The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.
ITR forms for a particular financial year are usually notified by the end of March or early April. However, last year, the income tax department notified the ITR forms for FY 2022-23 (AY 2023-24) in February 2023. This year, the ITR forms have been notified seven months before the last date for filing them.
July 31, 2024 is the last date to file ITR for FY 2023-24 (AY 2024-25), unless it gets extended.
Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can commence filing returns for the income earned this financial year.
Who is eligible and not eligible to file ITR-1?
Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income of up to Rs 5,000.
It cannot be filed by any individual who has taxable capital gains (short term and long term), has invested in unlisted equity shares, has income from business or profession, is a director in a company.
Who is eligible and not eligible to file ITR-4?
Sugam can be filed by individuals, HUFs and firms (other than Limited Liability Partnerships (LLPs) being a resident having total income of up to Rs 50 lakh and income from business and profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE.
ITR-4 cannot be filed by an individual, HUF, firm (other than LLP) who is a director in a company, has income from more than one house property, has deferred income tax on ESOP received from employer being an eligible start-up, is not covered under the eligibility conditions for ITR-4.
(With PTI inputs)