New Delhi: As per the Central Board of Direct Taxes (CBDT) notice on January 31, 2024, taxpayers who earn more than Rs 50 lakh or have more than one house will have to share extra information with the Income Tax department when they file their Income Tax Return (ITR).
The CBDT has notified the Income Tax Return (ITR) forms, ITR-2 and ITR-3. The I-T department has set the deadline for submitting ITR-2 and ITR-3 as July 31, 2024. The entities and individuals having income over Rs 50 lakh will have to file their ITR using these forms for FY 2023-24 (AY 2024-25). The people requiring income tax audit and have business income are required to file ITR-3 by October 31, 2024.
The CBDT has notified the Income-tax Return Forms – 2, 3 and 5 for the Assessment Year (A.Y.) 2024-25 and ITR Form-6 has been notified for the A.Y. 2024-25. “All ITR Forms 1 to 6 have since been notified and will come into effect from 1st April, 2024,” the Ministry of Finance stated.
“ITR-1 (SAHAJ) can be filed by resident Individuals having total income upto Rs 50 lakh and having income from Salaries, one house property and income from other sources. Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)]