Let us tell you that Income Tax Form 1, Sahaj can be filled by resident individuals with income up to Rs 50 lakh and income from salary, one house, other sources (interest) and agriculture up to Rs 5,000.
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) notified Income Tax Return Forms 1 and 4 for the assessment year 2024-25. This time there have been some important changes in the form. Let us know about it in details.
What has changed in the form
In the income tax return form, you will have to mention all your bank accounts for 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 has included the requirement to choose the old or new tax system. Whereas, the requirement to opt out of the new tax regime has been included 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 individuals enrolled in the Agnipath scheme and subscribing to the Agniveer Corpus Fund on or after November 1, 2022, have deposited the amount. Will be eligible for 100% tax deduction on the total amount. Another change in ITR 4 is a new column of “Receipts in cash” to disclose cash turnover in the tax return.
When are the forms notified?
Let us tell you that ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simple forms. Generally, ITR forms for the financial year are notified in late March or early April. But last year, the forms were notified in February. However, this year, ITR forms have been notified in December itself to facilitate taxpayers to file returns early.
Which form for whom: Form 1, Sahaj can be filled by resident individuals having income up to Rs 50 lakh and having income from salary, owning a 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 total income is up to Rs 50 lakh and whose income is from business and profession.
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