Notification for ITR 1 and ITR 4 FY 2023-24 (AY 2024-25)

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Published Date:  26-12-2023   Author:   ca-abhishek-mundhra
captainbiz notification for itr and itr fy ay

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?

  1. Director of any company or a person who has purchased shares of unlisted company.
  2. Income tax is deferred on ESOPs.
  3. 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?

  1. Director of any company or a person who has purchased shares of an unlisted company.
  2. Income tax is deferred on ESOPs.
  3. 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.

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CA Abhishek D Mundhra

Abhishek D Mundhra is a Chartered Accountant with 12+ years of post qualification experience with expertise in the field of GST and other Direct and Indirect Taxes.

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