New ITR form: ITR-1 (Sahaj) and ITR-4 (Sugam) forms have been issued for filing income tax returns for assessment year 2024-25. This time many changes have been made by the Income Tax Department.
The Income Tax Department has provided the facility to file income tax returns for the assessment year 2024-25. For this, ITR-1 (Sahaj) and ITR-4 (Sugam) forms have been issued. This time the department has made some changes in these. Under this, taxpayers will have to give details of cash received during the year and all their bank accounts in the country.
ITR-1 (Sahaj) can be filed by a resident individual whose income is up to ₹50 lakh and who has income up to ₹5,000 from salary, a house property, other sources (interest) and agricultural income. Such taxpayers will have to mention details of all their bank accounts and their types during the previous financial year in the new ITR form issued for assessment year 2024-25.
At the same time, ITR-4 (Sugam) can be filed by those individuals, Hindu Undivided Families and Limited Liability Partnership (LLP) companies, whose total income is up to Rs 50 lakh and whose income is from business and profession. This time a separate column has been added in this form, in which detailed details of cash received during the year will have to be given. Last year, a separate column for cryptocurrencies was added to this form.
Prefilled data to be verified: According to the Income Tax Department, Form-1 and Form-4 will be available with pre-filled information (prefilled data) while filing returns online. The ITR forms on the department’s e-filing website come with pre-filled data like total income, total savings and TDS etc. The taxpayer only needs to match the information available in the online form with Form-16, Annual Information Statement (AIS) and Form 26AS.
Forms made available early this time: Generally ITR forms are released in late March or early April. Last year, ITR forms were released in February but this year, to facilitate taxpayers to file returns early, ITR forms have been made available in December itself.
