CA Ritesh Srivastava

*REALTIME* Updates;

1. *CBDT* has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers, are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards.

2. *CBDT* had notified the ITR forms early, beginning with ITRs 1 and 4 which were notified on December 22nd, 2023, ITR-6 was notified on 24th January, 2024 and ITR-2 was notified on January 31st, 2024.

3. *To facilitate the e-Return Intermediaries (ERI),* the JSON Schema for ITR-1, ITR-2, ITR-4 and ITR-6 and Schema of Tax Audit Reports have also been made available for A.Y. 2024-25. The same can be accessed under the downloads section of the e-filing portal.

4. *Thus, taxpayers have been enabled to file ITR-1, ITR-2, ITR-4 and ITR-6 for A.Y. 2024-2025 on the e-filing portal from 01.04.2024.* In fact, about 23,000 ITRs for A.Y. 2024-25 have already been filed till date. Facility to file ITRs 3, 5 and 7 will be made available shortly.

5. *This is for the first time in recent times that the Income Tax department has enabled taxpayers to file their Returns on the first day of the new financial year.* This is another giant step towards ease of compliance and seamless taxpayer services.

If Your PAN Based Aggregate Annual Turnover exceeds Rs.5 Crore in Any Preceding Financial Year (FY 17-18/18-19/19-20/20-21/21-22 or 22-23), then E-Invoicing will be Applicable from 01/08/2023

The deadline to link Permanent Account Number (PAN) card and the Aadhaar card has been extended to June 30, 2023. In a notification on Tuesday, the Finance Ministry said that from July 1, 2023, all unlinked PAN cards shall become inoperative.

The Income Tax Department has launched a new mobile app called 'AIS for Taxpayer' to give each taxpayer easy access to their Annual Information Statement. Taxpayers can now download this app for free from Google Play or Apple Store and use it after a one-time registration with their PAN and authentication via OTP. Through this app, taxpayers will be able to share their feedback on the information uploaded in the AIS via this App, which includes pointing out errors/corrections in the AIS. This will assist in avoiding unnecessary notices/enquiries from the tax department due to incorrect/duplicate information being uploaded in AIS. A press release from the CBDT on the subject is attached.
Regards
CA Ritesh Srivastava
9919679947