- The Income Tax Department of India has officially notified ITR-1 (Sahaj) and ITR-4 (Sugam) forms for AY
2025–26 (FY 2024–25) — well ahead of the usual schedule. Early release aims to streamline the return filing process for
millions of taxpayers.
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Here are the key highlights of the changes:
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1. Long-Term Capital Gains Reporting (Section 112A):
ITR-1 and ITR-4 now allow reporting of LTCG up to ₹1.25 lakh, provided there are no capital loss adjustments involved.
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2. Mandatory Disclosure of All Non-Dormant Bank Accounts:
Taxpayers must now declare all operational bank accounts held in India during the FY. One must be selected for receiving refunds.
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3. Improved Deduction Reporting (80C to 80U)
:
Deductions must now be selected via dropdown in the e-filing utility, specifying the relevant sub-sections.
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4. Presumptive Taxation Revisions in ITR-4:
Businesses with 95%+ digital receipts: Presumptive taxation up to ₹3 crore.
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Professionals with 95%+ digital receipts: Eligible up to ₹75 lakh (raised from ₹50 lakh).
- The due date for non-audit return filing remains July 31, 2025.
- Kind Attention Taxpayers!
- CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July
2025, to 15th September 2025
- This extension will provide more time due to significant revisions in ITR forms,
system development needs, and TDS credit reflections. This ensures a smoother and
more accurate filing experience for everyone. Formal notification will follow.
