ITR 4S means for AY 2023-24 ITR 4S is an Income Tax Return form that is used by individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive taxation scheme under Section 44AD, Section 44ADA or Section 44AE of the Income Tax Act. It is also known as Sugam form. The presumptive taxation… Read More »
India: Simplified income-tax return forms The Central Board of Direct Taxes (CBDT) has revised income-tax return (ITR) forms for assessment year 2017-2018. The total number of ITR forms has been reduced from nine to seven. The key changes include: Single page ITR form for salaried class taxpayers Existing ITR 2, ITR 2A, and ITR 3… Read More »
INCOME-TAX (NINTH AMENDMENT) RULES, 2016 AMENDMENT IN RULE 12 AND SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-2A, ITR-3, SUGAM (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 AND ITR-V NOTIFICATION NO. SO 1262(E) [NO.24/2016 (F.NO.370142/2/2016-TPL)], DATED 30-3-2016 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of… Read More »
Key changes in new ITR Form 3, 4, 5, 6 and 7 I. Introduction: The new ITR Forms 1, 2 and 4S were notified for the Assessment Year 2015-16 vide Notification No. 41/2015, Dated 15-04-2015. However, in view of representations received from various stakeholders, the CBDT came out with simplified version of ITR forms 1,… Read More »