CBDT has notified revised ITR forms (ITR-1 to ITR-7) for Assessment Year 2024-25. Major changes include mandatory disclosure of foreign income, new schedule for virtual digital assets, and simplified format for salary disclosures.
The Central Board of Direct Taxes (CBDT) has officially released the new Income Tax Return (ITR) forms for the Assessment Year 2024-25. The latest iterations introduce a detailed schedule for Virtual Digital Assets (VDAs) and crypto transactions. Furthermore, foreign income disclosures have been made more stringent. However, to ease the filing process for salaried employees, the standard salary disclosure format has been slightly simplified to enable pre-filling accuracy.
Impact and Action Required
Given the rapidly evolving regulatory landscape, this update may significantly impact your standard compliance flows. Our analysts recommend immediately verifying your internal accounts against the new standards. Reach out to our specialized advisory desk for a custom consultation regarding this change.
Need Clarifications on this Update?
Our Chartered Accountants are equipped to provide precise context and actionable advice to safeguard your business compliance.
Setup a Free Consultation