ITR Forms 1 and 4 for FY 2024-25 Released: Major Amendments in ITR Form 1, Now Requiring Reporting of Long-Term Capital Gains

ITR Forms 1 and 4 for FY 2024-25 Released: Major Amendments in ITR Form 1, Now Requiring Reporting of Long-Term Capital Gains

The Central Board of Direct Taxes (CBDT) has formally launched ITR Form 1 and Form 4 for the 2024-25 financial year, which refers to income from April 1, 2024, through March 31, 2025. They will be employed to submit tax returns for Assessment Year 2025-26.

Key Update:

This year, there has been a big modification in ITR Form 1. Previously, it was not possible to report capital gains using it. But now, if you possess long-term capital gains (LTCG) arising on sale of listed equity shares or equity mutual fund units, and the gain is below Rs. 1.25 lakh under Section 112A, you may use ITR-1.