Income tax: CBDT informs ITR-1 Sahaj, ITR-4 Sugam for financial year 2024-25. These are the changes made | Mint

Income Tax: Central Council of Direct Tax (CBDT) eventually notified the submission of income tax return (ITR-I-4) via notice of April 29, 2025. Taxpayers were eager to wait for the tax forms for FY 2024-25. The last date to submit Income Tax Return (ITR) for individual taxpayers is July 31, 2025 for FY 2024-25. This means that taxpayers still have three months to submit their tax returns before the deadline. These are tax forms that are released: ITR-1: This tax form is intended for individuals who are residents (other than not usually resident) who earn an income up to £ 50 lakh and income from salaries, one home property, other sources, long-term capital gains under section 112A to Rs. 1.25 Lakh, and agricultural income to Rs. 5000. ITR-4 (Sugam): This income tax form is essentially intended for the individuals, HUFS and firms (except LLP) as a resident who has total revenue to £ fifty lakh and who has an income from the business and occupation calculated under divisions 44AD, 44Ada or 44As, and has long-term capital gains as per provisions of section 112A to £ 1,25. What are the changes made? I. ITR-1 and ITR-4 can now be used, even if there are long-term capital gains (LTCG) under section 112A, as long as the long-term capital gain (LTCG) is no more than RS. 1.25 Lakh, and there is no loss to be fed under the capital bargain. These forms could not be used until now if capital gain exists. Ii. All deductions (from 80c to 80u) must now be selected from a drop-up in the e-filing. Specific clauses and subdivisions must be announced. Iii. All bank accounts held at any time must be reported except for sleeping air conditioning. Iv. Minimum one account must be selected for repayment credit. In the event that several accounts are selected, repayment will be credited to one of the validated accounts decided by CPC after the return has been processed. Visit here for all personal finance updates. First Published: 30 Apr 2025, 02:22 PM IST