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  • Dec 25,2023
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The Central Board of Direct Taxes has announced significant changes to the Income Tax Return (ITR) forms for the assessment year 2024-25, impacting a broad range of taxpayers.

**ITR 1 (Sahaj) Guidelines:** Applicable for resident individuals with income up to ?50 lakh, it covers salary, one house property, other income sources, and agricultural income up to ?5,000.

**Bank Account Details Mandatory:** Taxpayers must now disclose all operational bank accounts held in the previous financial year, including account types.

**Deductions for Agniveers:** A new provision under Section 80CCH offers deductions for young Agniveers serving in the armed forces under the Agnipath scheme.

**ITR 4 (Sugam) Updates:** This form suits individuals, HUFs, and firms (excluding LLPs) with total income up to ?50 lakh, including business and profession earnings.

**Additional Changes:** This year, the forms were notified earlier compared to last year. A key update is the inclusion of a "receipts in cash" section in the ITR-4 Form, replacing the separate column for cryptocurrency.

It's crucial for taxpayers to stay abreast of these changes to ensure accurate and compliant tax filings. For detailed guidance, visit.