CBDT Enables Early Filing of ITRs for Assessment Year 2024-25
Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
The Central Board of Direct Taxes (CBDT) has made a significant move to enhance taxpayer convenience by enabling the filing of Income Tax Returns (ITRs) for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24, from the very first day of the financial year, April 1, 2024. This early availability of ITR functionalities, including ITR-1, ITR-2, and ITR-4 which are frequently used by taxpayers, marks a proactive approach by the CBDT to facilitate timely tax compliance. Additionally, companies are empowered to file their returns using ITR-6 starting April 1.
This initiative was preceded by the early notification of the ITR forms, with ITRs 1 and 4 being notified on December 22, 2023, followed by ITR-6 on January 24, 2024, and ITR-2 on January 31, 2024. To further assist e-Return Intermediaries (ERI), the JSON Schema for ITR-1, ITR-2, ITR-4, and ITR-6, along with the Schema of Tax Audit Reports for A.Y. 2024-25, are readily accessible on the e-filing portal's download section.
The facility for filing ITRs 3, 5, and 7 will also be made available soon, ensuring a comprehensive coverage for all taxpayer categories. Remarkably, around 23,000 ITRs for A.Y. 2024-25 have been filed to date, demonstrating the efficacy of this early filing provision. This move by the Income Tax Department represents a significant stride towards simplifying compliance procedures and enhancing taxpayer services, marking the first instance in recent times where returns could be filed on the inaugural day of the new financial year.