The Central Board of Direct Taxes (CBDT) has given out the income tax return forms for the year 2023-24.
This time, they released the forms three months before the year ends, and you need to submit the form by July 31, 2024.
It’s interesting because usually, these forms come out in February after the budget is presented.
The government announced this on December 22. Last year, the forms were released in February after the budget presentation.
This financial year ends on March 31, 2023. It means taxpayers might find it a bit challenging to figure out their income this early.
The ITR-1 form is specifically for people whose total income from all sources won’t be more than Rs 50 lakh.
Who can use this form? Well, those with salary, income from property, interest, dividends, and agriculture income up to Rs 5000 can use ITR-1.
But, directors in a company, those with investments in unlisted company shares, people under section 194N, earning from capital gains, and those with two properties cannot use this form.
For the financial year 2023-24, the default tax regime is the new tax structure. If you want to stick to the old tax structure, you have to select it while filling out the ITR form; otherwise, it will be calculated based on the new tax slab.
In the new tax regime, deductions like HRA, LTA, Section 80C, and 80D are no longer available.
However, there’s a standard deduction of Rs 50,000 under section 80CCD.
Also, if your company contributes to the National Pension System (NPS), you can get a deduction.
The ITR 4 form is for Indian citizens under the Hindu Undivided Family (HUF) law, and their annual income should not exceed Rs 50 lakh.
Even with this form, you need to choose the old tax regime because the default is the new tax regime.
