The Income Tax Department has released an Excel utility for those filing ITR-1 and ITR-4 forms for the financial year 2024-25, simplifying the tax return filing process. This facility is available on the e-filing portal.
Filing income tax returns has become even more convenient. The Income Tax Department has released a special Excel utility for ITR-1 and ITR-4 forms for assessment year 2025-26. This utility helps taxpayers easily file their returns. This tool can be downloaded free of charge from the department's official website.
Simplified Tax Return Filing with Excel Utility
The Income Tax Department announced on the social media platform X (formerly Twitter) that the Excel utility for ITR-1 and ITR-4 forms for AY 2025-26 is now available. This new feature will make filing tax returns more convenient and error-free.
According to tax experts, there are no significant changes in the ITR-4 form this time, causing no difficulties for those already familiar with it. However, a new validation rule has been added to the ITR-1 form. Now, if your income comes from sources like online games, lotteries, cryptocurrencies, or property transfers, you will have to file ITR-2 or another appropriate form.
Who can file ITR-1?
The ITR-1 form is for resident individuals whose gross total income is up to ₹50 lakhs. This includes income from common sources like salary, income from one house property, interest, and long-term capital gains up to ₹1.25 lakhs under section 112A. Additionally, agricultural income up to ₹5,000 can also be included in this form.
Who can file ITR-4?
The ITR-4 form is for individuals, Hindu Undivided Families (HUFs), and firms whose gross total income is up to ₹50 lakhs and who receive income from business or profession. This form is especially for those availing the presumptive taxation scheme under sections 44AD, 44ADA, or 44AE. Taxpayers who have received long-term capital gains up to ₹1.25 lakhs under section 112A can also file ITR-4.
