ITR PERSONAL (ITR-1)

ITR PERSONAL (ITR-1)

The CBDT has released ITR-1 and ITR-4 forms, for the Financial Year 2023-24. These forms will be applicable for filing income tax returns for the assessment year 2024-25 and its deadline is set for July 31, 2024, unless an extension is granted. To streamline the filing process and discourage delays, the Income Tax department has introduced these two ITR forms early. If you are wondering what has changed in ITR-1 and ITR-4, here’s a summary of the changes done to ITR-1 and ITR-4:

• The applicability of ITR forms remains unchanged.
• Now, the New tax regime is the default tax regime; taxpayers will have to opt out if they wish to choose the old regime
• A new column has been added to claim deductions under section 80CCH
• The ITR-4 form now includes a “Receipts in Cash” column for claiming an enhanced turnover limit

ITR-1, also known as Sahaj Form, is for a person with an income of up to Rs.50 lakh.