US EditionIncome Tax Return: Govt notifies ITR-1, ITR-4 forms - Here's what has changed this year
- The government has released the Income Tax Return forms for the 2024-25 financial year, specifically the first and fourth versions known as Sahaj and Sugam, to be used for the assessment year 2025-26.
- The notification was issued after a delay caused by officials concentrating on drafting a recently proposed income tax legislation presented to Parliament in February 2025, which impacted the prompt availability of forms and filing tools.
- A key update allows taxpayers who earn up to Rs 1.25 lakh from long-term gains on listed equity shares to use the simpler ITR-1 form for filing returns, instead of the previously required ITR-2. Additionally, modifications have been made to deductions claimed under section 80C.
- The filing deadline for most individual taxpayers, especially those not requiring audits, is July 31, 2025, and tax filers must provide detailed TDS information via a new drop-down menu in the utility.
- These updates simplify filing for many taxpayers with LTCG up to Rs 1.25 lakh and highlight the government's effort to ease compliance amid evolving tax laws and administrative challenges.
13 Articles
13 Articles
Income Tax Return: Govt notifies ITR-1, ITR-4 forms - Here's what has changed this year
Income Tax Return: The government has notified the ITR-1 (Sahaj) and ITR-4 (Sugam) forms for the assessment year 2025-26. The government has made certain changes this year and now individuals with long-term capital gains (LTCG) of up to Rs 1.25 lakh in a fiscal year from listed equities can also file ITR-1. Earlier, such persons were required to file ITR-2. Under I-T law, LTCG of up to Rs 1.25 lakh from sale of listed shares and mutual funds are…
CBDT notifies new ‘Income Tax Return’ (ITR) Form-5 for 2025-26
New Delhi, May 3: The Central Board of Direct Taxes (CBDT) has released the updated Income Tax Return (ITR) Form 5 for the Assessment Year 2025–26, introducing several important changes. Announced through a post on X, the Income Tax Department highlighted that the new form incorporates significant modifications aimed at streamlining reporting for taxpayers.One of the most notable changes is the revised Schedule-Capital Gain, which now mandates t…
How Much New Tax Regime Increase Your Original Income? Know Total Calculation After Exemption upto Rs. 12 Lakhs
The central government of India has made a major amendment to the budget. As per the made changes, the income upto Rs. 12 lakh is tax-free under the new tax regime. People who have chosen the new tax regime will discover an increase in their In-Hand salary today. Let us understand with the help of […]
Income Tax dept notifies ITR-3 for individuals/HUFs having income from biz, profession
New Delhi: The Income Tax department has notified ITR form 3 to be filed by individuals and HUFs having income from business or profession. The tax department in a post on X late on Thursday night said ITR-3 for Assessment Year 2025-26 has been notified on April 30. ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession. The threshold for reporting assets and liabilities under ‘Schedule AL’ has been…
Govt Notifies ITR-3 For Individuals/HUFs Having Income From Biz, Profession
Representational Photo New Delhi- The Income Tax department has notified ITR form 3 to be filed by individuals and HUFs having income from business or profession. The tax department in a post on X late on Thursday night said ITR-3 for Assessment Year 2025-26 has been notified on April 30. ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession. The threshold for reporting assets and liabilities under…
New ITR Form: Big news for Taxpayers! Big changes in the new ITR form, now these people will be able to file returns easily - Business League
ITR Filing 2025: By making changes in ITR-1 and ITR-4 forms, the government has made it easier for small investors and salaried people to file returns. Now those with minor LTCG will not need to fill ITR-2. Know the full details. ITR Filing 2025: The Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Forms 1 (Sahaj) and 4 (Sugam) for the assessment year 2025-26. This step has been taken with the aim of simplifying return f…
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