In the upcoming assessment year 2024-25, taxpayers in India are required to furnish additional details concerning cash receipts and all their domestic bank accounts, according to the latest Income Tax Return (ITR) forms notified by the Central Board of Direct Taxes.
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According to The Economic Times report, the ITR 1 form, also known as Sahaj, is applicable for resident individuals with an income of up to Rs 50 lakh. This includes individuals receiving income from sources such as salary, one house property, other sources (interest), and agricultural income up to Rs 5,000. The report added that the taxpayers must now disclose information about all operational bank accounts in India from the preceding financial year, specifying the type of each account.
Read More: All about deadlines to file updated, revised ITR for FY23, change Aadhaar details. Check here
Additionally, the revised return forms feature a dedicated section for deductions related to the Agniveers, denoting young individuals serving in the armed forces under the Agnipath scheme, covered under Section 80CCH.
The report added that for individuals, Hindu undivided families (HUFs), and non-LLP firms with a total income of up to Rs 50 lakh, the ITR 4 form, or Sugam, is applicable for filing and it covers income from business and profession.
Read More: Govt notifies Income Tax Return forms 1, 4 for assessment year 2024-25
Unlike last year’s forms, which were notified in February, the updated ITR forms include a notable change. While cryptocurrency previously had a separate column, the new ITR-4 Form introduces a distinct disclosure section specifically for “receipts in cash.” This emphasizes a broader focus on financial transparency and compliance in the evolving landscape of tax regulations.
