The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards.
As a precursor to this, CBDT had notified the ITR forms early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January, 2024 and ITR-2 was notified on January 31st, 2024.
To facilitate the e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under downloads section of the e-filing portal.
Thus, taxpayers have been enabled to file ITR-1, ITR-2, ITR-4 and ITR-6 for A.Y. 2024-2025 on the e-filing portal from 01.04.2024. In fact, about 23,000 ITRs for A.Y. 2024-25 have already been filed till date. Facility to file ITRs 3, 5 and 7 will be made available shortly.
This is for the first time in recent times, that the Income Tax department has enabled taxpayers to file their Returns on the first day of the new financial year. This is another giant step towards ease of compliance and seamless taxpayer services.
Income Tax Returns website landing page: https://eportal.incometax.gov.in/iec/foservices/#/login
To read the Press release CLICK ME.
Although the ITR are now available for filing but should you file it immediately as and when they are available?
The answer would depend on various questions such as:
1. Whether you wish to claim any TDS? If yes TDS of 4th quarter is generally available in Form 26AS/ AIS after 15th June, as TDS return for 4th Quarter can be filed till 31st May.
2. Have you done any transaction in shares and securities? If yes, then also you should wait for 15th June, as the broker and mutual funds shall report your transaction till 31st May in SFT and after that only you can reconcile it with your transaction.
Hence, if you don’t have any TDS claim or don’t have share transaction you can file the Income tax return now otherwise you should file after 15th June when you get all data.
To read more on which ITR to file CLICK ME.
You can book phone consultation/ assistance online with expert as mentioned below:
To book ITR filing with experts CLICK ME.
To book phone consultation with experts for any Income tax related matters CLICK ME.
To book consultation for Faceless Assessment with experts CLICK ME.
To book phone consultation with experts for GST related matters CLICK ME.
To book general phone consultation with expert CLICK ME.
