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Key Changes in Income Tax Return Form ITR-1 for Financial Year 2023-24

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Income Tax Return form ITR-1 consists of some pre-filled sections that you need to validate/edit before submission.

The income tax return (ITR) filing season is in full swing, with the deadline for filing returns for FY 2023-24 set for July 31, 2024. Taxpayers, including individuals, bodies of individuals (BOIs), and associations of persons (AOPs), can file their returns by this date without incurring any late fees.

Who Can Use ITR-1?

The ITR-1, also known as the Sahaj Form, is designated for resident individuals whose total income for the financial year does not exceed Rs 50 lakh. Eligible sources of income include:

Salary

Income from a single-house property

Family pension income

Agricultural income (up to Rs 5,000)

Other sources like interest from savings accounts, deposits (bank/post office/cooperative society), income tax refund interest, interest on enhanced compensation, any other interest income, and family pension.

Filing ITR-1 on the E-Filing Portal

Taxpayers can access the pre-filling and filing service for ITR-1 on the Income Tax Department’s e-filing portal. This service allows individual taxpayers to file their ITR-1 Form online or using the offline Excel utility. This guide specifically details the online filing process.

Pre-Filled Sections in ITR-1

The ITR-1 Form includes several pre-filled sections that taxpayers must validate or edit before submission. These sections are:

Personal Information

Gross Total Income

Total Deductions

Additionally, there is a summary section where taxpayers must review their tax computation.

Key Changes in ITR-1 for FY 2023-24

1. Preferred Tax Regime: Taxpayers must specify their preferred tax regime in their ITR-1 filing. The New Tax Regime, established by the Finance Act 2023 under Section 115BAC, is now the default. Taxpayers who wish to continue with the old tax regime must explicitly opt out of Section 115BAC(6).

2. Section 80CCH: Introduced by the Finance Act 2023, Section 80CCH provides tax deductions for individuals who enroll in the Agnipath Scheme and subscribe to the Agniveer Corpus Fund on or after November 1, 2022. The ITR-1 Form has been updated to include a new column for taxpayers to enter the amount eligible for deduction under this section.

Conclusion

Filing your ITR-1 Form accurately and on time is crucial. Ensure you are aware of the new changes and updates to the form for FY 2023-24. Utilize the pre-filling and e-filing services provided by the Income Tax Department for a smoother filing experience.

To Access the Latest Version of ITR-1 from I-T portal CLICK HERE

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