News India Live, Digital Desk: (Income Tax Return Filing)
If you also fill Income Tax Return (ITR) every year, then this news is very important for you. You too this year 1 April 2024 to 31 March 2025 The earnings between the earnings will have to pay tax and file a return for it. Income Tax Department (CBDT) for FY 2024-25 (whose assessment year is 2025-26) ITR Form 1 (Spontaneous) and ITR Form 4 (Sugam) Have already released.
Not all can use ITR-1 and ITR-4
It is important to note that not everyone can fill the ITR-1 or ITR-4 form. Which form you want to use depends on where your income is being earned and what kind of income is. Some conditions are fixed for every form, which the taxpayer who fulfills can use the form.
This big change happened in ITR-1
This year the government A significant change in ITR-1 form Has done Earlier, there was no option to give information about the profit from selling share, property etc. in this form. But now, if you Mutual funds with shares or equity of listed companies (Equity-Oriented Mutual Funds) after keeping more than a year after selling Long-Term Capital Gain (LTCG) Has happened (which comes under section 112A), you can also give information about it in ITR-1.
This is a good news, because first people have more information to inform about such profits ITR-2 form Had to fill. Now it will be easy for them to fill ITR.
Who can fill ITR-1 (comfortable)?
ITR-1 form is for those who:
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Resident individuals living in India are Individual.
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Whose total annual earnings Up to ₹ 50 lakh Is.
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Earnings means Salary, House Property from a house, and other sources such as interest Is etc. (Agricultural income can be up to ₹ 5000).
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Now information about LTCG under section 112A can also be given.
Who cannot fill ITR-1?
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Who is a director in a company.
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Those who have shares of a company that are not listed on the stock exchange (Unlisted Equity Shares).
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Whose TDS is deducted on withdrawing more cash from the bank (Section 194N).
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Whose earnings are said to be something other than the list mentioned above (eg business, profession, or more than one rent from home).
Who can fill ITR-4 (smooth)?
The Income Tax Department has also released ITR Form-4 (Sugam) for FY 2024-25. This form especially those Small businessmen and professionals Which is for your income PRESUPIVE TAXATION Scheme based on estimates Shown under (eg section 44AD, 44ADA, 44Ae).
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It can be filled by the common citizens living in India, HUF (except for the Hindu undivided family) and partnership firm (except LLP).
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Total annual earnings Up to ₹ 50 lakh Should be.
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Apart from business/profession, it can also show salary, rent from a house and earnings from other sources (interest etc.) (if the total earnings are not more than ₹ 50 lakh).
Who can’t fill ITR-4?
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Who is a director in a company.
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Those who have unlisted equity shares.
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Whose earnings are something other than the list mentioned above.
It is necessary to choose the right ITR form so that your return can be filed correctly.
The post ITR fills pay attention! Government released new forms 1 and 4, learn what revenge for you first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
