LTCG of Rs 1.25 lakh from equities? Return filing gets simpler
NEW DELHI: Govt has notified the
income tax return
forms 1 and 4 for assessment year 2025-26, and made it easier for individuals with
long term capital gains
of up to Rs 1.25 lakh from listed equities to file returns.
Govt has also made certain changes in the form regarding deductions claimed under 80C, 80GG and other sections and has provided a drop down menu in the utility for tax filers to select from.
Also, assessees will have to furnish in the ITR section-wise details with regard to
TDS deductions
.
Once utility for filing ITR is made available by the I-T department, people can start filing ITR for income earned in 2024-25. Last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31.
Usually, ITR forms are notified before end of the fiscal, mostly around Feb/March. This time, ITR forms and filing utility got delayed as revenue department officials were pre-occupied with new Income Tax Bill, which was introduced in Feb.
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