Income Tax: Exciting news for those submitting ITRs: the government has made this form available. Learn more

 Income Tax: Exciting news for those submitting ITRs: the government has made this form available. Learn more

Income Tax: Exciting news for those submitting ITRs: the government has made this form available. Learn more

ITR forms for the fiscal year are typically released in late March or early April. However, ITR forms were notified in February of previous year. As of right now, forms were informed in December.

income tax return: For taxpayers who are submitting income tax returns, this is significant information. Income Tax Return Forms 1 and 4 for the assessment year 2024–2025 have been notified by the Income Tax Department. Individuals and businesses earning up to Rs 50 lakh annually fill out this form.

Form Specifics

Simple forms are ITR Forms One (Sahaj) and Four (Sugam). Residents having incomes up to Rs 50 lakh, including income from salaries, home ownership, other sources (interest), and agriculture up to Rs 5,000, are eligible to petition for sahaj. Individuals, Hindu undivided families, and limited liability partnership corporations may all fill out the Sugam form. These are the businesses whose combined revenue from business and professions exceeds Rs 50 lakh.

notified around three months beforehand

ITR forms for the fiscal year are typically released in late March or early April. However, ITR forms were notified in February of previous year. This year, however, ITR forms were informed in December itself to allow taxpayers to submit reports early.

What are the advantages?

With the release of the ITR form, individuals may submit ITR forms for the current fiscal year (April 2023–March 2024), with the exception of Hindu Undivided Families (HUF), firms with revenue up to Rs 50 lakh, and those generating income from businesses and professions. You may begin submitting your income tax returns for the year.

Extended deadline for submitting ITRs

December 31 is the deadline for submitting amended and delayed income tax returns (ITRs) for the 2021–22 fiscal year (AY 2022-23). Taxpayers who failed to file their ITR by August 31st may now submit returns or amend their previously filed returns, which could have included mistakes. Let me clarify that a delayed return is an income tax return that is submitted after the initial ITR filing date has passed.