Global News Post Fastest Global News Portal
Related Articles
New Delhi: The Central Board of Direct Taxes (CBDT) lately notified the source of revenue tax go back paperwork ITR-1 and ITR-4 for the monetary yr 2024-25 and the overview yr 2025-26. The returns for earning earned right through the monetary yr from April 1, 2024, to March 31, 2025, must be filed the use of the brand new paperwork.
CBDT has introduced a number of adjustments within the ITR paperwork this together with that during ITR-1 (SAHAJ) and ITR-4. Here are 6 Changes referring to ITR-1 (SAHAJ) that salaried people will have to know.
1. New Tax Regime is Now Default
The new regime with decrease tax charges however no commonplace deductions like 80C or HRA is now the default.
If you need to stay with the previous regime (which permits deductions), you should record Form 10-IEA ahead of the due date.
Individuals with Business or skilled source of revenue, after they decide again into the brand new regime after opting out, they are able to’t transfer once more to the previous regime in years to come. However, no such restrictions are there for Salaried individuals.
2. Form 10-IEA Now Mandatory for Switching
Salaried taxpayers the use of ITR-1 who should not have source of revenue from trade or career can merely tick the “Opting out of new regime” within the ITR shape with out the wish to record Form 10-IEA
Persons with trade or skilled source of revenue submitting ITR 4 should put up Form 10-IEA in the event that they need to pay source of revenue tax as in line with the previous tax regime. Missing this step will consequence for your go back being mechanically processed beneath the brand new tax regime.
3. Long-Term Capital Gains (LTCG) Reporting Allowed in Simple Forms
If your LTCG beneath Section 112A is ₹1.25 lakh or much less, you’ll be able to now use ITR-1 or ITR-4.
This is beneficial for small traders, however you wish to have to grasp fundamental capital beneficial properties regulations.
4. Higher Turnover Limit for Small Businesses (ITR-4)
If 95% of your receipts are virtual, the presumptive source of revenue prohibit beneath Section 44AD will increase from ₹2 crore to ₹3 crore.
Promotes virtual bills however calls for evidence of virtual transactions.
5. More Capital Gain Details Needed
New fields like Sale Value, Cost, and LTCG are added for higher readability.
Useful for higher monitoring, however a little bit extra effort required to fill.
6. Who Can Use ITR-1/4 Remains Same
If you’re a corporate director, have ESOPs, or grasp international belongings, you continue to can’t record ITR-1/4.
