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.
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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.