For filing income tax returns using ITR-1 and ITR-4 forms, the Income Tax Department has activated its website incometax.gov.in. Through the e-filing portal for FY 2024-25 ( AY 2025-26), eligible individuals can now submit their ITR.
Only ITR-1 and ITR-4 submissions are available online, whilst ITR-2 or ITR-3 should wait for further updates. The deadline to file ITR for FY 2024-25 to September 15 from July 31 has been extended by the Income Tax Department.
The ITR-1 filing is permitted for Indian resident if they pass the following criteria:
If they have a total annual income below Rs 50 lakh
If they earn from salary, one house property, family pension income, agricultural income ( up to Rs 5000)
Other requirements include having a Savings Account Interest, Deposit interest (Bank/Post Office/ Cooperative Society), Income tax refund interest, Enhanced compensation interest, Family Pension and Other interest earnings.
The Income Tax Department stated that Income of Spouse other than those covered under Portuguese Civil Code or Minor is clubbed (only if the income source is within the specified limits as mentioned above). Individuals with long-term capital gains are permitted by the new ITR forms. These capital gains are from equity shares and equity mutual fund investments to submit their tax returns through ITR-1 and ITR-4 forms as applicable. Only when the capital gains remain within Rs 1.25 lakh, then this provision is applied.
