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The Income Tax Department has notified ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025-26. With this, return filing for Financial Year 2024-25 is set to begin soon.
This year, the ITR-1 form has been revised.
Taxpayers with long-term capital gains (LTCG) under Section 112A can now file ITR-1, provided the gains are within the threshold limit.
The revised ITR-1 form includes a new section: "Income on which no tax is payable: Long Term capital gains u/s 112A not chargeable to Income-tax."
Taxpayers with LTCG up to ₹1.25 lakh on listed equity shares, equity mutual funds, or business trusts can file ITR-1. However, this form is not applicable for:
Short-term capital gains
LTCG from immovable property
LTCG under Section 112A where tax is payable
Cases with carried forward or brought forward losses
The income tax e-filing portal is expected to enable return filing for FY 2024-25 soon, both online and offline.
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