Income Tax Return: The Income Tax Department has released the Income Tax Return form for the current financial year. This time too many changes have been made. The government has implemented the new tax regime by default from 2023-24. Therefore, taxpayers will now have to be more careful.
New Delhi. The Income Tax Department has released the form for filing Income Tax Return (ITR) 3 months before the end of the financial year. This time too the department has made major changes in the form for filing returns. Therefore, taxpayers will have to be very careful while choosing the ITR form and filing their return. The Income Tax Department has released the income tax return form for the financial year 2023-24 and assessment year 2024-25.
The department has said that the new tax regime has been made default from the current financial year. This means that the tax of the taxpayers will be calculated on the basis of the new regime only. If they have to choose the old regime, then they will have to choose the option afresh. If a taxpayer does not choose the regime, then his tax will be calculated as per the new tax regime. Therefore, if they want to save tax on their savings and investments, then taxpayers will have to choose the old option themselves.
Changes will have to be made for tax exemption
Tax experts say that ITR Form 1, issued specifically for employed people, has been linked to the new regime by default. This means that if a taxpayer wants to take advantage of tax savings, he will have to choose the old regime. If you have purchased insurance or invested under 80C, then you will have to give up the new option to get tax exemption.
Questions will be asked before filling the form
Taxpayers who file ITR Form-4 will have to fill another form to opt out of the new tax regime. The department has issued Form 10-IEA for these taxpayers. As soon as you go to file ITR, the department will ask you whether you want to opt out of the new tax regime under section 115BAC(6). If you answer no, your ITR form will open after calculating your tax as per the old regime. If you answered yes, then by filling Form 10-IEA, tax calculation will be done as per the old regime.
More information will be sought
The Income Tax Department has also said that now taxpayers will have to provide more information in the income tax return form. From this time it has also been made mandatory to mention all bank accounts. This means that if a person has more than one bank account, details of all of them will have to be given while filing ITR. The Income Tax Department has also created a proper column for this in the ITR form.
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