Changes In New ITR Forms: ITR Form 1 and 4 have been released. Know what changes have been made in it this time.
CBDT has released Income Tax Return Forms 1 and 4 for the assessment year 2024-25. This year ITR forms have already been notified. These forms are for filing ITI (ITR) for the period from 1 April 2023 to 31 March 2024. Last year, the Income Tax Department had notified ITR forms in February 2023, just after Budget 2023. But this year ITR forms have been notified 3 months before the end of the current business year. The earlier release of ITR forms means that taxpayers will now have more time to collect the necessary documents and submit them.
Some important changes have also been made in the new ITR Form as compared to last year’s ITR Forms. Know about them.
default tax regime
Section 115BAC has changed due to the changes introduced by the Finance Act 2023. New Tax Regime will now be the default option for Individual, HUF, AOP, BOI and AJP. If an assessee does not want to opt for the new tax regime, he can opt out of it and choose the old tax regime.
New column for claim
- Columns to report deduction under section 80CCH have been introduced in the new version of ITR Form 1 and 4. The Finance Act 2023 includes Section 80CCH, which entitles people participating in the Agnipath Scheme and contributing to the Agniveer
- Corpus Fund from November 1, 2022, to a tax deduction.
- Receipt in Cash Column in ITR-4
- CBDT has included a new column in ITR 4 ‘Receipts In Cash’ to disclose cash turnover or cash gross receipts under Schedule BP.
