Key JSON Schemas for ITR-1 and ITR-4 Issued by Income Tax Department for Assessment Year 2024-25

Key JSON Schemas for ITR-1 and ITR-4 Issued by Income Tax Department for Assessment Year 2024-25

ITR-1 Schema:

The Income Tax Department has recently unveiled the JSON Schema for ITR-1 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24.

This schema caters to individuals who are residents (excluding not ordinarily residents) with a total income of up to Rs. 50 lakh. It applies to individuals with income from salaries, one house property, other sources (such as interest), and agricultural income up to Rs. 5 thousand.

ITR-4 Schema:

The Income Tax Department has also released the JSON Schema for ITR-4 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24.

Designed for individuals, Hindu Undivided Families (HUFs), and firms (excluding Limited Liability Partnerships) who are residents and have a total income of up to Rs. 50 lakh. This schema is applicable to those with income from business and profession computed under sections 44AD, 44ADA, or 44AE, along with agricultural income up to Rs. 5 thousand.

ITR-1 Schema:

Document: https://www.nyca.in/wp-content/uploads/2024/03/ITR-1_2024_Main_V1.0.zip

Date of Initial JSON Schema Release: 18th March 2024

ITR-4 Schema:

Document: https://www.nyca.in/wp-content/uploads/2024/03/ITR-4_2024_Main_V1.0.zip

Date of Initial JSON Schema Release: 18th March 2024

Source: IncomeTaxPortal

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