ITR Form Update: Big news for taxpayers! Important changes in ITR-1 and ITR-4 forms, check updates before filling ITR

Income Tax: Important information for taxpayers filing income tax returns across the country. ITR forms have been enabled online on the e-filing portal of the Income Tax Department (eportal.incometax.gov.in) from April 1, FY2023-24 (AY2024-25). This means that now taxpayers can file their tax returns online. But along with this, there is also an important news that some changes have also been made in the ITR form for this financial year, which have come into effect with the new financial year.

What changed for taxpayers this time?

Some changes have been made in the ITR form for taxpayers for AY2024-25, apart from this some changes have also been implemented, like-

1. The new tax regime is now the default regime for taxpayers. If you want to file tax return in the old tax system, you will have to select it separately.

2. Apart from this, now taxpayers will have to provide information about all the bank accounts of the last financial year, along with the type of account.

What changes have been made in ITR form?

Taxpayers filing ITR-1 will have to change their tax regime. Whereas in ITR-4, taxpayers will have to fill Form 10-IEA to leave the new tax regime. Along with this, a new column has been added in both the forms to claim deduction under 80CCH. Another column 'Receipt in cash' has been added in ITR-4, which will increase the turnover limit.

Additionally, separate details are sought for legal entity identifier details, audit report acknowledgment number, unique document identification number details, cash receipt disclosure and disclosure of prizes won from online gaming in the ITR form for assessment year 2024-25 . Used to be.

When is the last date for filing ITR? (Last date for filing ITR 2024)

Let us tell you that the last date for filing income tax returns for taxpayers filing ITR-2 and ITR-3 is July 31, 2024. At the same time, taxpayers filing ITR-3 form have to file returns by October 31, 2024. This form has to be filled by those people who have income from business or who come under the purview of income tax audit.