Income Tax Return 2024: There have been important changes in ITR Form 4, from now on all bank account details have to be given, the Income Tax Return Form for the current financial year 2023-24 has been released by the Central Board of Direct Taxes (CBDT). This time CBDT has made many changes in ITR Form 1 and ITR Form 4.
Income Tax Return Filing 2024: There is important news for those paying Income Tax. The income tax return form for the current financial year 2023-24 has been released by the Central Board of Direct Taxes (CBDT). This time CBDT has made many changes in ITR Form 1 and ITR Form 4. This time, before filing income tax return, you must know these changes.
This time the government has released these forms just 3 months before the end of the financial year. This time also the last date for filling ITR form is 31 July 2024. If seen, the government has released these forms just 7 months before the deadline.
What changes have taken place in ITR Form?
1. Many changes have been made in the form this time. Due to these changes, section 115BAC has also changed. Let us tell you that the new tax regime will now be the default option for Individual, HUF, AOP, BOI and AJP. Apart from this, whoever does not want to select the new tax regime will have to opt out of it. Those people can also select the old tax regime.
2. Apart from this, in the new version of ITR Form 1 and 4 issued this time, a separate column has been given to report the deduction to be made under section 80CCH.
3. Section 80CCH is included in the Finance Act 2023. Apart from this, whoever is participating in the Agnipath Scheme, it entitles those who contribute to the Agniveer Corpus Fund to tax deduction from November 1, 2022.
4. Apart from this, from now on taxpayers will have to give complete information about all their bank accounts and cash transactions of the year.
ITR Form 1
Talking about ITR Form 1, it is for people whose annual income is up to Rs 50 lakh. Your salary, pension or any other source is also included in the income up to Rs 50 lakh. Besides this, income from agriculture of Rs 5000 has also been added.
ITR Form 4
Apart from this, if we talk about ITR-4, it is for Hindu Undivided Family as well as limited liability partnership companies. If your annual income is Rs 50 lakh or more then you have to fill Form 4. In this also you will have to give information about the cash of the year. Last year, a separate column for cryptocurrency was added.
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