New ITR-1 Form Notified with Major Changes for FY 2024-25
The Income Tax Department has notified a new ITR-1 form for tax filing purposes for the assessment year 2025-26. The changes aim to simplify the tax filing process for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities.
Key Changes:
- Simplified Filing: Salaried individuals and those under the presumptive taxation scheme can file ITR-1. This applies if their long-term capital gains are within Rs 1.25 lakh per fiscal year.
- Tax-Exempt Gains: LTCG up to Rs 1.25 lakh from listed shares and mutual funds remains tax-exempt.
- Disclosure Requirements: Taxpayers must provide detailed section-wise information for TDS deductions and disclose foreign travel expenses and electricity consumption costs.
Benefits:
- Reduced Complexity: The new form reduces filing complications for small taxpayers.
- Greater Compliance: The change is expected to encourage voluntary compliance and make the system more user-friendly.
Filing Deadline:
- July 31: The submission deadline for individuals and those not requiring account audits remains July 31.
