Income Tax Return (ITR) forms 1 and 4, intended for the assessment year 2024–2025, have been notified by the Central Board of Direct Taxes (CBDT).
From April 1, 2023, until March 31, 2024, the forms can be used to file income tax returns pertaining to profits from the previous year. By the end of March or the beginning of April, ITR forms for a specific fiscal year are made available. This year, however, ITR forms are sent out in December so that taxpayers can file their taxes ahead of schedule. Individuals and companies with annual total incomes up to 50 lakh rupees file Forms 1 and 4.