ITR Filing Rule Changed: ITR Forms 1 and 4 have been issued by CBDT for filing income tax for the previous financial year. This time, under a big change, the salaried class will not have to fill ITR Form 2. Know why?
ITR Filing Rule Changed: If you also file income tax return every year, then this news is of your use. Like every year, this year also you will have to pay income tax on income till 31 March 2025. For this, the Central Board of Direct Taxes (CBDT) has notified Income Tax Return (ITR) Forms 1 and 4 for the financial year 2024-25 (AY 2025-26). Taxpayers were waiting for these forms for a long time. These forms will be used to inform the government about the income made between 1 April 2024 and 31 March 2025.
Not everyone can use ITR-1 and ITR-4
According to the news published in ET, this time a big change has been made in ITR-1 by the government. Long-term capital gains tax (LTCGT) has now been included in this form. Apart from this, not all tax payers can use ITR-1 and ITR-4 forms. There are different forms depending on the source and type of income. There are eligibility conditions for each form, which taxpayers have to fulfill. You can use these forms only if your income and status match these conditions.
This change has been made in ITR-1
This year there has been an important change in ITR-1. Earlier there was no provision to give information about Capital Gain Tax (CGT) in ITR-1. But now long-term capital gains (LTCGT) from listed equity shares and equity-oriented mutual funds can be included in ITR-1. Earlier, taxpayers earning income from capital gains had to use ITR-2 form. The change made this time is a relief for taxpayers.
Who can file ITR-1?
ITR-1 form can be used by taxpayers who are normal residents and whose annual income is up to Rs 50 lakh. Their source of income is from salary, house property and interest etc. Long-term capital gain up to Rs 1.25 lakh from the sale of listed equity and mutual funds under section 112A. Apart from this, directors of the company, investors in non-listed equity and those who deduct TDS under section 194N cannot use the ITR-1 form.
