ITR filing AY 2024-25: I-T dept makes changes in ITR-1 for AY2024-25. Check details here

 

The most common ITR form is ITR-1, which is also known as Sahaj Form. It is meant for resident individuals whose total income for the financial year does not surpass Rs 50 lakh.

The deadline to file the income tax return is July 31, 2024. It is for all taxpayers, including individuals, bodies of individuals, or associations of persons.

ITR filing for FY2024: The Income Tax Return filing time has kickstarted for AY 2024-25 and FY2024 and will end on July 31, 2024. The deadline is for taxpayers, including individuals, bodies of individuals, or associations of persons. 

There are different ITR forms meant for different sections of taxpayers. This is largely based on the source of income and profession of the taxpayer. The most common ITR form is ITR-1, which is also known as Sahaj Form. It is meant for resident individuals meeting specific income criteria. Those eligible to file under this category are individuals whose total income for the financial year does not surpass Rs 50 lakh.

ITR-1 should be filed for an assessment year, when Total Income of an Individual includes:

> Income from Salary/Pension
> Income from One House Property (excluding cases where loss is brought forward from previous years)
> Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
> In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.

Changes introduced in ITR-1
1. Tax Regime: Taxpayers going for the ITR-1 Form need to specify their preferred tax regime in their tax return filing. Following the amendments introduced by the Finance Act 2023 to Section 115BAC, the New Tax Regime is now designated as the default tax regime. This automatic application pertains to individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs).

To continue utilizing the old tax regime, entities must explicitly opt out of Section 115BAC(6). Additionally, individuals earning income from sources other than business or profession are required to specify their preferred tax regime when filing their income tax return for the relevant assessment year under Section 139(1).

2. Section 80CCH: An additional section, Section 80CCH, was introduced by the Finance Act 2023. This section specifies that individuals who enrol in the Agnipath Scheme and subscribe to the Agniveer Corpus Fund on or after November 1, 2022, are entitled to a tax deduction for the entire amount deposited in the Agniveer Corpus Fund.
To accommodate this change, ITR Form 1 has been updated to incorporate a new column, allowing taxpayers to provide the relevant details regarding the amount eligible for deduction under Section 80CCH.

Filing ITR-1

Registered users on the Income Tax Department’s e-filing portal can access the pre-filling and filing service for ITR-1 Form. It allows individual taxpayers to submit their ITR-1 Form online through the portal or using the offline Excel utility. The user manual details the online filing process for ITR-1.

Pre-filled sections

ITR-1 forms have some pre-filled sections that you need to validate/edit before submission, along with one summary section where you must review your tax computation. These sections are – Personal Information, Gross Total Income, and Total Deductions.