Big Announcement by the Income Tax Department Regarding Income Tax Returns Form For Financial Year 2023-24 & Assessment Year 2024-25
These changes will come into effect from April 1st, 2024. The notification also highlights the importance of checking Form 26AS before filing income tax returns. For complete details, please refer to the notification.
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Big Announcement by the Income Tax Department Regarding Income Tax Returns Form For Financial Year 2023-24 & Assessment Year 2024-25
The Central Board of Direct Taxes issued Notification No. 105/2023-Income Tax on December 22, 2023, amending the Income-tax Rules, 1962 for the Assessment Year 2024-25 / Financial Year 2023-24. The amendment specifically involves alterations to Form ITR-1 SAHAJ and Form ITR-4 SUGAM.
These changes will come into effect from April 1st, 2024. The notification also highlights the importance of checking Form 26AS before filing income tax returns. For complete details, please refer to the notification.
CBDT has officially notified the updated ITR 1 and ITR 4 for Assessment Year (AY) 2024-25 / Financial Year (FY) 2023-24 through Notification No. 105/2023-Income Tax, dated December 22, 2023.
Under the authority granted by section 139 in conjunction with section 295 of the Income-tax Act, 1961, the Central Board of Direct Taxes introduces the Income-tax (Thirtieth Amendment) Rules, 2023, through G.S.R. 908(E). These rules, effective from April 1, 2024, bring amendments to the Income-tax Rules, 1962.
1. Short Title and Commencement:
- These rules are titled the Income-tax (Thirtieth Amendment) Rules, 2023.
- They come into force starting April 1, 2024.
2. Amendments in Rule 12 of the Income-tax Rules, 1962:
- Sub-rule (1) sees the substitution of the figure "2023" with "2024."
- In sub-rule (5), the figures "2022" are replaced with "2023."
3. Changes in APPENDIX II of the Principal Rules:
- Form ITR-1 SAHAJ is substituted with a new form.
- Form ITR-4 SUGAM is replaced with a new form.
[Notification No. 105/2023/ F. No. 370142/45/2023-TPL (Part-I)] SURBENDU THAKUR, Under Secy. Tax Policy & Legislation
Note: The principal rules were initially published under notification number S.O.s 969(E) dated March 26, 1961, and last amended by notification number G.S.R. 900 dated December 19, 2023.
Also Read: Income Tax Raids Conducted at 50 Locations Connected to Polycab India in Mumbai
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Three Changes ITR Forms 1 & 4
Krishna Gopal Varshney
An editor at apnokacaKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
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