ITR-1 and 4 modifications: As of right now, all bank accounts must be declared on the new form. The specifics of the changes are as follows

 ITR-1 and 4 modifications: As of right now, all bank accounts must be declared on the new form. The specifics of the changes are as follows

ITR-1 and 4 modifications: As of right now, all bank accounts must be declared on the new form. The specifics of the changes are as follows

New ITR forms: For the assessment year 2024–2025, the ITR-1 (Sahaj) and ITR-4 (Sugam) forms must be filed. The Income Tax Department has made a lot of adjustments this time.

The ability to submit income tax returns for the assessment year 2024–2025 has been made available by the Income Tax Department. ITR-1 (Sahaj) and ITR-4 (Sugam) forms have been released for this purpose. The department has changed a few of these this time around. As a result, taxpayers will be required to disclose all of their national bank accounts as well as the amount of cash they received over the year.

A resident person with income up to ₹50 lakh and up to ₹5,000 from a job, a residential property, other sources (interest), and agricultural income may submit an ITR-1 (Sahaj). For the assessment year 2024–2025, these taxpayers must provide information on all of their bank accounts, including the kinds they had during the previous fiscal year, on the revised ITR form.

Simultaneously, individuals, Hindu Undivided Families, and Limited Liability Partnership (LLP) organizations that have business or professional income up to Rs 50 lakh may submit ITR-4 (Sugam). This time, a new column has been introduced to the form where specific information about the funds received during the year must be provided. This form was updated with a new section just for cryptocurrency last year.

Verification of prefilled data: The Income Tax Department states that when submitting returns electronically, Forms 1 and 4 will have prefilled data accessible. The department's e-filing website offers ITR forms with pre-filled fields for total income, total savings, and TDS, among other things. The taxpayer just has to compare Form-16, Annual Information Statement (AIS), and Form 26AS with the data included in the online form.

This time, the forms were made available early: Normally, ITR forms are made accessible in late March or early April. ITR forms were made available in December this year instead of February as they were last year to allow taxpayers to submit their taxes earlier.