File ITR for AY 2024-25: Great news for taxpayers in India! The Central Board of Direct Taxes (CBDT) has made it easier than ever to file your Income Tax Returns (ITRs) for the Assessment Year (AY) 2024-25 (relevant to the Financial Year 2023-24). In a first for recent times, the CBDT has enabled functionalities to file ITRs from the very first day of the new financial year, April 1st, 2024.
Early Filing Benefits Taxpayers
This early filing option allows taxpayers to file their returns conveniently and avoid the last-minute rush closer to deadlines. It also provides more time to gather necessary documents and ensure a smooth filing process.
Which ITR Forms Can You File Now?
The CBDT has made functionalities for the most commonly used ITR forms available on the e-filing portal:
- ITR-1 (Salary and One House Property)
- ITR-2 (Individuals with Income from Capital Gains)
- ITR-4 (Sugam Form for Salaried Individuals and Pensioners)
- ITR-6 (Companies)
📣 Read More: New Tax Regime vs. Old Tax Regime: Which One Saves You More Tax in AY 2024-25?
Early Notification of ITR Forms
The CBDT took proactive measures by notifying the ITR forms well in advance. ITR-1 and ITR-4 were notified on December 22nd, 2023, followed by ITR-6 on January 24th, 2024, and ITR-2 on January 31st, 2024. This early notification provided taxpayers with ample time to prepare their returns.
Additional Resources for E-Return Intermediaries
The CBDT has also made the JSON Schema for ITR-1, ITR-2, ITR-4, and ITR-6, along with the Schema of Tax Audit Reports, available for AY 2024-25. These resources can be accessed under the downloads section of the e-filing portal to assist e-Return Intermediaries (ERIs) in facilitating the filing process for their clients.
Strong Start to Filing Season
As of today, over 23,000 ITRs for AY 2024-25 have already been filed, indicating a positive response to the early filing option. While functionalities for ITR-3, ITR-5, and ITR-7 will be available shortly, this early access to commonly used forms marks a significant step towards a more taxpayer-friendly approach by the Income Tax Department.
How to File Your ITR
To file your ITR online, visit the official Income Tax Department e-filing portal https://eportal.incometax.gov.in/. Here, you can choose the appropriate ITR form based on your income sources and follow the guided instructions to complete the filing process.
The due date for filing your Income Tax Return (ITR) for Assessment Year (AY) 2024-25 is July 31st, 2024. Make sure to File ITR for AY 2024-25 electronically by this deadline to avoid any penalties or late fees
Bottom Line
The ability to file ITRs for AY 2024-25 from April 1st, 2024, signifies the Income Tax Department’s commitment to streamlining the process and offering seamless services to taxpayers. By taking advantage of this early filing option, you can avoid year-end hassles and ensure timely completion of your tax filing obligations.
Need Help Filing Your ITR for AY 2024-25?
Filing your Income Tax Return (ITR) can sometimes seem daunting, but it doesn’t have to be! At Edueasify KPO, our experienced professionals are here to guide you through the process and ensure your ITR is filed accurately and on time.
Here’s what we can do for you:
- Assist in choosing the right ITR form based on your income sources.
- Gather and organize your income and tax deduction documents.
- Prepare and file your ITR electronically.
- Address any questions or concerns you may have throughout the process.
Don’t wait until the last minute!
Contact Edueasify KPO today for a smooth and hassle-free ITR filing experience.
Email us: edueasify@gmail.com
We look forward to helping you!
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