Taxpayers will have to furnish details about receipt of cash and all their bank accounts in the country, as per the latest Income Tax Return (ITR) notified by the Central Board of Direct Taxes for assessment year 2024-25.
ITR 1, or Sahaj, can be filed by a resident individual having income of up to ₹50 lakh and who receives income from salary, one house property, other sources (interest), and agricultural income of up to ₹5,000.
Taxpayers will have to give details of all bank accounts in India operational in the previous financial year.
They will also have to provide details of the type of bank account.
The updated return forms also have a special section for deduction for the Agniveers, or youngsters serving in the armed forces under the Agnipath scheme, under Section 80CCH.
ITR 4, or Sugam, can be filed by individuals, Hindu undivided families (HUFs) and firms other than limited liability partnerships (LLPs) having total income of up to ₹50 lakh and income from business and profession.
Last year, the forms were notified in February.
Earlier there was a separate column for cryptocurrency. Now in ITR, new disclosure to specify the “receipts in cash” have been added in the new ITR-4 Form.
