New Delhi: The government has notified the income tax return forms 1 and 4 for assessment year 2025-26, and made it easier for individuals with long-term capital gains of up to Rs 1.25 lakh from listed equities to file returns.
The government has also made certain changes in the form with regard to deductions claimed under 80C, 80GG and other sections and has provided a drop-down menu in the utility for tax filers to select from. Also, assessees will have to furnish in the ITR section-wise details with regard to TDS deductions.
Once the utility for filing ITR is made available by the I-T department, people can start filing ITR for income earned in 2024-25 fiscal. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31.
ITR forms 1 and 4 for assessment year (AY) 2025-26 are to be filed by individuals and entities with total income of up to Rs 50 lakh a year.
Now, salaried individuals and those under presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a fiscal year will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2.
Like last year’s form, ITR-1 also seeks detail from individuals if they have incurred expenditure exceeding Rs 2 lakh for travel to a foreign country.