India Refunds’ streamlined update on the latest changes in Income Tax Return Forms
As the financial and budgetary landscape continues to advance and expand, so do the regulations governing Income Tax Returns (ITR). The Central Board of Direct Taxes (CBDT) has updated changes in ITR forms: assessment year 2024-25. The CBDT has introduced the updated ITR-1 (SAHAJ) and ITR-4 (SUGAM) forms for 2024-25. The aim is to aid efficient filing processes and keep taxpayers informed about alterations within the taxation framework.
Modifications in the ITR Forms
Mandatory disclosure of all bank accounts held during the previous fiscal year, with specifications in reference to the account type.
A pivotal shift introduced with the new regime becoming the default choice for taxpayers, requiring an explicit declaration if one opts out.
Individuals restoring to ITR-1 must now select their preferred tax regime, according to Yeeshu Sehgal, Head of Tax Market at AKM Global.
Mr. Sehgal also states, Individuals using ITR-4 are to file 10-IEA to opt out of the new tax regime,
You can also read more about the average processing time of ITR after verification.
ITR-1 (SAHAJ)
ITR-1 is for individuals with straightforward income structures, excluding those with business or professional income, capital gains or individuals seeking double taxation relief. Eligibility encompasses:
Being a resident individual with total income up to Rs. 50 lakhs
Agricultural income not exceeding Rs. 5000
Ownership of a single house property
Additionally, a new column, as part of changes in ITR forms: assessment year 2024-25, enables claimants to seek deductions under Section 80 CCH.
ITR-4 (SUGAM)
ITR-4 introduces a new column titled: “Receipts in cash” to divulge cash turnover within tax return, enhancing transparency and compliance with monetary transactions.
According to the changes in ITR forms - assessment year 2024-25, the ITR-4 is tailored for individuals, HUFs and non-LLp firms choosing presumptive taxation under Section 44AD or 44AE of the Income Tax Act (ITA).
India Refunds believes that the new updates not only highlight strengthened disclosure and compliance but also signifies authorities’ efforts to align tax filing courses of action with contemporary financial paradigms. The new updates and changes in ITR forms: assessment year 2024-25 makes tax filing processes more streamlined.
Reach out to India Refunds, India’s first and only advisory firm dealing with issues related to tax refunds of Income Tax and GST, for all your refund requirements and other information.
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