New Delhi: A Leap Towards Simpler Tax Filing

The government has officially notified the income tax return forms 1 and 4 for the assessment year 2025-26, introducing significant simplifications for individuals reporting long-term capital gains (LTCG) of up to Rs 1.25 lakh from listed equities.

Enhanced Deductions and User-Friendly Features

Alongside, the updated forms include modifications concerning deductions under sections 80C, 80GG, and others, featuring a convenient drop-down menu in the filing utility for easier selection. Taxpayers are now required to provide detailed section-wise information on TDS deductions within the ITR.

Timeline and Updates

With the ITR filing utility set to be released by the I-T department, individuals can commence filing returns for the income earned in 2024-25. The deadline for individuals and those not requiring account audits remains July 31. The notification of ITR forms, typically issued by February or March, faced delays this year due to the revenue department's focus on the new Income Tax Bill introduced in February.