Income Tax Form 2024-25 PDF Free Download

Income Tax Form 2024-25 PDF Download Info

Income Tax Form 2024-25 PDF Free Download, Which Itr Form To Use For The Assessment Year 2024–2025? Itr-3: Individuals Who Are Employed Or Have A Company May Submit Itr Form 3. Itr-4: Sugam Is For Resident Persons, Hufs, And Businesses (Apart From Llps) Having Commercial Or Professional Income And A Total Income Of Up To Rs 50 Lakh.

Income Tax Form 2024-25 PDF

I-t Return Forms 2, 3, And 5 Are Now Available For Submitting Tax Returns For The Assessment Year 2024–25, According To A Recent Announcement From The Income Tax Department. Prior Notifications Were Sent Out In December 2023 For The Itr-1, Which Is Submitted By Individuals With A Total Income Of Up To Rs 50 Lakh, And January 2024 For Enterprises With An Itr-6.

The Press Release Said, “The Central Board Of Direct Taxes (Cbdt) Dated January 31, 2024, Has Notified Income-tax Return Forms (Itr Form)- 2, 3 And 5 For The Assessment Year (Ay) 2024-25.”

It Also Said That All Itr Forms 1 Through 6 Have Been Informed And Will Take Effect On April 1, 2024.

Fresh Itr Forms For Assessment Year 2024–2025: What Are The Professional Opinions?

Experts Point Out That Although More Information Is Now Needed, Some Positive Improvements Have Also Occurred. According To S. Vasudevan, Executive Partner Of Lakshmikumaran & Sridharan Attorneys, “New Income Tax Forms (Itr) For Ay 2024–2025 Have Been Released By The Cbdt. The Forms That Apply To Various Assessees Are Still The Same, But They Have Been Updated To Include The Finance Act Of 2023’s Modifications And To Collect More Data In Order To Improve Financial Transaction Transparency.”

“The Ability To Use Evc To Validate The Return For Individuals And Huf Subject To Tax Audit Under Section 44ab Is A Good Move. From The Standpoint Of Improved Openness In The Tax Administration, These Modifications May Need The Assessee Entering More Information, But They May Also Be Required,” Vasudevan Continues.

The Executive Partner Of Lakshmikumaran & Sridharan Attorneys Discusses The Modifications In Detail, Saying, “The New Forms Have Been Structured To Make The New Tax Regime Under Section 115bac As The Default Provision Applicable.”

If A Taxpayer Wants To Use The Previous System, They Must Specify Their Preference In Their Itr. Form 10-iea Must Be Submitted By Taxpayers Submitting Itr-3 In Order To Opt Out Of Section 115bac. There Is A New Line In Itr 3, 4, And 5 That Says That An Assessee “Carrying On Business Or Profession” Must Report “Receipts In Cash.”

“Necessary Modifications Have Been Made To Itr Forms In Accordance With The Finance Act Of 2023 Amendment, In Order To Reveal The Amount Owed To Micro And Small Businesses After The Designated Deadline Under The Msme Act Of 2006.”

Additionally, Modifications Have Been Made On The “Schedule-os” Forms So That Taxpayers May Report Income From Business Trusts, Online Gaming Wins, Dividend Income From The Ifsc, And Bonus Payments Made Under Life Insurance Plans.

In Addition To The Amount Deposited Under The Capital Gains Accounts Scheme, The Assessee Must Now Include The Date Of Deposit, Account Number, And Ifsc Code As Part Of The Modified Capital Gains Disclosure,” He Continues.

The Most Important Modifications Are Outlined By Core Integra’s Managing Director, Mahesh Krishnamoorthy, Who States That The Revised Itr-1 To Itr-6, Which Was Issued By The Cbdt For Ay 2024–25, Would Take Effect On April 1, 2024.

From The Standpoint Of The Person, It Is Crucial To Be Aware Of The Changes. One Of The Most Important Is That For People, The New Itr-1 Requires Them To Designate The Old Or New Tax System, With The New Tax Regime Being The Default Unless They Expressly Opt Out.”

“Overall, The New Forms Simplify The Tax Return Filing Process With Additional Columns For Specific Information Pertaining To Individuals In Itr-1 And Itr-4,” Says Krishnamoorthy, Who Thinks It Will Ultimately Make Paying Taxes Easier.

The New Itr-1 Will Make Filing Returns Easier For Salaried People Without Any Other Significant Source Of Income. Income Tax Will Be Able To Process Refunds More Quickly Thanks To The New Forms.

“Those Who Prefer Little Deductions Or Want To Avoid The Hassle Of Thorough Tax Preparation May Be Accommodated Under The New Income Tax System. This Covers Taxpayers Who Are Not Paid A Salary, Such Consultants, And Who Are Not Qualified For Deductions And Exemptions Under Section Via.

The New System May Also Be More Appropriate For Elderly People Who Do Not Get A Pension From Their Job, Making Them Ineligible For The Rs 50,000 Standard Deduction.

On The Other Hand, Older Individuals Who Get A Significant Amount Of Their Income From Interest May Find It Advantageous To Use The Recently Implemented Section 80ttb, Which Allows Them To Deduct Interest Income Up To Rs. 50 Lakh. As A Result, People Could Feel More Comfortable Under The Previous Tax System,” Sonali Concludes.

Individuals In India Are Subject To Income Taxation Via A Slab System, In Which Varying Tax Rates Are Attributed To Varying Income Brackets. The Tax Rates Rise In Tandem With An Individual’s Income.

This Kind Of Taxation Makes It Possible For The Nation To Have A Progressive And Equitable Tax Structure. Periodically, Usually With Each Budget, The Income Tax Slabs Are Changed. The Various Taxpayer Categories Are Subject To Varied Slab Rates. Let’s Examine All Of The Slab Rates That Will Be In Effect For Fy 2022–2023 (Ay 2023–24) And Fy 2023–2024 (Ay 2024–25).

Comparison of tax rates under New tax regime & Old tax regime for FY 2022-23 (AY 2023-24)