Changes In Income Tax Return Form No 1 to 4 for Assessment Year 2024-25.
- No change in the applicability:
The CBDT has not amended R12 of the Income-tax Rules, 1962, which outlines the criteria for the applicability of ITRs to different classes of taxpayers and method of furnishing returns and the same can be summarized as below for the AY 2023-24:
| Nature of income | ITR 1 | ITR 2 | ITR 3 | ITR 4 |
| Salary Income | ||||
| Income from salary/pension (for ordinarily resident person) | ✓ | ✓ | ✓ | ✓ |
| Income from salary/pension (for not ordinarily resident and non-resident person) | ✓ | ✓ | ||
| Any individual who is a Director in any company | ✓ | ✓ | ||
| If payment of tax in respect of ESOPs allotted by an eligible start-up has been deferred | ✓ | ✓ | ||
| Income from House Property | ||||
| Income or loss from one house property (excluding brought forward losses and losses to be carried forward) | ✓ | ✓ | ✓ | ✓ |
| Individual has brought forward loss or losses to be carried forward under the head House Property | ✓ | ✓ | ||
| Income or loss from more than one house property | ✓ | ✓ | ||
| Income from Business or Profession | ||||
| Income from business or profession | ✓ | |||
| Income from presumptive business or profession covered under section 44AD, 44ADA and 44AE (for person resident in India) | ✓ | |||
| Income from presumptive business or profession covered under section 44AD, 44ADA and 44AE (for not ordinarily resident and non-resident person) | ✓ | |||
| Interest, salary, bonus, commission or share of profit received by a partner from a partnership firm | ✓ | |||
| Capital Gains | ||||
| Taxpayer has held unlisted equity shares at any time during the previous year | ✓ | ✓ | ||
| Capital gains/loss on sale of investments/property | ✓ | ✓ | ||
| Income from Other Sources | ||||
| Family Pension (for ordinarily resident person) | ✓ | ✓ | ✓ | ✓ |
| Family Pension (for not ordinarily resident and non-resident person) | ✓ | ✓ | ||
| Income from other sources (other than income chargeable to tax at special rates including winnings from lottery and race horses or losses under this head) | ✓ | ✓ | ✓ | ✓ |
| Income from other sources (including income chargeable to tax at special rates including winnings from lottery and race horses or losses under this head) | ✓ | ✓ | ||
| Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBA | ✓ | ✓ | ||
| Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable at 60% under Section 115BBE | ✓ | ✓ | ||
| Person claiming deduction under Section51 from income taxable under the head’ Other Sources’ (other than deduction allowed from family pension) | ✓ | ✓ | ||
| Deductions | ||||
| Person claiming deduction under Section 80QQB or 80RRB in respect of royalty from patent or books | ✓ | ✓ | ||
| Person claiming deduction under section 10AA or Part-C of Chapter VI-A | ✓ | |||
| Total Income | ||||
| Agricultural income exceeding Rs. 5,000 | ✓ | ✓ | ||
| Total income exceeding Rs. 50 lakhs | ✓ | ✓ | ||
| Assessee has any brought forward losses or losses to be carried forward under any head of income | ✓ | ✓ | ||
| Computation of Tax liability | ||||
| If an individual is taxable in respect of an income but TDS in respect of such income has been deducted in hands of any other person (i.e., clubbing of income, Portuguese Civil Code, etc.) | ✓ | ✓ | ||
| Claiming relief of tax under sections 90, 90A or 91 | ✓ | ✓ | ||
| Others | ||||
| Assessee has:
ü Income from foreign sources ü Foreign Assets including financial interest in any foreign entity ü Signing authority in any account outside India |
✓ | ✓ | ||
| Income has to be apportioned in accordance with Section 5A | ✓ | ✓ | ||
| If the tax has been deducted on cash withdrawal under Section 194N | ✓ | ✓ | ✓ | |
| Person has deposited more than Rs. 1 crore in one or more current account | ✓ | ✓ | ✓ | |
| Person has incurred more than Rs. 2 lakhs on foreign travelling | ✓ | ✓ | ✓ | ✓ |
| Person has incurred more than Rs. 1 lakh towards payment of the electricity bill | ✓ | ✓ | ✓ | ✓ |
| Person has turnover from business exceeding Rs. 60 lakhs | ✓ | ✓ | ||
| Person has gross receipts from profession exceeding Rs. 10 lakhs | ✓ | ✓ | ||
| Aggregate amount of TDS and TDS is Rs. 25,000 (Rs. 50,000 in case of senior citizen) or more | ✓ | ✓ | ✓ | ✓ |
| Aggregate deposit in the saving bank account is Rs. 50 lakh or more | ✓ | ✓ | ✓ | ✓ |
| Other Assessees | ||||
| Status of Assessee | ITR 4 | ITR 5 | ITR 6 | ITR 7 |
| Firm (excluding LLPs) opting for presumptive taxation scheme of section 44AD, 44ADA or 44AE | ✓ | |||
| Firm (including LLPs) | ✓ | |||
| Association of Persons (AOPs) | ✓ | |||
| Body of Individuals (BOI) | ✓ | |||
| Local Authority | ✓ | |||
| Artificial Juridical Person | ✓ | |||
| Companies other than companies claiming exemption under Section 11 | ✓ | |||
| Persons including companies required to furnish return under:
ü Section 194(4A); ü Section 139(4B); ü Section 139(4C); ü Section 139(4D); |
✓ | |||
| Business Trust | ✓ | |||
| Investment Fund, as referred to in Section 115UB | ✓ | |||
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