These changes have been made to the Income Tax return filing form.
The last date to file Income Tax Return (ITR) is July 31, 2024. If you have not filed ITR yet, it is very important for you to know that many important changes have been made in the ITR form. After knowing this, you will not have much difficulty in filing your return.
This year you will have to file Income Tax Return for the financial year 2024-25 but actually you will have to file it in the financial year 2023-24 after calculating your income, expenses and investments. What to avoid confusion in this regard is that on the Income Tax Department website you will get the ITR form as per the assessment year only.
These important changes in the ITR form
If you are filing your ITR in the coming days, then you must be aware of these changes in its form. This time too, the Income Tax Department has asked for additional details from taxpayers in the new ITR form. Its purpose is to try to eliminate erroneous claims of tax exemption from taxpayers.
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- Taxpayers are granted a 100 percent tax exemption under Section 80GGC of the Income Tax Act on donations to political parties. The new form asks taxpayers for details of the payments made, their method, their breakdown and the bank transfer.
- If a taxpayer is claiming deduction under Section 80DD, he/she will need to provide PAN and Aadhaar of disabled dependents.
- At the same time, details of cess and other turnover have been requested from those who carry out intraday transactions in the market. They will have to pay it when they have bought and sold any asset on the same day.
- Now those who get annual bonus on life insurance policy. Those who file ITR-2 and ITR-3 will now have to provide this information separately.
- In addition to this, taxpayers will also need to provide information on the amount earned on their employee stock options (electronic options), other virtual assets or online games.
