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
A resident individual whose total income for the financial year does not exceed ₹50 lakh is required to file Form 1, also known as Sahaj.
The income for which the return is filed comes from a variety of sources, including savings, interest from deposits, income tax refunds, interest on enhanced compensation, one house property, family pensions, agricultural income, and other sources.
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.