CBDT Enables Filing Of Commonly Used Income Tax Returns On April 1

The Central Board of Direct Taxes (CBDT) has introduced a new initiative allowing taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (corresponding to the Financial Year 2023-24) starting from April 1, 2024.

In a statement released by the Ministry of Finance, it was highlighted that this marks the first instance in recent times where the Income Tax department has enabled taxpayers to submit their Returns on the inaugural day of the new financial year. As per the statement, the e-filing portal now offers the functionality to file commonly used ITR forms such as ITR-1, ITR-2, and ITR-4 from April 1, 2024, onwards. Additionally, companies can also file their ITR using ITR-6 starting from April 1.

As a preliminary step, the CBDT had issued notifications for various ITR forms ahead of time. ITRs 1 and 4 were notified on December 22nd, 2023, followed by ITR-6 on January 24, 2024, and ITR-2 on January 31, 2024. According to the release, to assist e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4, and ITR-6, as well as the Schema of Tax Audit Reports, have been made available for the Assessment Year 2024-25.

These can be accessed in the downloads section of the e-filing portal. Consequently, taxpayers can now file ITR-1, ITR-2, ITR-4, and ITR-6 for the Assessment Year 2024-2025 on the e-filing portal starting from April 1, 2024. In fact, approximately 23,000 ITRs for the Assessment Year 2024-25 have already been submitted to date. The facility to file ITRs 3, 5, and 7 will be made available shortly, it further stated.