Form 16: Key to Accurate ITR Filing
Form 16: Key to Accurate ITR Filing As tax season rolls in, salaried individuals across India are bracing themselves for the annual ritual of Income Tax Return (ITR) filing. With…
CBDT Releases ITR Forms 1 and 4 for the Assessment Year 2024-25.
Income Tax Return forms 1 and 4 were informed by the Central Board of Direct Taxes (CBDT) on Saturday. The Board has notified ITR forms 1 and 4, the Income Tax (I-T) department said in a post on the X platform.
The forms are intended for use in the 2024–2025 assessment year. This indicates that assessed may submit their tax returns for the 2023–2024 fiscal year using these forms.
ITR-1
You must download AIS in order to file ITR-1, and you must save copies of Form 16 as well as any appropriate house rent and investment payment premium receipts.
But as ITRs are annexure-free forms, you can complete your return electronically or manually without including any supporting documentation (such as TDS certificates or evidence of investment).
You must download AIS in order to file ITR-1, and you must save copies of Form 16 as well as any appropriate house rent and investment payment premium receipts.
But as ITRs are annexure-free forms, you can complete your return electronically or manually without including any supporting documentation (such as TDS certificates or evidence of investment).
ITR-4
A resident individual, HUF, firm (other than an LLP), or any combination of these may file the ITR form-4, also known as Sugam, if their income for the financial year does not exceed ₹50 lakh. Presumptive income from business and profession is calculated under sections 44AD, 44ADA, or 44AE. Income from salaries and pensions, one residential property, income from agriculture up to ₹5,000, and interest from savings accounts, deposits, income tax refunds, family pensions, interest on enhanced compensation, and any other interest income, like interest on an unsecured loan, can also be reported.
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