A corrigendum modifying Notification No. 19/2024 dated January 31, 2024 was recently released by the Central Board of Direct Taxes (CBDT) and designated as Notification No. 22/2024 dated February 21, 2024. The purpose of this corrigendum is to inform and clarify six particular modifications and elements pertaining to the Itr Forms for the Assessment Year (A.Y.) 2024–2025 (ITR-2, ITR-3, and ITR-5).

ITR-1 Form Modifications for AY 2024–2025

ITR-1 (SUGAM): Residents with up to Rs. 50 lakhs in income, those with up to Rs. 5000 in agricultural revenue, and those with only one residential property should include the following:

1. All that is required of the taxpayer filing the ITR-1 is acceptance of the new tax regime as the default. Under the previous system, he may opt-out by submitting Form 10-IEA.

2. If a resident individual owns only one residential property and his agricultural income does not surpass Rs. 5,000, he is eligible to file an ITR 1.

3. All of his bank accounts, even the dormant ones, must be displayed.

4. In the updated ITR Forms 1 for Agniveers, a new column has been included to claim the deduction under section 80CCH.

ITR-2 Form Modifications for AY 2024–2025

ITR-2: People and HUFs earning more than INR 50 lakh who report their income as

• Capital gains
• Multiple residential properties
• Overseas earnings
• A single company director
• Retaining equity interests that are not listed

 Revisions

1. Information from your Legal Entity Identifier (LEI) is required in order to request a reimbursement of Rs. 50 lakhs and more.

2. Under Section 80GGC, all political party contributions, including the amount and method of payment, must be disclosed.

3. Section 80DD requires information on deductions made for a dependant’s maintenance, including medical care, if the dependent is a disabled person.

ITR-3 Form Modifications for AY 2024–2025

ITR-3: Income from a business or profession declared by individuals and HUFs  ITR-3

1. FPI/FII: Should reveal SEBI registration number

2. Declaring profits from cryptocurrency and virtual digital assets (VDAs) under capital gains. Similarly, the request is for the Capital Gain Schedule’s quarterly breakdown.

3. Advances from certain people and others must be declared under the “Advance” Category in Source of Fund, per Section 40A(2)(b).

4. The new section under the “Trading Account” section is where turnover and income from intraday trading should be reported.

5. Information on the type of disability, the specifics of submitting Form 10-IA, and its acknowledgment number are required for the Section 80U deduction.

ITR-4 Form Modifications for AY 2024–2025

ITR-4: Individuals, HUFs, and businesses (apart from LLPs) with yearly incomes over INR 50 lakh and opting for presumed taxation

• Pensioners or those on salaries
• Income from agriculture up to INR 5000
• People whose income is presumed under Section 44AD, 44ADA, or 44AE

 Revisions

1. If a taxpayer wants to opt out of the new tax regime, they must file Form 10-IEA along with their ITR 4.

2. In the new ITR Form 4 form, a new column has been included to claim the deduction under section 80CCH.

3. To benefit from the higher turnover limit, the “Receipts in Cash” column has been added to the ITR-4.

4. The turnover limit is increased to Rs. 3 crores under Section 44AD, provided that cash receipts do not surpass 5%.

5. The limit under Section 44ADA is Rs. 75 lakhs.,

6. In India, the taxpayer must display all of their bank accounts.

Additional ITR Form Changes for FY 2023–2024

1. In the case of ITR-3, the individual and HUF can confirm tax audit reports using an electronic verification number.

2. In the instance of ITR-3,5,6, the assessee will go to the drop-down selection to determine the return filing deadline.

3. Give the UDIN and Audit Report acknowledgment number (ITR 3,5,6).

4. Display the amount that must be paid to MSME after the specified deadline (ITR 3,5,6)

5. Discover all of the information on the capital gains accounts plan (ITR 2, 3, 5 & 6).

6. Specific information on contributions to political parties is requested under Schedule 80GGC. (ITR 2, 3, 5, 6)

7. The Schedule Tax Deferred on ESOP requests information in the form of AY, the amount of deferred tax brought forward, the amount of tax due in the current fiscal year, and other details. It is necessary to display the PAN and DPIIT registration numbers of qualified startups. (ITR 2,3)

Read More: A Comprehensive Guide On Income Tax Filing For Non-Resident Indians

8. The declaration of bonus payment under LIC policies and the details about dividend receipts from IFSC units were included in Schedule OS (ITR 2,3,5,6).

9. Startups under Section 80-IAC: The schedule requests details such as the business’s kind, date of incorporation, certificate number from the Inter-Ministerial Board, first AY, date of deduction claim, and amount of current AY deduction taken (ITR 5 & 6).

10. Specifications about MSME, including registration status and registration number as assigned MSME, are required (ITR 5 & 6).

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