Revenue taxpayers word! New ITR-1, ITR-4 varieties notified by CBDT for FY 2024-25 – test particulars
The Central Board of Direct Taxes (CBDT) has formally notified the revenue tax return (ITR) varieties 1 and 4 for the monetary 12 months 2024–25. These varieties shall be used for reporting incomes earned between 1 April 2024 and 31 March 2025, that’s for the evaluation 12 months 2025–26.The federal government is anticipated to launch the opposite ITR varieties quickly.
A key replace this 12 months is the inclusion of long-term capital good points from listed fairness shares and fairness mutual funds within the ITR-1 type. Till now, taxpayers with any capital good points had to make use of ITR-2. With this alteration, salaried people with primary capital good points as much as Rs 1.25 lakh below Part 112A can now file their returns utilizing ITR-1.
Who can use ITR-1?
ITR-1 is supposed for resident people with whole revenue as much as Rs 50 lakh, revenue from wage, one home property, and different sources like curiosity. It additionally covers agricultural revenue as much as Rs 5,000.
ITR-1 type can’t be used for capital good points from the sale of home property or short-term capital good points from listed fairness shares and fairness mutual funds.
Equally it can’t be utilized by people who’re administrators in an organization, have invested in unlisted fairness shares, have had TDS deducted below part 194N, have deferred income-tax on ESOPs, or personal belongings (together with monetary pursuits in any entity) outdoors India.
Who can file ITR-4?
The ITR-4 type for the monetary 12 months 2024-25 (evaluation 12 months 2025-26) is obtainable for people, Hindu Undivided Households (HUFs), and corporations (excluding LLPs) who’re residents of India.
To be eligible, their whole revenue shouldn’t exceed Rs 50 lakh. They have to even have revenue from enterprise or occupation, calculated below sections 44AD, 44ADA, or 44AE of the Revenue Tax Act.
Moreover, if they’ve long-term capital good points from the sale of listed fairness shares or fairness mutual funds below part 112A, as much as Rs 1.25 lakh, they will use this kind to file their tax returns.
Nonetheless, ITR-4 can’t be utilized by people who’re administrators in an organization, have invested in unlisted fairness shares, or have deferred income-tax on ESOPs. Moreover, these with agricultural revenue exceeding Rs 5,000 or belongings (together with monetary curiosity in any entity) positioned outdoors India aren’t eligible to file utilizing ITR-4.
