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HomeNATIONIncome Tax News: Important! ITR Forms for Assessment Year 2024-25 Introduced, Check...

Income Tax News: Important! ITR Forms for Assessment Year 2024-25 Introduced, Check New Changes

Income Tax News: The Income Tax Department of India has unveiled the Income Tax Return (ITR) Forms 1-6 for the Financial Year 2023–24, with the Assessment Year 2024–25. The early release of these forms, effective from April 1, 2024, is seen as a proactive step by the Central Board of Direct Taxes (CBDT) to assist taxpayers and streamline the filing process.

Key Changes and Highlights:

  1. Legislative Amendments: The changes in the ITR forms stem from amendments made to the Income-tax Act, 1961, under the Finance Act, 2023.
  2. Section 43B Amendment: A new provision under Section 43B restricts deductions for amounts payable to micro or small businesses not paid within the stipulated time, ensuring timely payments to MSMEs.
  3. Filing Deadlines: ITR-2 and ITR-3 deadlines are set for July 31, 2024. Taxpayers subject to income tax audits and those with business income must submit ITR-3 by October 31, 2024.
  4. Seven Distinct Forms: The Income Tax Department provides seven forms for return filing – ITR-1 to ITR-7.
  5. Bank Account Disclosure: Taxpayers are required to disclose all bank accounts from the previous year in ITR-1 and ITR-4, specifying the type of account.
  6. Tax Regime Shift: The default tax regime has shifted to the new regime, and taxpayers opting for the old regime must provide details of their choice in the respective forms.
  7. New Columns Introduced: ITR-1 includes a column for taxpayers to select the tax regime, while ITR-4 introduces a ‘Receipts in Cash’ column and a new column for claiming deductions under Section 80CCH.
  8. Form 10-IEA Submission: Taxpayers opting out of the new tax regime in ITR-4 need to submit Form 10-IEA.

These changes aim to enhance transparency, align with legislative amendments, and facilitate a smoother tax filing process for individuals and businesses in the upcoming assessment year.

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