Exploring Significant Changes in New Income Tax Returns for FY 2024
The Central Board of Direct Taxes (CBDT) has introduced new Income Tax Returns for the financial year 2024, bringing notable changes that affect individuals and other taxpayers. Let’s explore the key modifications across various ITR forms and understand what they mean for taxpayers:
ITR-1 (SUGAM):
- Applicable to resident individuals with income up to Rs. 50 lakhs and certain conditions.
- Notable changes include acceptance of the New Tax Regime as the default option and disclosure of all bank accounts except dormant ones.
ITR-2:
- For individuals and HUFs with income exceeding Rs. 50 lakhs, including capital gains, foreign income, and more.
- New requirements include providing Legal Entity Identifier (LEI) details for refunds above Rs. 50 lakhs and disclosure of contributions made to political parties.
ITR-3:
- For individuals and HUFs with income from profits and gains of business or profession.
- Changes involve disclosing details like turnover from intraday trading and advances received under specific categories.
ITR-4:
- For individuals, HUFs, and firms with income under Rs. 50 lakhs, opting for presumptive taxation.
- Noteworthy changes include a new column for claiming deductions and enhanced turnover limits.
Other Key Changes:
- Taxpayers can verify tax audit reports electronically.
- Detailed disclosure requirements for contributions to political parties, startup details, and MSME information.
Conclusion:
The latest Income Tax Returns for FY 2024 introduce substantial alterations aimed at improving compliance and transparency. From revised disclosure requirements to enhanced turnover limits, taxpayers need to familiarize themselves with these changes to fulfill their tax obligations accurately. Professional guidance from Chartered Accountants can be invaluable in navigating these amendments and ensuring compliance with regulatory norms. For assistance with income tax returns or compliance, individuals can seek support from qualified professionals.
Understanding these changes is crucial for taxpayers to ensure smooth compliance with the latest regulations and fulfill their tax obligations accurately.
