What all do you have to disclose in ITR?

The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.

Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.

Usually, ITR forms for a particular financial year are notified by the end of March or early April. But last year, the forms were notified in February.

However, this year, ITR forms are notified in December itself, to enable taxpayers file returns early. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers.

The I-T Department notified the forms on Friday.

Sahaj can be filed by a resident individual having income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income of up to Rs 5,000.

Sugam can be filed by individuals, HUFs and firms (other than Limited Liability Partnerships (LLPs)) being a resident having total income of up to Rs 50 lakh and income from business and profession.

Some of the changes made in the forms include deduction for Agniveers. The Budget 2023 had added a new section – Section 80CCH — to the Income-Tax Act. As per this section, the entire amount contributed by applicants and the Central Government to the Agniveer Corpus Fund is applicable for tax deductions. a column has been added in ITR 1 and ITR 4 for furnishing details of the deduction amount allowed under this section.

Another change is the information regarding the type of account. The disclosure has been added in the ITR-4. The assessee will have to disclose details of all bank accounts held in India at any time during the previous year.
With inputs from PTI