New ITR forms: What’s new in ITR-1 and ITR-4 for AY 2024-25? Furnish details of all bank accounts, disclose cash receipts

CBDT has released the new ITR forms - ITR-1 and ITR-4 - for FY 2023-24 early this year. These forms are applicable for filing income tax return for AY 2024-25 with the last date of July 31, 2024, unless extended. New ITR forms: Taxpayers will now be required to provide information regarding cash receipts and all their bank accounts within the country. New ITR forms AY 2024-25: Taxpayers will now be required to provide information regarding cash receipts and all their bank accounts within the country, according to the latest Income Tax Return (ITR) forms for the assessment year 2024-25, as notified by the Central Board of Direct Taxes. CBDT has released the new ITR forms - ITR-1 and ITR-4 - for FY 2023-24 early this year. These forms are applicable for filing income tax return for AY 2024-25 with the last date of July 31, 2024, unless extended. One noteworthy feature of the new ITR forms is that The Finance Act 2023 has modified section 115BAC, establishing it as the primary tax regime for individuals, HUFs, AOPs, BOIs, and AJPs. Under this amendment, if an assessee prefers not to adhere to the new tax regime, they must expressly opt out and select the old tax regime for their taxation. The ITR 1, also known as Sahaj , can be filed by resident individuals with an income of up to Rs 50 lakh. This includes income from salary, one house property, other sources such as interest, and agricultural income up to Rs 5,000. Taxpayers will need to provide details of all their bank accounts operational in the previous financial year, along with the type of account, according to an ET report. New Income Tax Regime Vs Old Regime: It’s IMPORTANT TO DECIDE NOW | Income Tax Slabs 2023-24 The updated income tax return forms also include a special section for deductions for Agniveers, the youth serving in the armed forces under the Agnipath scheme, as per Section 80CCH. Individuals, Hindu undivided families (HUFs), and firms, excluding limited liability partnerships (LLPs), with a total income of up to Rs 50 lakh and income from business and profession, can file ITR 4, also known as Sugam. In the previous year, the forms were notified in February. Previously, there was a separate column for cryptocurrency. However, in the new ITR, a new disclosure has been added to specify "receipts in cash" in the ITR-4 Form. About the Author TOI Business Desk The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world. Read More FOLLOW US ON SOCIAL MEDIA Visual Stories Previous 10 Most Affordable Cities in India to Buy a House business Most Visited Monuments in India business The Pros and Cons of Investing in Value Stocks business Investing in Small-Cap Stocks: Top 10 Tips for Absolute Beginners business 10 Ways to Earn Money Online by Selling Physical Products business Richest Cricket Players Across the World business 10 Things You Didn’t Know About Warren Buffett’s Investment Process business Priyanka Chopra Net Worth: Know How Rich is Global Actress business Top 10 Benefits of Investing in Small-Cap Stocks business 15 Best Tax Saving Schemes in India business Next 1 2 3 Elections Chhattisgarh CM News MP CM News Rajasthan Election Results MP Election Result 2023 Chhattisgarh Election Result Mizoram Election Result TOP TRENDS India Covid Cases Vande Bharat Express Hardik Pandya Merry Christmas Wishes Dhirubhai Ambani International School Adani Stocks