Govt notifies ITR forms; LTCG up to Rs 1.25L allowed under ITR-1, ITR-4

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Govt notifies ITR forms; LTCG up to Rs 1.25L allowed under ITR-1, ITR-4 - Business Standard

Quick Summary:

The government has notified the income tax return forms 1 and 4 for assessment year 2025-26, and made it easier for individuals with long term capital gains of up to Rs 1.25 lakh from listed equities to file returns.

The government has also made certain changes in the form with regard to deductions claimed under 80C, 80GG and other sections and has provided a drop down menu in the utility for tax filers to select from.

Once the utility for filing ITR is made available by the I-T department, people can start filing ITR for income earned in 2024-25 fiscal.