Big news about filing income tax returns, Income Tax Department notified all 7 ITR form, made these changes
All over the country There is big news for taxpayers who file crores of income tax returns. The Income Tax Department has notified all 7 ITR forms for assessment year 2025-26. Talk that the Income Tax Department notified the ITR form to be filed by small and medium taxpayers on 29 April. The ITR-7, to be filed by the trust and charitable institutions, was notified on 11 May.
There were many major changes in the form these times
The Income Tax Department has made significant changes in ITR-1 and ITR-4 form, it has become easier to show capital gains. The Income Tax Department has made a significant amendment to the ITR-1 and ITR-4 form this year, which belongs to the long-term capital gain (LTCG) from listed shares. Now they will be able to file ITR-1 or ITR-4 instead of ITR-1 or ITR-4 instead of ITR-2, the taxpayers under the PRESUPIT Taxation Scheme, a salaried person and the taxpayers under the PRESUPIVE TAXATION Scheme. Earlier, such taxpayers had to fill only ITR-2 form, which made the process a bit complicated. Following this change has now become more simple and convenient than before.
According to the Income Tax Act, there is no tax on LTCG up to Rs 1.25 lakhs from the sale of listed shares and mutual funds. However, tax is levied at a rate of 12.5% on the profit above this limit. This amendment is considered an important step towards taxpayers to increase convenience and make the return process easier.
Changes in getting tax exemption
The government has made some significant changes regarding the process of filing income tax return (ITR) for FY 2024-25.
Now more details will have to be given in the form regarding the claims of section 80C, 80GG and other deductions. In relation to TDS (tax deduction at source), now taxpayers will have to give complete information. As soon as the facility of filing ITR will be available on the portal, taxpayers will be able to file returns on the income of the financial year 2024-25.
Last date for filing ITR 31 July
For those individuals and taxpayers who do not have to audit their accounts, the last date has been kept on 31 July. Typically, the ITR form is notified in February/March before the end of the financial year, but this time delayed as the officials of the revenue department were working on the new Income Tax Bill, which was introduced in Parliament in February.
ITR-1 (spontaneous) and ITR-4 (accessible) for the assessment year 2025-26 are for individuals and units whose total annual income is up to ₹ 50 lakh.
Who can fill ITR-1 (comfortable)?
Whose income is from other sources like salary, a house property, interest and agricultural income up to maximum ₹ 5,000.
The total annual income should not exceed ₹ 50 lakh.
Who can fill ITR-4 (Sugam)?
Those individuals, Hindu undivided families (HUFs) and companies (except LLP) have an income business or any profession and the total annual income is up to ₹ 50 lakh.
For whom is ITR-2?
A person and HUF who do not have income from business or professional services, but may have complex income such as more than one assets or capital gains.
Latest business news
