The income tax return (ITR) filing has started for the financial year 2024-25 (assessment year 2025-26). The income tax department has notified all seven income tax return forms for the assessment year 2025-26. One important change has been introduced in ITR-1 and 4, which was notified on April 29, relating to the reporting of capital gain income from listed equities. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2.
Here's everything you need to know about ITR Forms:
- ITR-1 (Sahaj) is a simplified income tax return form for salaried individuals and pensioners earning up to Rs. 50 lakh.
- ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains.
- ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession,
- ITR-5 is filed by firms and Limited Liability Partnership and Cooperative Societies.
- ITR-4 (Sugam) is filed by a Resident individuals /HUF/Partnership firm having business or professional income, business income calculated under Sections 44AD, 44ADA, and 44AE of the act, income from profession calculated under Section 44ADA, long-term capital gains u/s 112 A up to Rs 1.25 lakhs and should not have more than one house.
- ITR-6 is filed by companies registered under the Companies Act.
- ITR-7 is filed by trusts and charitable institutions.
ITR Filing Last Date
The Income Tax Department has already extended the last date for filing Income Tax Returns (ITR) to September 15 for the financial year 2024-25.
