The Income Tax Department has just released the new ITR form, while there are still more than 3 months left for the end of the current financial year. This time, apart from the payment taken in cash, taxpayers will also have to provide many banking related information in the ITR form.
Forms came 3 months before time
CBDT i.e. Central Board of Direct Taxes released ITR-1 and ITR-4 forms for the financial year 2023-24 (assessment year 2024-25) late in the evening on Friday. Generally, CBDT releases the income tax return form in the last months of the financial year, February or March. This time they have been released 2-3 months ahead of time. The deadline for filing income tax returns for the current financial year is 31st July. In this way, this time taxpayers are getting 7 months time to file income tax returns.
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ITR-1 vs ITR-4
ITR-1 form is also called Sahaj. Any taxpayer whose annual income is up to Rs 50 lakh and has salary, a residential property, interest from other sources and agricultural income up to Rs 5,000 can fill this form. Whereas ITR-4 i.e. Sugam can be filled by individual taxpayers, undivided Hindu families and firms other than LLP, whose total income is up to Rs 50 lakh and the source of income is business or profession.
Change in ITR-1 i.e. Sahaj
According to an ET report, this time taxpayers will have to provide information about all those bank accounts which were operational during the relevant financial year. They will also have to tell the type of all operational bank accounts. In the form, a separate section has been given for the deduction under Section 80 CCH for the youth working as Agniveer in the armed forces.
ITR-4 i.e. change in Sugam
Some changes have also been made in ITR-4 form. In the new updated income tax return form, taxpayers will have to tell from where they received money in cash during the financial year. For this, a new column of Receipts in Cash has been added in the new ITR-4 form. With this, taxpayers will be able to make specific disclosures. Earlier a new column for cryptocurrency was added.
