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The Central Board of Direct Taxes (CBDT) has officially notified the income tax return (ITR) forms 1 and 4 for the financial year 2024–25. These forms shall be used for reporting incomes earned between 1 April 2024 and 31 March 2025, that is for the assessment year 2025–26.The government is expected to release the other ITR forms soon.
A key update this year is the inclusion of long-term capital gains from listed equity shares and equity mutual funds in the ITR-1 form. Until now, taxpayers with any capital gains had to use ITR-2. With this change, salaried individuals with basic capital gains up to Rs 1.25 lakh under Section 112A can now file their returns using ITR-1.
Who can use ITR-1?
ITR-1 is meant for resident individuals with total income up to Rs 50 lakh, income from salary, one house property, and other sources like interest. It also covers agricultural income up to Rs 5,000.
ITR-1 form cannot be used for capital gains from the sale of house property or short-term capital gains from listed equity shares and equity mutual funds.
Similarly it cannot be used by individuals who are directors in a company, have invested in unlisted equity shares, have had TDS deducted under section 194N, have deferred income-tax on ESOPs, or own assets (including financial interests in any entity) outside India.
Who can file ITR-4?
The ITR-4 form for the financial year 2024-25 (assessment year 2025-26) is available for individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who are residents of India.
To be eligible, their total income should not exceed Rs 50 lakh. They must also have income from business or profession, calculated under sections 44AD, 44ADA, or 44AE of the Income Tax Act.
Additionally, if they have long-term capital gains from the sale of listed equity shares or equity mutual funds under section 112A, up to Rs 1.25 lakh, they can use this form to file their tax returns.
However, ITR-4 cannot be used by individuals who are directors in a company, have invested in unlisted equity shares, or have deferred income-tax on ESOPs. Additionally, those with agricultural income exceeding Rs 5,000 or assets (including financial interest in any entity) located outside India are not eligible to file using ITR-4.
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