Income Tax Return Form ITR 1 & ITR 4 notified

Income Tax Return Form ITR 1 & ITR 4 notified 

• Central Board of Direct Taxes notified Income Tax Return – ITR 1 & ITR 4 for FY 2025-26
• The post also states that the remaining ITR forms will be made available when they’re ready. The social networking platform made the statement shortly after a notice to that effect was published on Friday.
• Income Tax Return -Forms – ITR 1 & ITR 4 are meant for FY 2025-26. This means assesses can use these Income Tax Return – ITR 1 & ITR 4  forms to file their tax returns for FY 2025-26

Income Tax Return Form ITR-4:

• A resident individual, Hindu Undivided Family, firm (other than a Limited Liability Partnership), or income from business & Profession that is computed on a presumptive taxation basis u/s 44AD, 44AE, or 44ADA may file the Income Tax Return form-4, known as Sugam, if their income during the FY is not more than Rs. 50 lakh. Other sources of income include income from savings accounts, interest on enhanced compensation, deposits, family pensions, income tax refunds, and any other interest income, such as interest on unsecured loans.

Income Tax Return ITR-1:

• Income Tax Return form ITR-1 is normally known as Sahaj & it is supposed to be filed by a resident individual whose total income does not more than Rs. 50,00,000/- during the FY.
• The income for which the return is filed includes agricultural income, family pension income, income from salary, one house property & other sources which include savings income, interest from deposits, income tax refund and interest on enhanced compensation, any other interest income & family pension.
• To File Income Tax Return ITR-1, Income taxpayer required to download Annual Information Statement  & required to keep copies of House Rent Receipt (in case applicable), Form 16,  investment payment premium receipts (in case applicable).
• However, ​​ Income Tax Returns are annexure-less forms, so you are not needed to attach any kind of document (for example Tax Deducted at Source certificates, proof of investment) along with Income taxpayer return (whether submit it online or manually).

More read for related blogs are:

• All about the Income taxation on capital gain
• Provision-of-capital-gains-charts
• Govt  needed to introduce  changes  in NSP Budget 2021
• All about the Income taxation on capital gain
• Deduction u/s 80CCD of Income Tax Act, 1961
• All about the Income taxation on capital gain
• Delay in the deposit of Employer provident fund during the lockdown
• Aware of the penalty of Section-234f for late filing of ITR

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