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ITR forms seek more information: Changes for AY 2024-25 you need to know
The Central Board of Direct Taxes (CBDT) has rolled out seven revised Income Tax returns (ITR) forms for Assessment Year 2024-25. While most forms remain familiar, there are several changes to ensure the government's push for greater disclosure and streamlined reporting. Here's a look at the major changes in ITR-1 to ITR-7, as highlighted by Naveen Wadhwa, vice-president at Taxmann.
ITR-1 and ITR-4: More control for taxpayers
A new feature allows taxpayers to choose between the old and new tax regimes directly within the forms.
The feature offers clarity and flexibility, especially for those unsure of the most beneficial regime.
However, taxpayers who have to file Form 10-IEA for exercising the option (due date being July 31) will need to file it separately; the ITR doesn't substitute that requirement.
ITR-2 and ITR-3: Expanded reporting norms
New fields have been added for reporting income from Virtual Digital Assets, continuing the government's push for transparency in crypto and digital asset earnings.
The forms now ask for detailed disclosures on 'assets located outside India,' further tightening compliance under the Black Money Act.
ITR-5 and ITR-6: Aligning with latest laws
Trusts and institutions governed under Sections 10 (23C), 11, or 12 now must provide more detailed information regarding donations received and utilization thereof.
ITR-6 includes a new schedule on 'elective taxes under section 115BAE' for new manufacturing co-operatives.
ITR-7: Greater scrutiny for charitable entities
Institutions claiming exemptions under Sections 10(23C) or 11/12 must now disclose registration details and approval numbers, a move to plug loopholes.
There's a mandate to reconcile income and application of funds, bringing in more transparency for tax-exempt entities.
One common thread: Enhanced transparency
Across all forms, there's a clear trend, more fields, more disclosures, and tighter compliance. As Wadhwa notes, these changes indicate a deeper integration of tax data with other financial records, aiding cross-verification by authorities.
The revised forms are now notified and available for filing. Taxpayers are advised to go through the updated forms carefully or consult professionals to avoid errors and ensure compliance
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