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New ITR forms for FY 2024-25: The Income Tax Department has issued a new ITR-1 and ITR-4 for tax filing purposes for the assessment year 2025-26, simplifying the process for individuals with long term capital gains up to Rs 1.25 lakh from listed equities.
The forms include modifications regarding deductions under sections 80C, 80GG and others, featuring a drop down menu in the utility. Additionally, taxpayers must provide detailed section-wise information for TDS deductions.
Tax filing can commence once the I-T department releases the utility for the 2024-25 fiscal year. For individuals and those not requiring account audits, the submission deadline remains July 31.
Typically, ITR forms are released before the fiscal year ends, around February/March. This year’s delay in form notification and filing utility occurred because revenue department officials were engaged with the new Income Tax Bill, presented to Parliament in February.
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ITR Form 1 Sahaj is available for resident individuals with yearly earnings up to Rs 50 lakh, receiving income through salary, single property ownership, additional sources (interest) and farming revenue not exceeding Rs 5,000 annually.
ITR-1 for income tax return FY 2024-25:
- Salaried individuals and those under the presumptive taxation scheme can now file ITR-1 and ITR-4 respectively if their long-term capital gains (LTCG) are within Rs 1.25 lakh per fiscal year. Previously, these categories were required to file ITR-2.
- According to I-T regulations, LTCG up to Rs 1.25 lakh from listed shares and mutual funds remains tax-exempt. Any gains above Rs 1.25 lakh annually attract a 12.5 per cent tax.
- Similar to the previous version, ITR-1 requires individuals to provide information about foreign travel expenses surpassing Rs 2 lakh for themselves or others.
- Additionally, it requires disclosure of electricity consumption costs exceeding Rs 1 lakh during the previous fiscal period.
What does the new ITR-1 mean for taxpayers?
According to Samir Kanabar, Tax Partner at EY India, this move reflects a clear shift towards enhancing taxpayer services by allowing individual taxpayers to file simplified tax return where they have long-term capital gains up to Rs 1.25 lacs.
“Thereby, it removes the burden of navigating more complex forms. The change is expected to encourage greater voluntary compliance, reduce filing-related stress, and make the system more inclusive and user-friendly for small taxpayers. We hope that this is just the beginning towards better compliance and simplification and expect more to come,” he said.
Sandeep Jhunjhunwala, Tax Partner at Nangia Andersen LLP stated that previously, salaried individuals with capital gains income needed to file ITR-2, even when these gains were exempt under Section 112A’s threshold limit, necessitating comprehensive disclosures including capital gain accrual or receipt information and securities details.
Also Read | Save up to Rs 1.1 lakh! How income tax slab changes will benefit taxpayers at different salary levels under new regime
The new ITR-1 form for AY 2025-26 has been modified to include a dedicated portion for reporting LTCG income that is tax-exempt within the limits specified under Section 112A, thus reducing filing complications.
“However, in cases, where the taxpayer earns LTCG under Section 112A in excess of Rs 125,000 or where the taxpayer earns any other LTCG other than that taxable under Section 112A or earns short term capital gains or has carried forward or brought forward capital losses or derived income from any combination of the above, the salaried individual would have to resort to Form ITR-2 for filing return of income,” Jhunjhunwala said.
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