New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

 

New ITR forms: Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals will be required to furnish details of all Indian bank accounts active in the previous financial year, specifying the type of account.


Taxpayers will have to furnish details about receipt of cash and all their bank accounts in the country, as per the latest Income Tax Return (ITR) notified by the Central Board of Direct Taxes for assessment year 2024-25.

ITR 1, or Sahaj, can be filed by a resident individual having income of up to ₹50 lakh and who receives income from salary, one house property, other sources (interest), and agricultural income of up to ₹5,000.

They will also have to provide details of the type of bank account.

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