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New ITR forms: What's new in ITR-1 and ITR-4 for AY 2024-25? Furnish details of all bank accounts, disclose cash receipts

India Business News: CBDT has released the new ITR forms - ITR-1 and ITR-4 - for FY 2023-24 early this year. These forms are applicable for filing income tax return for AY ....

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New ITR forms: Taxpayers will have to disclose cash receipts, all bank accounts

New ITR forms: The Central Board of Direct Taxes mandates taxpayers provide information on both cash receipts and all their domestic bank accounts. Resident individuals with income up to Rs 50 lakh, deriving earnings from salary, a single house property, other sources (interest), and agricultural income up to Rs 5,000, can file ITR 1, or Sahaj. In this filing, individuals are required to furnish details of all Indian bank accounts active in the previous financial year, specifying the type of account. ....

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