Income Tax Return for FY 2023-24
The Income Tax Return (ITR) for the Financial Year 2023-24 has been released. This year, the government has made many changes to the filing process that will make it easier for taxpayers to file their returns.
The government has introduced a new form, ITR-1, which is simpler and more user-friendly than the previous year’s form. This form is specifically designed for individuals who have a total income up to Rs. 50 lakhs and who have only one source of income. It is also applicable to those who have income from salary, one house property, other sources, and agriculture income.
The government has also made changes to the ITR-2 form, which is applicable to individuals and Hindu Undivided Families (HUFs) who have income from more than one house property, capital gains, and other sources. This form is now more comprehensive and includes additional information such as the details of the taxpayer’s investment in the stock market, mutual funds, and other investments.
The ITR-3 and ITR-4 forms have also been revised. These forms are applicable to individuals and HUFs who are carrying on a business or profession. The revised forms now include additional information such as the details of the taxpayer’s business, the turnover, and the expenses incurred during the year.
The government has also introduced a new form, ITR-V, which is an acknowledgement form. This form needs to be filed along with the ITR and it serves as a proof that the taxpayer has filed his/her return.
In addition to the above, the government has also made changes to the filing process. Taxpayers can now file their returns online, which is faster and more convenient. They can also use the e-filing portal to check the status of their returns.
Overall, the government has made the filing process simpler and more efficient for taxpayers. With the new forms, filing of returns has become easier and more convenient. Taxpayers should make sure to file their returns on time to avoid any penalties.