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The Central Board of Direct Taxes (CBDT) has notified two new return forms, ITR-1 (SAHAJ) and ITR-4 (SUGAM), for the Assessment Year 2024-25. These forms will come into effect from April 1, 2024.
ITR-1 (SAHAJ) is to be used by individuals with total income up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest) and agricultural income up to Rs 5,000.
Direct tax collection surges 23% to ₹10.6 lakh crore in April-Nov
On the other hand, ITR-4 (SUGAM) is applicable to individuals, HUFs and firms (other than LLPs) with total income up to Rs 50 lakh and income from business and profession computed under Sections 44AD, 44ADA or 44AE.
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