The Income Tax Department has taken a significant stride by enabling early filing of Income Tax Returns (ITRs) for the fiscal year 2023-24. Therefore, Effective from April 1, 2024, individuals can access ITRs 1, 2, 4, and 6 on the e-filing portal. In other words, Notably, over 23,000 returns have already been filed, signalling a proactive beginning to the tax filing season.
Streamlining Tax Filing Process
However, Proactive Initiative by the Income Tax Department
Above all, The move to allow taxpayers to submit their ITRs on the very first day of the new financial year marks a departure from conventional practices. In addition, The initiative underscores the department’s commitment to enhancing the ease of compliance and delivering seamless taxpayer services.
After that, Forms Available for Early Filing
Catering to Diverse Taxpayer Segments
Similarly, The availability of ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) caters to the needs of small and medium taxpayers, ensuring simplicity and accessibility. Moreover, ITR-2, designed for individuals with income from residential property, is among the forms available for immediate filing.
Facilitation for Assessment Year 2024-25
Enabling Timely Tax Compliance
Taxpayers can file their ITRs for the Assessment Year 2024-25, relevant to the Financial Year 2023-24, starting April 1, 2024. The e-filing portal offers commonly used forms such as ITR-1, ITR-2, and ITR-4, with ITR-6 available for companies.
Notified ITR Forms
Early Notification for Preparedness
The CBDT had notified the ITR forms well in advance, allowing taxpayers ample time to prepare and file their returns efficiently. ITR forms 1 and 4 received notification on December 22, 2023. Following this, ITR-6 was notified on January 24, 2024, and ITR-2 on January 31, 2024.
Future Steps
In conclusion,
Continued Support for Taxpayers
The CBDT assures taxpayers that the facility to file ITRs 3, 5, and 7 will be made available shortly, further streamlining tax compliance. With a proactive approach and early availability of filing options, taxpayers can expect a smoother and more convenient tax filing process for the fiscal year 2023-24.
Download Excel Based Automatic Income Tax Form 16 Part B for the F.Y.2023-24[This Excel Tool can prepare at a time 50 Employee’ Form 16 Part B as per New and Old Tax Regime]
In conclusion, the Income Tax Department’s initiative to enable early filing of returns for the fiscal year 2023-24 signifies a proactive approach towards enhancing taxpayer convenience and compliance.
FAQs
Can I file my income tax return for the fiscal year 2023-24 before April 1, 2024?
Yes, individuals can file their income tax returns starting April 1, 2024, for the fiscal year 2023-24.
Which ITR forms are available for immediate filing?
ITRs 1, 2, 4, and 6 are available on the e-filing portal for immediate filing.
What is the significance of early filing of income tax returns?
Early filing allows taxpayers to manage their tax obligations promptly and ensures timely compliance with regulations.
Are there any specific eligibility criteria for using Sahaj and Sugam forms?
Sahaj is suitable for resident individuals with income up to Rs 50 lakh and various revenue sources, while Sugam is tailored for individuals, Hindu Undivided Families, and certain firms with total income up to Rs 50 lakh.
Where can I find more information about Excel-based automatic Income Tax Form 16 Part B for FY 2023-24?
You can access the Excel-based tool on the e-filing portal for detailed information and assistance.
