Under Section 112A of the Income Tax Act 1961, private taxpayers who receive long-term tax benefits of up to 1.25 lakhs (LTCG) can be filed for the Income Tax Return ITR-1 (Sahaj) for the assessment year 2025-26. The Central Board of Direct Taxes (CBDT) has notified ITR-1 and ITR-4 for the Assessment Year 2025-26 on Tuesday.
It can be admitted by individuals and institutions with total income up to Rs 50 lakh. According to the Central Board of Direct Taxes, ITR-1 (Sahaj) can be used by individual taxpayers fulfilling these criteria: individual residents (apart from normally not resident), income up to Rs 50 lakh in the financial year, salary or pension in income sources, income from a house property (except for bot forward deficit case), Interest from other sources, interest from other sources, LTCG, LTCji under Section 112A, LTCji under Section 112 A Sale up to Rs 1.25 lakh from based mutual funds, earns Rs 5000 per year from agricultural income.
'Sugam' can be filed by such individuals, Hindu undivided families and companies (in addition to limited liability partnership-LLP), whose total annual income is up to Rs 50 lakh and has any professional income from business. ITR-2 is admitted by those individuals and HUF.
First Published – April 30, 2025 | 10:47 PM IST
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