MAJOR UPDATES IN ITR FORMS : MAY 2024-25

MAJOR UPDATES IN ITR FORMS : MAY 2024-25

• All Type of ITR Form and Selection:

• Updated in ITR 2 & ITR 3

  • New Schedule 80U & 80DD

    • Instead of along with Schedule VI – A, Now Separate Schedule 80U for details of deduction u/s 80U (For 3 Only –in ITR 2 only deduction amount to be mentioned along with other Chapter VI – A deductions) & Schedule 80DD (for ITR 2 &3 Both)

• High Premium LIP Income [Section 56(2)(xiii)]

  • As per finance Act 2013, Addition of new Clause (Xiii) in Section 56(2), So appropriate change made in Schedule-OS as mentioned below.

• DPIIT & PAN of 80IAC startups to be furnished in ESOP SCHEDULE by Employees

  • Share allotted under ESOP at concessional rate or NIL consideration and DPIIT registration Number and PAN of Startup is also required to provided now.

• Update in ITR 5 and ITR 6

  • MSME Registration Number  :

    • Mandatory to provide if registered.

• • Mention of selection of Concessional Rate Scheme(115BAE) through filing of form 10-IFA by manufacturing sector Co-op society.

• • New Schedule 80-LA

    • New schedule 80-LA added for Entities claiming deduction under section 80-LA

• • New Schedule 80-IAC

    • New Schedule 80-IAC included for startup claiming exemptions u/s Sec. 80-IAC

• • New Schedule- 115 TD

    • New schedule 115 TD included for accreted income of sec 10(23C) or 12AB Entities.

• Common updates in ITR 2/3/4/5

  • New Schedule 80GGC

    • (Political contributions) has been added to for details of political contributions claimed U/S  80GGC

• • Disclosure of income through winnings from online Games U/s 115 BBJ

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• • Disclosure of Income of Unit holder from Business trust added in schedule- OS

• • Disclosure of of LEI number

• • Addition of field of Amount deposited under Capital gain Accounts Schemes (CGAS) for deduction u/s 54D/54G/54GA. 

• • Disclosure of all Bank Accounts are mandatory.

• Common Update in ITR 3/5/6

  • Disclosure of Reason of Audit, ACK & UDIN of Audit report

• • Addition of field for sec. 43B(h)

    • Any amount debited to profit and loss account of the previous year but disallowable under section 43B.

• Other Updates

  • Disclosure of Cash Receipt in Schedule-BP