ITR Filing FY 2024-25: New Rules, Deadlines & Important Updates

The Income Tax Return (ITR) forms for the Financial Year (FY) 2024-25 (Assessment Year 2025-26) have undergone several updates to enhance transparency, compliance, and ease of filing.

General Updates Across All ITR Forms

• Pre-filled Data Expansion: The pre-filled ITR forms now include a broader range of income categories, reducing manual entry and minimizing errors.
• Bank Account Reporting: Taxpayers are required to disclose all active bank accounts held during the financial year, excluding dormant accounts.
• Legal Entity Identifier (LEI): For high-value transactions (₹50 crore and above), taxpayers must provide their LEI details, aligning with global financial transaction standards.
• Tax Audit Details: Taxpayers undergoing tax audits under Section 44AB must furnish the acknowledgment number and Unique Document Identification Number (UDIN) of the audit report.

Specific Changes by ITR Form

ITR-1 (Sahaj) and ITR-4 (Sugam)

• Long-Term Capital Gains (LTCG) Inclusion: Taxpayers can now file these forms even with LTCG under Section 112A (up to ₹1.25 lakh) without carry-forward losses.
• Presumptive Taxation Adjustments: A new column for “Receipts in Cash” has been added to claim the enhanced turnover limit under Section 44AD, reflecting the Finance Act 2023 amendments.

ITR-2

• Capital Gains Segmentation: Capital gains are now split into pre and post-July 23, 2024, categories, in line with the Finance Act 2024.
• Asset and Liability Reporting: Individuals with total income exceeding ₹1 crore must provide details of their assets and liabilities.
• Enhanced Deduction Reporting: Improvements have been made in capturing deductions under Sections 80C and 10(13A). 

ITR-3

• Audit Verification via EVC: Individuals and Hindu Undivided Families (HUFs) subject to tax audits can now verify their returns using an Electronic Verification Code (EVC), instead of a digital signature.
• Due Date Selection: A new dropdown menu allows taxpayers to select the applicable due date for filing their return (July 31st, October 31st, or November 30th).

ITR-5

• Section 44BBC Inclusion: Income from the cruise business is now included for disclosure.
• TDS Disclosure Enhancement: Section codes under which Tax Deducted at Source (TDS) is deducted must be reported in Schedule-TDS.

ITR-6

• Corporate Taxpayer Updates: Includes similar changes as ITR-2 and ITR-5, with additional requirements for corporate taxpayers.

📌 Additional Important Points

• Tax Regime Default: The new tax regime under Section 115BAC is now the default. Taxpayers wishing to opt for the old regime must explicitly choose to do so.
• Political Donations Disclosure: Details of contributions to political parties must be disclosed in the new Schedule 80GGC, applicable to ITR forms 2, 3, 5, and 6.
• ESOP Tax Deferral: Start-ups eligible for tax deferral on Employee Stock Ownership Plans (ESOPs) must provide the PAN and Department for Promotion of Industry and Internal Trade (DPIIT) Registration Number.
• Disability-Related Deductions: New schedules (80U and 80DD) have been introduced to claim deductions for individuals with disabilities, requiring detailed information.

⚠️ Filing Advisory

Tax experts recommend delaying the filing of ITRs until after June 15, 2025, as Tax Deducted at Source (TDS) certificates like Form 16 and Form 16A are typically issued by then. Filing before receiving these documents may lead to incomplete or incorrect returns.

For a detailed breakdown and to access the updated ITR forms, you can visit the official e-filing portal of the Income Tax Department.

If you need assistance with specific ITR forms or have questions about the filing process, feel free to ask with our team!

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