For the assessment year (AY) 2024–2025, the Central Board of Direct Taxes (CBDT) has made some changes in income tax return forms (ITR-1, 2, 3, and 4). In the past, the Centre would announce the ITR forms after the fiscal year or the beginning of the next. All the parties would have plenty of time if ITR forms were announced beforehand.
According to Amit Gupta, the founder and CEO of SAG Infotech, taxpayers may anticipate completing their income tax returns shortly after the fiscal year ends thanks to the prompt availability of forms for FY 2023–24. ITR forms for the relevant financial year were previously announced by the income tax agency in either March or April.
Recent Changes in Income Tax Forms 1 to 4 for AY 2024-25
New Income Tax Returns for the fiscal year 2024 have been introduced by the Central Board of Direct Taxes (CBDT), impacting individuals and other taxpayers. This blog mentions the significant changes across various ITR forms, emphasizing implications for taxpayers.
Changes in ITR-1 Form for AY 2024-25
ITR-1 (SUGAM): Resident individuals up to Rs. 50 lakhs income, agricultural income up to Rs. 5000/-and owning only one house property ought to cite the following:
- The taxpayer filing the ITR-1 merely needs to accept the new tax regime as the default option. He could opt out via filing Form 10-IEA under the old regime.
- Resident Individual could file ITR 1 merely when he holds only one residential property and his agricultural income does not exceed Rs. 5,000/-
- He needs to show all his bank accounts except dormant ones
- A new column was added to claim the deduction under section 80CCH in new ITR Forms 1 for Agniveers.
Latest Revisions in ITR-2 Form for AY 2024-25
ITR-2: Individuals and HUFs having income >INR 50 Lakh with income as
- Capital gains
- More than one house property
- Foreign Income
- Individual director of the company
- Holding unlisted equity shares
See the Revisions
- Legal Entity Identifier (LEI) particulars are needed to claim a refund of Rs. 50 lakhs and aforesaid.
- Contributions incurred to political parties ought to be revealed, including the date and mode of payment under Section 80GGC.
- Data on deductions claimed for the maintenance, including medical treatment, of a dependent who is an individual with a disability is needed under Section 80DD.
