Alert, taxpayers! Significant modifications to ITR-1 for AY2024–2025

ITR filing for AY2024–25: The filing season for income tax returns is already in progress, and the deadline is July 31, 2024, for tax returns for FY2023–24. people, bodies of people, and organizations of persons are exempt from late filing penalties if they submit their income tax forms by July 31, 2024.


ITR-1, often referred to as the Sahaj Form, is intended for residents who satisfy certain income requirements. Individuals whose total income for the financial year does not exceed Rs 50 lakh are eligible to register under this category.

In addition to their salary, they also receive income from a single-house property, a family pension, interest from savings accounts, deposits (bank, post office, cooperative society), income tax refund interest, interest on enhanced compensation, and any other interest income. Their total income sources exceed ₹5,000.

utilizing the ITR-1 on the e-filing site to file an income tax return

Registered users may utilize the e-filing facility of the Income Tax Department to pre-fill and file the ITR-1 Form. With the use of this service, individual taxpayers may use the offline Excel utility or the e-filing site to submit their ITR-1 Form. The steps for submitting an ITR-1 online are explicitly described in this user handbook.

Parts of the ITR-1 Form are pre-filled.
The ITR-1 Form has a summary part where you must evaluate your tax calculation and other pre-filled sections that you must check or alter before submitting. Personal Information, Gross Total Income, and Total Deductions are these portions.

These are the main modifications made to ITR-1.
Preferred tax regimes must be specified by individuals completing the ITR-1 Form in their tax return filing.
With the changes made to Section 115BAC by the Finance Act 2023, the New Tax system is now the default tax system. Individuals, HUFs, AOPs, and BOIs will immediately be subject to the new tax system. Those who choose to continue with the previous tax system must, however, specifically state that they wish to avoid Section 115BAC (6).
According to Section 139(1), everyone with income (except from income from a company or profession) is required to indicate their chosen tax regime on their income tax return, which must be lodged for the applicable assessment year.
The Finance Act 2023 included provision 80CCH as an extra provision. According to this clause, those who subscribe to the Agniveer Corpus Fund and enroll in the Agnipath Scheme on or after November 1, 2022, would be eligible for a tax deduction on the total amount placed in the Agniveer Corpus Fund.
A new column on ITR Form 1 has been added to accommodate this change, enabling taxpayers to provide the pertinent information about the amount that qualifies for Section 80CCH deduction.

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