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Income Tax Return Form: If you file Income Tax Return i.e. ITR, then this news is useful for you. In fact, recently the Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms 1 and 4 for the assessment year 2024-25. This time some important changes have been made in the form. Tell us about it in detail.
What has changed in form
In the income tax return form, you have to mention all your bank accounts of the last year along with the type of bank account. Yeshua Sehgal, head of tax and consulting firm AKM Global, told Business Today, “The new ITR Form 1 covers the need to choose the old or new tax system. Whereas, to opt out of the new tax regime in ITR 4, Form 10-IEA has to be filed.
Sehgal further explains that a new column has been added to claim deduction under Section 80CCH, which states that persons enrolled in the Agneepath scheme and subscribing to the Agneeveer Corpus Fund on or after November 1, 2022 have deposited the amount. 100% tax deduction on total amount. Another change in ITR 4 is a new column of “Cash Receipts” to declare cash turnover in the tax return.
When is the form notified?
Let us tell you that ITR Form 1 (Sahaj) and ITR Form IV (Sugam) are simple forms. Generally, the ITR form for the financial year is notified in late March or early April. But the form was notified in February last year. However, this year, the ITR form has been notified in December itself to facilitate taxpayers to file returns earlier.
Which form for whom: Form 1 can be filled by ordinarily resident individuals who have income up to Rs 50 lakh and have income from salary, house, other sources (interest) and agriculture up to Rs 5,000. Sugam Form 2 can be filed by individuals, Hindu undivided families and companies including Limited Liability Partnership (LLP) whose gross income exceeds Rs. 50 lakhs and whose income is from business and profession.