Govt notifies ITR forms; individuals with LTCG up to ₹1.25 lakh can file ITR 1 & 4

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.

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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. Also, assessees will have to furnish in the ITR section-wise details with regard to TDS deductions.

Once the utility for filing TTR is made available by the I-T department, people can start filing ITR for income earned in 2024-25 fiscal. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31.

TTR forms 1 and 4 for assessment year (AY) 2025-26 are to be filed by individuals and entities with total income of up to Rs 50 lakh a year.