ITR Filing 2024
Income Tax Return (ITR) is being filed for the financial year 2023-24 and assessment year 2024-25. For this, ITR forms are issued every year at the beginning of the financial year.
There are forms ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for filing income tax returns. Changes are made in it many times. There have been changes in ITR forms in this financial year as well. Let us know what changes have been made.
New column for claiming deduction
Individual taxpayers have to choose either the new tax regime or the old tax regime for filing income tax returns. Before filing ITR, it has to be told under which tax regime he will file the return. A new column has been added under section 80CCH to claim deduction in ITR Form 1 and ITR Form 4.
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These changes to move from new to old tax regime
The Income Tax Department has also made changes in ITR 4. This form is also called Sugam. Taxpayers using this form have to fill Form 10-IEA to use the old tax regime instead of the new tax regime. ITR 4 form is for individuals, Hindu Undivided Families and firms whose total income is up to Rs 50 lakh. Whose income is from business and profession. If filing income tax return through ITR Form 2, 3, 5 and 6, then taxpayers have to give information about the Capital Gain Account Scheme.
Donation will have to be disclosed in ITR form
If you are a taxpayer and you have donated to political parties, you will also have to disclose it. This information has to be given in ITR under the new schedule 80GGC. This income tax rule applies to those who use ITR form 2, 3, 5 and 6. In these forms, all the information has to be given about the donation, how much donation was given, when it was given. Income tax makes changes in the tax form every year if necessary. The tax department informs taxpayers about this through its website, social media and other means.