The Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) forms for the assessment year 2024-25. The ITR forms are used by taxpayers to file their tax returns online. The CBDT has released ITR forms 2, 3, 5 and 6 for different categories of taxpayers. Here are the key details about the ITR forms and who can use them.
ITR-2: This form is for individuals and Hindu Undivided Families (HUFs) who do not have income from business or profession and are not eligible to file ITR-1 (Sahaj). This form can be used by taxpayers who have income from salary, house property, capital gains, foreign assets, etc.
ITR-3: This form is for individuals and HUFs who have income from business or profession. This form can be used by taxpayers who have income from partnership firms, presumptive taxation schemes, speculative income, etc.
ITR-5: This form is for persons other than individuals, HUFs and companies. This includes partnership firms, limited liability partnerships (LLPs), associations of persons (AOPs), body of individuals (BOIs), etc.
ITR-6: This form is for companies other than those claiming exemption under section 11 of the Income Tax Act. Section 11 provides exemption to income from property held for charitable or religious purposes.
The CBDT has already notified ITR-1 and ITR-4 for the assessment year 2024-25 in December 2023 and January 2024 respectively. ITR-1 is for individuals having total income up to Rs 50 lakh and having income from salaries, one house property and other sources. ITR-4 is for individuals, HUFs and firms (other than LLPs) having total income up to Rs 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE of the Income Tax Act.
The CBDT has made some changes in the ITR forms to facilitate the taxpayers and to improve ease of filing. The changes are mainly due to the amendments made in the Income Tax Act by the Finance Act, 2023. Some of the changes are:
- The taxpayers will have to provide details of tax deducted at source (TDS) on cash withdrawals exceeding Rs 1 crore from banks or post offices under section 194N of the Income Tax Act.
- The taxpayers will have to provide details of tax collected at source (TCS) on sale of goods exceeding Rs 50 lakh under section 206C(1H) of the Income Tax Act.
- The taxpayers will have to provide details of dividend income received from domestic companies under section 115BAA or section 115BAB of the Income Tax Act.
- The taxpayers will have to provide details of income from business or profession computed under section 44AE or section 44ADA in a separate schedule.
- The taxpayers will have to provide details of deductions claimed under chapter VIA of the Income Tax Act in a separate schedule.
The CBDT has said that all the ITR forms will come into effect from April 1, 2024. The taxpayers can file their tax returns online using the e-filing portal of the Income Tax Department. The deadline for filing ITR-2 and ITR-3 is July 31, 2024, while the deadline for filing ITR-5 and ITR-6 is October 31, 2024. The deadline for filing ITR-1 and ITR-4 is November 30, 2024.