A Comprehensive Guide to Income Tax Return Filing for FY 23-24: Form Issue Dates, ITR Forms, and More

The release of ITR forms for FY 23-24 by the CBDT heralds the onset of the tax return filing season, prompting taxpayers to initiate the process of fulfilling their tax obligations diligently.
A Comprehensive Guide to Income Tax Return Filing for FY 23-24: Form Issue Dates, ITR Forms, and More

A Comprehensive Guide to Income Tax Return Filing for FY 23-24: Form Issue Dates, ITR Forms, and More

Filing income tax returns (ITR) is a crucial annual obligation for taxpayers, ensuring compliance with tax laws and enabling smooth financial operations. As the fiscal year 2023-2024 ends, taxpayers are gearing up to fulfill their responsibilities by filing their returns for the assessment year 2024-2025. CA Ruchika Bhagat, MD, Neeraj Bhagat & Co. outlined various forms and deadlines required to fill as the Central Board of Direct Taxes (CBDT) has released the necessary ITR forms.
Form Issue Dates: The issuance of ITR forms is a highly anticipated event among taxpayers, as it marks the beginning of the tax return filing season. For FY 23-24, the CBDT has unveiled the ITR-2 and ITR-3 forms for taxpayers to commence their return filing process for the AY 2024-2025. The timely release of these forms streamlines the tax compliance process, providing individuals and entities with ample time to prepare and file their returns accurately.
ITR Forms: Understanding the appropriate ITR form is essential for taxpayers to ensure compliance with tax regulations and report their income correctly. The two forms released by the CBDT cater to different categories of taxpayers:
1) ITR 1 Form is filed by taxpayers and individuals who are a Resident with a total Income of up to INR 50 lakhs when the Income is from Salaries, One House Property, Other Sources (Interest, dividend, etc.), and Agricultural Income up to INR 5 thousand.
2) ITR 1 SAHAJ Form is not for Non-ordinary residents, or for an individual who either is a Director in a company or has invested in Unlisted Equity Shares.
3) The ITR-2 is filed by the individuals or HUFs who are earning income other than income from “Profits and Gains from Business or Profession and the Individuals who are not eligible to file the ITR-1 Form”.
4) The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families having income from Proprietary business or from carrying out his/her profession and who are not eligible to file ITR 1, ITR 2, or ITR 4.
5) ITR 4 Sugam Form is for taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act.
Note: If the turnover of the business is more than Rs 2 crores then the taxpayer will have to file ITR-3.
6) ITR 5 Form is meant for firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals), Artificial Juridical Persons (AJP), cooperative societies, Estate of deceased, Estate of insolvent, Business trust and investment funds, subject to some conditions.
7) ITR 6 is a tax return form for all the companies that are not claiming the exemption u/s 11 (Income from property held for charitable or religious purposes). The 31st of October is the due date for filing the ITR 6 for AY 2023-24.
8) ITR 7 Form is meant for all Charitable /Religious trusts u/s 139 (4A), Political parties u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions and Village industries u/s 139 (4D) which are requiring the exemptions. There are different sections divided into categories namely:
Key Considerations for Taxpayers: As taxpayers, embark on their journey to file their income tax returns for FY 23-24, several considerations merit attention:
1. Compliance with Deadlines: Adhering to the prescribed deadlines for filing income tax returns is imperative to avoid penalties and interest charges. Taxpayers must acquaint themselves with the due dates specified by the CBDT and ensure the timely submission of their returns.
2. Accuracy and Completeness: Filing accurate and comprehensive returns is paramount to avoid scrutiny and facilitate hassle-free processing. Taxpayers must diligently report all sources of income, deductions, and exemptions in their returns, backed by supporting documentation.
3. Electronic Filing: Leveraging electronic filing modes such as the Income Tax Department's e-filing portal or authorized intermediaries facilitates seamless submission of returns from the comfort of one's home or office. Embracing digital platforms enhances efficiency and expedites the tax filing process.
4. Professional Assistance: Complex financial scenarios or evolving tax laws may necessitate professional guidance from tax advisors or chartered accountants. Seeking expert assistance ensures compliance with intricate tax regulations and maximizes tax-saving opportunities.
The release of ITR forms for FY 23-24 by the CBDT heralds the onset of the tax return filing season, prompting taxpayers to initiate the process of fulfilling their tax obligations diligently. By staying abreast of form issuance dates, selecting the appropriate ITR form, and adhering to compliance requirements, taxpayers can navigate the tax filing landscape with confidence and accuracy.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of TN Network.)
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