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Although the new income-tax regime has been made the default regime, you could still switch back to the old regime if you claim deductions and loan exemptions. But make sure you fill this form by July 31.
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
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.
New ITR forms: The income tax department earlier used to notify ITR forms for the relevant financial year either by March or April