Attention taxpayers, this time a special question will be asked while filling the return, the form will open only after answering

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Dt. 26 December 2023, Tuesday

The Income Tax Department has released the form for filing returns for the year 2024-25 even before the end of the financial year 2023-24. The department has made several changes in the return form this time. Apart from this, taxpayers have to be careful about some things before selecting and submitting the IT-Return form. The Income Tax Department has released the Income Tax Return Form for the financial year 2023-24 and assessment year 2024-25.

The department said that the new tax regime has been defaulted from the current financial year. It means that now the tax payers will have to calculate the tax using a new method. If the taxpayer chooses the old method, he has to fill the form as per the new method. If a taxpayer does not opt ​​for any method, then he has to calculate the tax as per the new method. But if the taxpayer wants to save tax on his savings and investment, he has to choose the old option himself.

The change will be regarding tax exemption

According to experts, ITR Form 1 specially designed for employed people has been linked to the new system by default. That is, if a taxpayer wants to avail tax savings, he has to opt for the old method.

This question will be asked before filling the form

Taxpayers who file ITR Form 4 will have to file a new form to opt out of the new tax regime. Form 10-IEA has been promulgated for such taxpayers. Whenever you go to file ITR, the department will ask you whether you want to opt out of the new tax regime under section 115BAC(6). If you do not answer it, your ITR form will be opened by calculating your tax according to the old method. And if you answer yes then tax will be calculated as per old method by filling Form 10-IEA.


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