The online ITR forms were made available from April 1, 2024. Taxpayers eligible to file their tax returns can now login and fill their ITRs for FY 2023-24 using these ITR forms. The last date to file income tax returns for FY 2023-24 (AY 2024-25) is July 31, 2024.
Income Tax Returns: The Budget 2023 saw FM Nirmala Sitharaman announce multiple changes in the New Tax Regime. Individual taxpayers can make a switch from the Old Tax Regime to the New Tax Regime as many times as they want. But that's not the same for individual taxpayers with business income.
ITR-1 is a simplified form for individuals with simple income structures, while ITR-4 (SUGAM) is specifically designed for individuals, HUFs, and firms (other than Limited Liability Partnerships).
In February this year, the I-T Department issued the ITR forms for individuals, Hindu Undivided Families, businesses, and others for the 2022-23 fiscal year.