024
Understanding the ITR Forms:
1.ITR-2:
Individuals and Hindu Undivided Families (HUF) without income from business or profession, not eligible for ITR Form-1 (Sahaj), can file ITR-2.
2.ITR-3 and ITR-4:
Individuals with income from business or profession can use ITR Form-3.
ITR-4 (Sugam) is designed for resident individuals, HUFs, and firms (excluding LLP) with total income up to Rs 50 lakh, including income from business and profession.
3.ITR-5 and ITR-6:
Partnership firms and LLPs can opt for ITR Form-5.
ITR Form-6 is suitable for companies, excluding those claiming exemption under Section 11.
These forms, with their specific eligibility criteria, cater to diverse taxpayers, ensuring a comprehensive and streamlined approach to income tax return filing for the upcoming assessment year.
