New ITR forms AY 2024-25: Taxpayers will now be required to provide information regarding cash receipts and all their bank accounts within the country, according to the latest Income Tax Return (ITR) forms for the assessment year 2024-25, as notified by the Central Board of Direct Taxes.
CBDT has released the new ITR forms – ITR-1 and ITR-4 – for FY 2023-24 early this year. These forms are applicable for filing income tax return for AY 2024-25 with the last date of July 31, 2024, unless extended.
One noteworthy feature of the new ITR forms is that The Finance Act 2023 has modified section 115BAC, establishing it as the primary tax regime for individuals, HUFs, AOPs, BOIs, and AJPs. Under this amendment, if an assessee prefers not to adhere to the new tax regime, they must expressly opt out and select the old tax regime for their taxation.
The ITR 1, also known as Sahaj, can be filed by resident individuals with an income of up to Rs 50 lakh. This includes income from salary, one house property, other sources such as interest, and agricultural income up to Rs 5,000. Taxpayers will need to provide details of all their bank accounts operational in the previous financial year, along with the type of account, according to an ET report.
The updated income tax return forms also include a special section for deductions for Agniveers, the youth serving in the armed forces under the Agnipath scheme, as per Section 80CCH.
Individuals, Hindu undivided families (HUFs), and firms, excluding limited liability partnerships (LLPs), with a total income of up to Rs 50 lakh and income from business and profession, can file ITR 4, also known as Sugam.
In the previous year, the forms were notified in February. Previously, there was a separate column for cryptocurrency. However, in the new ITR, a new disclosure has been added to specify “receipts in cash” in the ITR-4 Form.
source by: The Times of India News
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