Notification for ITR 1 and ITR 4 for FY 2023-24 (AY 2024-25)
CBDT vide notification dated 22nd December 2023 has notified two Income Tax Return (ITR) forms ITR-1 SAHAJ and ITR-4 SUGAM.
It is worth appreciating that the two forms are notified well before the start of Assessment year. We may soon expect notification for other ITRs viz. ITR-2, ITR-3, ITR-5, ITR-6 and ITR-7. As the notification has been released soon, we may expect timely release of return filing utilities as well.
Who can file ITR 1 SAHAJ?
Eligibility Criteria:
Resident and Ordinary Resident Individual whose
- Total Income up to Rs. 50 Lakhs
- Sources of Income are Salary, Income from one house property.
- Income from other sources.
- Agricultural income up to Rs. 5,000 only.
Who cannot file ITR-1?
- Director of any company or a person who has purchased shares of unlisted company.
- Income tax is deferred on ESOPs.
- Tax is deducted under section 194N i.e. TDS on cash withdrawals.
Who can file ITR 4 SUGAM?
Eligibility Criteria:
Resident Individuals, HUFs, and Partnership Firms (except Limited Liability Partnerships) whose
- Total Income up to Rs. 50 lakhs
- Sources of Income are Salaries, Income from House Property, Income from Business & Profession as given below and Income from Other Sources.
- They have opted for presumptive taxation provisions under sections 44AD, 44ADA or 44AE.
Who cannot file ITR-4?
- Director of any company or a person who has purchased shares of an unlisted company.
- Income tax is deferred on ESOPs.
- Agriculture Income is more than Rs. 5,000/-
While selecting the form the Assessee should correctly select the ITR form to avoid rejection of return or return being defective.
