ITR Filing 2025: Key Changes in ITR Forms for FY 2024-25 (AY 2025-26)

What are the new changes in ITR forms for FY 2024-25? A: The key changes include wider eligibility for ITR 1 and ITR 4, the requirement to specify the TDS section, new capital gains tax rules, a raised asset reporting threshold, and the reporting of buy-back proceeds as deemed dividends. Q: Who can now use ITR 1 and ITR 4 forms? A: Individuals with long-term capital gains (LTCG) from equity shares or mutual funds can use ITR 1 and ITR 4 forms, provided such gains do not exceed Rs 1.25 lakh in the financial year. Q: What is the new TDS section requirement? A: Taxpayers must specify the TDS section under which tax was deducted for every income on which tax was deducted. This applies to ITR forms 1, 2, 3, and 5. Q: What are the new capital gains tax rules? A: Revised capital gains rules introduced in Budget 2024 require taxpayers to pay attention to the date of sale of their assets, as the correct capital gains tax calculation hinges on the sale date. Q: What is the new asset reporting threshold? A: From FY 2024-25 onwards, only taxpayers with gross total income exceeding Rs 1 crore are required to furnish details of assets and liabilities in their ITR.

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