Taxpayers rejoice! The Income Tax Department has released ITR forms 1 and 4, ahead of the usual March/April schedule, bringing early filing cheer to individuals and entities with an annual income up to ₹50 lakh. This applies to the assessment year (AY) 2024-25, covering income earned in the current fiscal year (April 2023-March 2024).
This early release is a welcome surprise, allowing individuals, Hindu Undivided Families (HUFs), and firms earning up to ₹50 lakh to get a head start on their tax returns. Whether your income comes from salary, one house property, other sources like interest, or business and profession under presumptive taxation schemes like Section 44AD, 44ADA, or 44AE, ITR forms 1 (Sahaj) and 4 (Sugam) simplify the process with their user-friendly format.
“The I-T Department officially notified these forms on Friday,” the statement concludes, marking the official start of the tax filing season for eligible individuals and entities. So, dust off your receipts, gather your documents, and get ready to claim your rightful refunds (or pay your dues) ahead of the usual deadline.
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