Friday, April 5, 2024

Early Kick-Off for Income Tax Return Filing: ITRs 1, 2, 4, and 6 Now Available

The Income Tax Department has taken a significant step towards facilitating a smoother tax filing process for the fiscal year 2023-24. Here are the essential updates taxpayers need to know:

  • Immediate Availability of ITR Forms: For the first time in recent memory, the Income Tax department has made Forms ITR-1, ITR-2, ITR-4, and ITR-6 accessible on the e-filing portal starting April 1, 2024. This marks a notable shift towards improving taxpayer convenience and ensuring early compliance.

  • Enthusiastic Early Filing: Reflecting the taxpayers' readiness to comply, approximately 23,000 returns for the fiscal year 2023-24 have already been filed. This early turnout underscores the effectiveness of making the forms available right at the beginning of the new financial year.

  • A Move Towards Seamless Compliance: This initiative is part of the Income Tax Department's ongoing efforts to enhance the ease of compliance and provide seamless services to taxpayers. By enabling the filing of Income Tax Returns (ITRs) on the very first day of the new financial year, the department aims to simplify the tax filing process and encourage timely submission.

Taxpayers are encouraged to take advantage of this early filing opportunity to ensure a hassle-free compliance experience. This proactive approach by the Income Tax Department is anticipated to lead to a smoother filing season and is a welcome change aimed at enhancing taxpayer satisfaction and engagement.