The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Form 2 and 3 for the Assessment Year 2024-25. Rule 12 has been amended to allow individuals and HUF, who are liable to tax audit under section 44AB, to verify return of income through electronic verification code (EVC). In the circular dated 31st January 2024, the department has notified about the rules further to amend Income-tax Rules, 1962. These amended rules are called the Income-tax (Amendment) Rules, 2024 and are said to come to force from the 1st Day of April 2024.
Many entities, including individuals, who have certain specific types of income are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The last date to file ITR-2 and ITR-3 is July 31, 2024. Whereas taxpayers who are required to conduct income tax audit and have business income must file ITR-3 by October 31, 2024.
Individuals/HUFs subject to tax audit can now verify ITR using EVC making the process of filing tax audit much easier. This can be considered a very convenient option to the taxpayer – JSPCO
