ITR Form: The Income Tax Department had notified ITR forms for the financial year 2022-23 (AY 2023-24) in February 2023, just after Budget 2023. This year, ITR forms have been notified 3 months before the last date of the current financial year, 31st March.
Income Tax Return: If you also file Income Tax Return (ITR) every year, then this news is useful for you. The Central Board of Direct Taxes (CBDT) has notified ITR forms ITR-1 and ITR-4 for the financial year 2023-24 (AY 2024-25). The last date for filing returns by CBDT has been fixed as July 31, 2024. If no changes are made regarding the last date, then this time CBDT has notified the ITR form seven months before the last date. This notification has been issued by the Income Tax Department on December 22, 2023.
ITR form notified 3 months before 31st March
Earlier, the Income Tax Department had notified ITR forms for the financial year 2022-23 (AY 2023-24) in February 2023, just after Budget 2023. This year, ITR forms have been notified 3 months before the last date of the current financial year, 31st March. In such a situation, experts are also saying that taxpayers will not be able to have correct information about their total income before the completion of the financial year. ITR-1 can be filed by individuals whose total income from all sources does not exceed Rs 50 lakh. Your sources of income include salary, income from property and other sources like interest, dividend etc. and income related to agriculture etc.
Will be able to file only under the old tax regime
In some cases ITR-1 cannot be used by the tax payer. A person who is a director of a company or has invested in unlisted equity shares. Apart from this, where TDS has been imposed on cash withdrawal by the individual under section 194N or income tax has been deferred on ESOP. If anyone wants to file ITR for the financial year 2023-24 (AU 2024-25), then he will have to select the old tax regime.
New tax regime has been implemented by default
The new tax regime has been implemented by default in the budget of 2023. Therefore, unless a person opts out of the new tax regime, his tax in the online ITR form will be calculated on the basis of the new tax regime. Under the new tax regime, there is no facility of tax rebate like HRA, LTA, Section 80C, 80D etc. However, you can claim a standard deduction of Rs 50,000 for the salaried class. Section 80CCD (2) deduction is also available under the new tax regime on employer’s contribution to NPS.
Awareness for advance tax
The Income Tax Department is running a campaign to make tax payers aware about payment of advance income tax. Advance Income Tax is paid on the expected income of any person in the financial year. Advance tax is also paid at the business level. People who earn salary through their business or freelancing have to pay advance income tax if their income tax liability (minus TDS) exceeds Rs 10,000 in a financial year.