Dear taxpayers! We’ve got some exciting news hot off the press from the Central Board of Direct Taxes (CBDT), under the Government of India’s Ministry of Finance.
Starting April 1st, 2024, the CBDT has made it super easy for you to file your Income Tax Returns (ITRs) for the Assessment Year 2024-25, which corresponds to the Financial Year 2023-24. You can now file commonly used ITRs like ITR-1, ITR-2, and ITR-4, as well as ITR-6 for companies, right from the comfort of your home through the e-filing portal.
But wait, there’s more! The CBDT has been proactive in notifying the ITR forms well in advance. They kicked things off by notifying ITRs 1 and 4 on December 22nd, 2023. Then, they followed up with ITR-6 on January 24th, 2024, and ITR-2 on January 31st, 2024. Talk about being on the ball!
To make things even smoother for e-Return Intermediaries (ERI), the CBDT has also made the JSON Schema for ITR-1, ITR-2, ITR-4, and ITR-6 available for A.Y. 2024-25. You can find these handy tools in the downloads section of the e-filing portal.
Guess what? Since April 1st, over 23,000 ITRs for A.Y. 2024-25 have already been filed! That’s right – taxpayers wasted no time in taking advantage of this fantastic opportunity. And don’t worry if you need to file ITRs 3, 5, or 7 – those options will be available shortly.
This is a significant milestone for the Income Tax department as they’ve enabled taxpayers to file their returns right from day one of the new financial year. It’s a massive win for ease of compliance and providing seamless taxpayer services.
So, if you’ve been putting off filing your ITR, now’s the time to jump on board and get it done hassle-free. Kudos to the CBDT for making tax season a little less daunting for all of us!
ITR filing for NRI
If you’re a Non-Resident Indian (NRI), you have the option to file your income tax return for any income you’ve earned in India. This includes various sources such as interest on savings bank accounts, interest on fixed deposits (FDs), profits from shares or mutual funds, as well as gains or losses from the sale of property by an NRI.
If the Tax Deducted at Source (TDS) has been deducted by the buyer at a lower rate, typically 20%, you can still file your Income Tax Return (ITR) on time and potentially claim your refund quicker. This process ensures that you receive any excess tax deducted back into your account promptly.
