ITR filing FY 2024-25: New ITR-1 form notified with major changes -...

ITR filing FY 2024-25: New ITR-1 form notified with major changes - here’s what taxpayers should know

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The Income Tax Department has introduced new ITR-1 and ITR-4 forms for FY 2024-25, simplifying tax filing for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities. These forms feature modifications for deductions and require detailed TDS information. This change aims to enhance taxpayer services and encourage voluntary compliance by reducing the complexity for small taxpayers.

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