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The Income Tax Department has notified new ITR forms for FY 2024-25, detailing eligibility and exclusions for each form. Forms cater to different taxpayer categories, with updates including a new section for tax-exempt long-term capital gains.
The Central Board of Direct Taxes (CBDT) notified the Income Tax Return form-2, or ITR-2, for FY2024-2025 on May 5, 2025. ITR 2 is relevant for the majority of taxpayers, especially salaried employees and pensioners. The form will be effective retrospectively from April 1, 2025, i.e., since the beginning of the current financial year.
Central Board of Direct Taxes (CBDT) issued notification no. 43/2025 dated 03.05.2025 to further amend the Income-tax Rules, 1962, to prescribe ITR-2
Central Board of Direct Taxes (CBDT) issued notification no. 42/2025 dated 01.05.2025 to further amend the Income-tax Rules, 1962 to prescribe ITR 5
Central Board of Direct Taxes (CBDT) issued notification no. 41/2025 dated 30.04.2025 to prescribe ITR-3
Form 10AB condonation request for Section 12A is now available for filing on the e-filing portal pursuant to the Finance Act (No. 2), 2024. Refer to proviso to clause (ac) of Section 12A(1) of the Income Tax Act.
Non-Resident Individual is an individual who is not a resident of India for tax purposes. In order to determine whether an Individual is a Non-Resident or not, his residential status is required to be determined u/s 6 of the Income Tax Act, 1961 as given below:
Finally good news is there for those taxpayers who are eligible to claim section 87A tax rebate but were prevented from claiming it post July 5, 2024. The Income Tax Department has now updated the excel utilities for ITR Forms 2 and 3 to exercise the option to update tax rebate under section 87A for FY 2023-24 (AY 2024-25). The department also said the HTML utilities will be made available shortly. This information was mentioned by the Income Tax Department in the late hours of yesterday.
The Income Tax Department has released offline, online, and Excel utilities for ITR-3 for FY 2023-24 (AY 2024-25). Individuals who need to file ITR-3 for FY 2023-24 (AY 2024-25) can now use either the offline (Java), online or Excel-based utility to file their income tax return (ITR).
CBDT has facilitated taxpayers to file their Income Tax Returns (ITRs) for the AY 2024-25 from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards.