Recent Changes made in ITR Form 1 by the Income Tax Department for AY 2024-2025
ITR filing is started for AY 2024-25, many taxpayers who are planning to file their ITR in the next few days then please keep in mind these changes which were recently made by the income tax department in ITR 1 or Sahaj form.
Some key points about, what ITR form 1 or Sahaj form?
- ITR Form 1 also known as Sahaj Form
- It applies to those taxpayers whose income is up to INR 50 lakhs or not more than 50 lakhs.
- It applies only to Salary income, one House property, and other source income (excluding horse racing lotteries winning).
Now, we talk about recent changes in ITR Form 1 or Sajah form. Please keep in mind the points stated below:
- Income Tax Regime: Taxpayer must file their preferred or choice income tax regime during ITR filing.
- Default New Tax Regime: Taxpayer who want to change their default income tax regime into their preferred old income tax regime then they must file a New Tax Regime Opt-out as per section 115BAC(6) because from AY 2024-25 New Regime is default tax regime in ITR form.
- New Section Insertion 80CCH: Income Tax department introduce new section 80CCH in ITR form 1. 80CCH is about the Agniveer scheme. If any individual applies under agniveer scheme, then they claim a full tax deduction on the corpus fund in agniveer scheme.
If you have any questions regarding ITR form 1 or tax filing, then you contact us at
Call or WhatsApp at +91 7817874500
Email: office@mytaxfile.in
