Changes In Income Tax Return Form No 1 to 4 for Assessment Year 2024-25.

No change in the applicability: The CBDT has not amended R12 of the Income-tax Rules, 1962, which outlines the criteria for the applicability of ITRs to different classes of taxpayers and method of furnishing returns and the same can be summarized as below for the AY 2023-24: Nature of income ITR 1 ITR 2 ITR 3 ITR 4 Salary Income Income from salary/pension (for ordinarily resident...

Changes In Income Tax Return Form No 2, 3, 5 for Assessment Year 2024-25.

  Applicability of ITR forms – not changed: Specific Income Tax Return (ITR) forms are applicable to specific source of income relating to specified assesee. The CBDT did not changed such applicability. Thus, the applicability of ITR forms to different taxpayers remains unchanged in the new versions of ITR forms. Thus, the source of income and taxpayers on which different ITR forms are...

Streamlining Employee Benefits: The e-Pehchaan Card Initiative under the ESI Scheme.

  Title: “Streamlining Employee Benefits: The e-Pehchaan Card Initiative under the ESI Scheme” Introduction: In a significant move towards enhancing efficiency and accessibility in employee benefits, the Ministry of Labour and Employment (MoL&E) has issued a circular, emphasizing the issuance of ePehchaan cards to all Insured Persons (lPs) under the Employees’ State Insurance (ESI)...

Scope of Reasonable Cause For Not Levying Penalty Under Section 221 For Non-Payment of TDS.

  Penalty under section 221 is levied when there is a default in payment of tax. Under sub-section (1) of section 221, the assessing officer is empowered to impose a penalty where an assessee is in default or is deemed to be in default in payment of tax. The said penalty is leviable in addition to the amount of the arrears and the amount of interest payable under section 220(2). Further,...