The Income Tax Department makes some changes in the ITR forms every year. Sometimes this change becomes necessary due to the proposal of the Finance Act.
Many times the Income Tax Department asks for some specific information from the taxpayers, due to which it has to make changes in the ITR form. This time also the Income Tax Authorities have made some changes in the forms. Let us know about them in detail.
Option to revert from new regime to old regime
Since the introduction of the new income tax regime, individual taxpayers have the option to choose between the new and old regimes. The taxpayer filing the income tax return is required to indicate whether he wants to use the new or the old regime. If a taxpayer using ITR 4 uses the old tax regime instead of the new tax regime, then he has to file Form 10-IEA. A new column has been added under section 80CCH to claim deductions in ITR Form 1 and 4.
Also Read: New Motor Vehicle Rules: No Need to Carry Your Driving Licence or RC while Driving
Change in accessible form
Taxpayers using ITR Forms 2, 3, 5 and 6 have to provide many details about the Capital Gains Account Scheme. Therefore, the Income Tax Authorities have amended the last year’s form. Similarly, changes have also been made in ITR 4. It is also called Sugam. This form is for individuals, Hindu Undivided Families and firms whose total income is up to Rs 50 lakh and who have income from business and profession. Taxpayers using ITR-4 have to use Form 10-IEA to use the old regime instead of the new tax regime.
Detailed information about donation
If a taxpayer has donated to a political party, he has to disclose it under the new schedule 80GGC. This applies to ITR Form 2, 3, 5 and 6. In this, the date of contribution, amount of contribution, eligible contribution amount etc. have to be mentioned. In this way, the Income Tax Department makes necessary changes in the income tax forms every year as per the need. It informs the taxpayers about these.
