Taxpayers alert! Major changes made in ITR-1 for AY2024-25

financialexpress.com:

ITR filing for AY2024-25: The income tax return filing season is currently underway, with the deadline for filing tax returns for FY2023-24 set for July 31, 2024. Taxpayers falling into the categories of individuals, bodies of individuals, or associations of persons can file their income tax returns by July 31, 2024, without any late fees.

ITR-1, also known as Sahaj Form, is for resident individuals meeting specific income criteria. Those eligible to file under this category are individuals whose total income for the financial year does not surpass Rs 50 lakh.

Their income sources include salary, income from a single-house property, family pension income, agricultural income (up to ₹5,000), and other sources such as interest from savings accounts, deposits (bank/post office/cooperative society), income tax refund interest, interest received on enhanced compensation, any other interest income, and family pension.

Also read: Income Tax Return Filing: Why you should wait until June 15 to file ITR for FY 2023-24

The pre-filling and filing service for ITR-1 Form is accessible to registered users on the Income Tax Department’s e-filing portal. This service empowers individual taxpayers to submit their ITR-1 Form either online via the e-filing portal or by using the offline Excel utility. This user manual specifically outlines the process for filing ITR-1 through the online mode.

ITR-1 Form consists of some pre-filled sections that you need to validate/edit before submission, along with one summary section where you must review your tax computation. These sections are – Personal Information, Gross Total Income, and Total Deductions.