Income Tax Department Notifies ITR Forms for FY 2025-26…

IT Return:The Income Tax Department has recently notified Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2025-26. Taxpayers who fall under the prescribed eligibility criteria will be able to file their returns using these forms. Form 1, also known as Sahaj, is typically used by individuals whose income is solely from salary, pension, or other sources, including interest income and one house property. On the other hand, Form 4, also known as Sugam, is for individuals who have business or professional income but fall under the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE.

The notification clarifies that eligible taxpayers should use these forms to ensure compliance with the Income Tax Act. For taxpayers in these categories, filing their ITR using the specified forms will simplify the process. This move is part of the government’s ongoing efforts to make the tax filing process more user-friendly and streamlined.

The Income Tax Department has urged taxpayers to file their returns on time to avoid any penalties or interest charges for late filing. The department also encouraged individuals to verify their income and tax liabilities before submitting their returns. Taxpayers who fall under other income categories or have more complex tax situations may need to use different forms, such as ITR-2, ITR-3, or ITR-5, as applicable.

It is advisable for individuals to consult with tax professionals or refer to official guidelines to ensure that they are using the correct forms for their income and tax situation. The deadline for filing the returns for the assessment year 2025-26 will be announced soon, and taxpayers should make sure to complete the process well in advance to avoid last-minute hassles.