- The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) forms 1 and 4 for the assessment year 2024-25.
- These forms are for filing income tax returns related to earnings from April 1, 2023, to March 31, 2024.
- Typically, ITR forms are notified in March or early April, but this year they were notified in December to facilitate early filing.
- Forms 1 and 4 are meant for individuals and entities with annual total income of up to 50 lakh rupees.
Q: What is the period of the Financial Year in India?
A) April 1 to March 31
B) January 1 to December 31
C) July 1 to June 30
D) October 1 to September 30
Answer: A) April 1 to March 31
