The Income Tax Department has released the Income Tax Return (ITR) forms three months prior to the end of the financial year. Significant changes have been made to the forms this time, necessitating careful attention from taxpayers while selecting and filing their returns. The forms for the financial year 2023-24 and assessment year 2024-25 are now available.
Key Changes and Instructions
- Default Tax Regime: For the current financial year, the new tax regime has been made the default option. This means the tax calculation for taxpayers will be based on the new regime unless they choose the old one.
- Choice of Regime: If a taxpayer doesn’t select any regime, the tax will be calculated according to the new regime. To avail of benefits on savings and investments, taxpayers need to choose the old regime explicitly.
Additional Measures for Taxpayers
- Form for Opting Out of New Regime: Taxpayers who fill ITR Form-4 will need to fill an additional form, Form 10-IEA, to opt out of the new regime.
- More Detailed Information Required: Taxpayers are now required to provide more detailed information in their ITR forms, including mentioning all bank accounts.
The Income Tax Department’s move to release the forms early aims to facilitate smoother and more efficient tax filing, encouraging taxpayers to be more diligent and informed about their choices and the implications on their tax liabilities
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