Income Tax Dept enables early filing of Income Tax returns for FY 2023-24

Income Tax returns

The Income Tax (I-T) department has announced that starting on April 1, 2024, ITRs 1, 2, 4, and 6 will be accessible through the e-filing portal. Remarkably, about 23,000 returns have already been filed for the fiscal year 2023-24, marking a significant early start to the tax filing season. With this initiative, taxpayers can now promptly file their Income Tax Returns (ITRs) on the first day of the new fiscal year, which is a significant change from previous practices. In a statement, the Central Board of Direct Taxes (CBDT) stated that the goal of this action is to guarantee seamless taxpayer services and improve compliance simplicity.

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ITR Form 1 (Sahaj) and ITR Form 4 (Sugam), designed for simplicity, cater to a substantial segment of small and medium taxpayers. Additionally, ITR-2, primarily utilised by individuals with income from residential property, is among the forms made available for immediate filing.

Sahaj has drawn special attention because it is appropriate for residents with incomes up to Rs 50 lakh and a variety of income streams, such as a salary, property, interest, and modest agricultural income. Sugam, on the other hand, is also open for filing and is designed for Hindu Undivided Families, individuals, and specific businesses whose combined income does not exceed Rs 50 lakh.

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ITRs 1 and 4 were notified on December 22, 2023, ITR-6 on January 24, 2024, and ITR-2 on January 31, 2024. The CBDT had previously notified the ITR forms well in advance. As a result, taxpayers are now able to quickly prepare and file their returns.

In the future, the CBDT promised taxpayers that it will soon be possible to file ITRs 3, 5, and 7, which will further enable easy tax compliance. The proactive approach and early filing options availability are expected to facilitate a more seamless and convenient tax filing process for taxpayers in the FY 2023-24.

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