Changes in ITR-1 and ITR-4 Filing: What You Need to Know

Taxpayers opting for the old tax regime must now provide supporting details for deductions like 80C, 80D, and HRA in the Excel utility, with Aadhaar verification now mandatory for new PAN cards. Those with long-term capital gains below é 1.25 lakh can file under ITR-1, and business income under the old regime requires filing Form 10-IEA. The Income Tax Department has made major changes to ITR forms, requiring taxpayers to provide valid information about every tax claim made.

Key Takeaways:

• Taxpayers must provide supporting details for deductions like 80C, 80D, and HRA in the Excel utility, no longer just entering the amount.
• Aadhaar verification is now mandatory for making a new PAN card.
• If LTCG is below é 1.25 lakh, it can be filed under ITR-1.
• Filing Form 10-IEA is necessary for business income under the old tax regime.
• The deadline for filing ITR-1 and ITR-4 under the old tax regime has been extended to September 15.
• Taxpayers must report their workplace, basic salary, actual HRA received, and rent paid for HRA deductions.
• Taxpayers must furnish the name of the insurance company and policy number for Section 80C and Section 80D deductions.
• Taxpayers must report bank name, loan account number, sanction date, loan amount, and outstanding balance for Section 80E deductions.
• Taxpayers must disclose bank name, loan details, and vehicle registration number for electric vehicle loans under Section 80EEB.
• Taxpayers must specify the name of the particular disease for medical treatment deduction under Section 80DDB.

Statistics:

• Deadline for filing extended to September 15 for ITR-1 and ITR-4 under the old tax regime.
• é 1.25 lakh threshold for filing LTCG in ITR-1.
• Mandatory Aadhaar verification for new PAN cards.
• Form 10-IEA necessary for business income under the old tax regime.

Sources:

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