Monday, May 5, 2025
Google search engine

Chosen New Tax Regime For AY 2025-26? Changes In ITR 1 Sahaj Salaried Persons Should Know|Personal Finance News


New Delhi: The Central Board of Direct Taxes (CBDT) just recently informed the tax return types ITR-1 and ITR-4 for the fiscal year 2024-25 and the analysis year 2025-26. The returns for earnings made throughout the fiscal year from April 1, 2024, to March 31, 2025, need to be submitted making use of the brand-new types.

CBDT has actually introduced numerous adjustments in the ITR creates this consisting of that in ITR-1 (SAHAJ) and ITR-4. Here are 6 Changes relating to ITR-1 (SAHAJ) that employed people must understand.

. 1. New Tax Regime isNow Default

The brand-new routine with reduced tax obligation prices yet no typical reductions like 80C or HRA is currently the default.

If you wish to stick to the old routine (which enables reductions), you have to submit Form 10-IEA prior to the due day. .
.

Individuals withBusiness or expert revenue, once they choose back right into the brand-new routine after pulling out, they can not switch over once again to the old routine in future years. However, no such constraints are there for Salaried individuals.

2. Form 10-IEA Now Mandatory for Switching

Salaried taxpayers making use of ITR-1 that do not have revenue from company or occupation can merely tick the “Opting out of new regime” in the ITR type without the requirement to submit Form 10-IEA .
.(* )with company or expert revenue declaring ITR 4 have to send

Persons 10-IEA if they desire to pay revenue tax obligation according to the old tax obligation routine. Form this action will certainly lead to your return being immediately refined under the brand-new tax obligation routine. .
.Missing 3.

-Long (LTCG) Term Capital Gains in (* )your LTCG underReporting Allowed 112A is 1.25 lakh or much less, you can currently utilize ITR-1 or ITR-4. .
. Simple Forms

If is handy for tiny financiers, yet you require to understand fundamental resources gains guidelines. .
. Section 4.

This for (* )( ITR-4)

95 % of your invoices are electronic, the presumptive revenue limitation under Higher Turnover Limit 44AD enhances from 2 crore to 3 crore. .
.Small Businesses electronic settlements yet calls for evidence of electronic purchases. .
.

If 5. Section areas like

Promotes,

, and LTCG are included for far better quality. .
.More Capital Gain Details Needed

New for far better monitoring, yet a little bit much more initiative called for to fill up. .
. Sale Value 6. Cost ITR-1/ 4

Useful you are a business supervisor, have ESOPs, or hold international possessions, you still can not submit ITR-1/ 4.

- Advertisment -
Google search engine

Must Read

Mahindra Reports 20% Rise In Net Profit, Declares Rs 25.3 Dividend|Auto...

0
New Delhi: Mahindra and Mahindra Limited on Monday reported a solid efficiency for the January--March quarter of the fiscal year 2025 (Q4...