Income Tax Return Filing: These important changes have been made in the ITR form, read them and it will be very useful

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The last date for filing Income Tax Return (ITR) is coming closer. In such a situation, if you have not filed your ITR yet, then know what important changes have been made in its form.

These changes have been made in the form for filing Income Tax returns

The last date for filing Income Tax Return (ITR) is 31 July 2024. If you have not filed ITR yet, then 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 face much difficulty in filing your return.

This year you will file income tax return for assessment year 2024-25, but in reality it will have to be given after accounting for your income, expenses and investments in the financial year 2023-24. The thing to avoid confusion in this is that on the website of the Income Tax Department, you will get the ITR form according to the assessment year only.

These important changes were made in the ITR form

If you are going to file your ITR in the coming days, then you should know about these changes in its form. This time the Income Tax Department has also asked for extra details from the taxpayers in the new ITR form. Its purpose is to eliminate the wrong tax exemption claims of taxpayers.

  1. Taxpayers get 100 percent tax exemption under Section 80GGC of the Income Tax Act on donating to political parties. In the new form, taxpayers have been asked for the details of the payments made, their mode, their breakup and bank transfer.
  2. If a taxpayer is claiming deduction under section 80DD, he will have to provide PAN and Aadhaar of the disabled dependents.
  3. At the same time, details of cess and other turnover have been sought from day traders in the market. They will have to provide this only when they have bought and sold an asset in a single day.
  4. Now, people who get annual bonus in life insurance policy, those who file ITR-2 and ITR-3 will have to give its information separately.
  5. Apart from this, taxpayers will also have to provide information about their employee stock options (e-sops), other virtual assets or money won in online gaming.