Income Tax Department’s Big Announcement on Income Tax Returns Form FY 2023-24 & AY 2024-25

Income Tax Department’s Big Announcement on Income Tax Returns Form FY 2023-24 & AY 2024-25

 

The Central Board of Direct Taxes has issued Notification No. 105/2023-Income Tax, dated 22nd December, 2023, to amend the Income-tax Rules, 1962 for the Assessment Year 2024-25 / Financial Year 2023-24. The amendment includes changes to Form ITR-1 SAHAJ and Form ITR-4 SUGAM. These changes are effective from April 1st, 2024. The notification also emphasizes the importance of checking Form 26AS before filing income tax returns. The complete details can be found in the notification.

CBDT notifies ITR 1 and ITR 4 for Assessment Year (AY) 2024-25 / Financial Year (FY) 2023-24 vide Notification No. 105/2023-Income Tax Dated: 22nd December, 2023.


Notification No. 105/2023-Income Tax Dated: 22nd December, 20

G.S.R. 908(E).— In exercise of the powers conferred by section 139 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely-23ly:-

1. Short title and commencement.— (1) These rules may be called the Income-tax (Thirtieth Amendment) Rules, 2023. (2) They shall come into force with effect from the 1st day of April, 2024;

2. In the Income-tax Rules, 1962 (hereinafter referred to as the principal rules), in rule 12

(ii) in sub-rule (5), for the figures “2022”, the figures “2023” shall be substituted.


Read more at: Important To Check Form 26AS before Filing Income Tax Returns

3. In the principal rules, in APPENDIX II, — (i) for Form ITR-1 SAHAJ, the following Form shall be substituted, namely:-

(ii) for Form ITR-4 SUGAM, the following Form shall be substituted, namely:-

[Notification No. 105/2023/ F. No. 370142/45/2023-TPL (Part-I)] SURBENDU THAKUR, Under Secy. Tax Policy & Legislation

Note: The principal rules were published vide notification number S.O.s 969(E) dated the 26th March, 1961 and last amended vide notification number G.S.R. 900 dated the 19th December, 2023.


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