New Delhi, May 02: The Income Tax Department has notified ITR-1 and ITR-4 forms for the assessment year 2025슬롯사이트�26, enabling individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) with an annual income of up to INR 50 lakh to begin filing their income tax returns. These forms apply to income earned between April 1, 2024, and March 31, 2025. The deadline for filing without penalty is July 31, 2025.

A major update this year simplifies the process for salaried individuals who earn long-term capital gains (LTCG) from listed equity shares and mutual funds. Taxpayers can now report LTCG of up to Rs 1.25 lakh under Section 112A using ITR-1, avoiding the need to switch to the more complex ITR-2.슬롯 머신 사이트 추천What Is Form 16? When Do You Get Form 16 From Employer? Know Everything Here.

Key Change for Small Investors

This change is seen as a pro-taxpayer move, aiming to ease filing for individuals with limited capital gains. According to EY India슬롯사이트™s Samir Kanabar, the amendment will encourage voluntary compliance, reduce complexity, and make filing more accessible for small investors. It marks a shift toward taxpayer-centric policies, with expectations of further simplification in the future.슬롯 머신 사이트 추천Is 31st March 2025 the Last Date to File Income Tax Return? Know the Actual ITR Filing Deadline in India.

Who Can File ITR-1 (Sahaj)?

ITR-1 is designed for resident individuals earning up to Rs 50 lakh annually from salary or pension, one house property, or other sources like interest income. It also accommodates minor agricultural income (up to INR 5,000). However, it excludes directors, those with foreign assets, unlisted equity investments, deferred ESOP taxes, or high-value cash withdrawals under Section 194N.

Who Can File ITR-4 (Sugam)?

ITR-4 is suitable for residents, HUFs, or firms with income up to Rs 50 lakh under presumptive taxation schemes (Sections 44AD, 44ADA, or 44AE). It also now permits reporting of LTCG under Section 112A (up to INR 1.25 lakh). However, it excludes those with foreign income, directors, or unlisted shareholdings.

With the early release of ITR-1 and ITR-4 forms, the Income Tax Department has taken a proactive step to streamline the filing process for small taxpayers and professionals. The inclusion of long-term capital gains reporting under Section 112A in these simplified forms reflects the government슬롯사이트™s intent to make tax compliance more accessible and less burdensome. Taxpayers are advised to review the eligibility criteria carefully and file their returns before the July 31, 2025 deadline to avoid penalties and ensure timely compliance.

(The above story first appeared on LatestLY on May 02, 2025 01:34 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).