Don’t wait any longer, 23000 people filled ITR in 4 days, know details

Business News Desk, If you too are waiting for the last date to file income tax return, then this news may be useful for you. In fact, recently the process of filing income tax returns for the financial year 2023-24 and assessment year 2024-25 has started and 23,000 income tax returns have been filed in the last four days. Let us tell you, this is the first time that so many ITRs have been filed in just 4 days of the form being enabled. The last date for filing ITR is 31st July.

this happened for the first time

For the first time in recent years, the Income Tax Department has enabled the portal by implementing the provision for taxpayers to file their income tax returns from the first day of the new financial year. This is a step towards ease of tax compliance and seamless taxpayer services.

Which one is right for you?

ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) cater to the needs of a large number of small and medium taxpayers. Whereas ITR-2 is filed by people having income from residential property. CBDT said in a statement that taxpayers have been given the facility to file their ITR for assessment year 2024-25 (for financial year 2023-24) from April 1, 2024.

These people have ITR 1, ITR 2 and ITR 4.

CBDT said, commonly used forms ITR-1, ITR-2 and ITR-4 are available on the e-filing portal for taxpayers to file their returns from April 1, 2024. CBDT said that companies can also file their ITR through ITR – From April 1, taxpayers with income up to Rs 6.50 lakh can file ITR through Sahaj form. This income can be salary, a house property, other sources of income such as interest and agricultural income up to Rs 5,000.

Which form for businessmen?

Sugam Form can be filed by individuals, Hindu undivided families and firms (except LLP) whose total income from business and profession is up to Rs 50 lakh. CBDT had already notified the ITR form. CBDT said that the facility to file ITR 3, 5 and 7 forms will also be provided to the taxpayers soon.