The Income Tax Department has allowed Excel usefulness for the ITR-1 (SAHAJ) and IR-4 (SUGAM) forms for the Evaluation Year (Ay) 2025–26.
Now, you can submit your income tax declarations (ITR) using the support of Excel of Support.
“The usefulness of Excel for ITR The expiration date of the statements of salaried and non -audited entities is September 15. The income obtained between April 1, 2024 and March 31, 2025 will be informed using thesis forms. These forms were notified on April 30.
ITR-1 and IR-4 are also known as Sahaj and Sugam, respectively. The latest version of these forms includes sections for taxpayers to reveal the income of capital profits under section 112a or up to ₹ 1.25 Lakh, provided there are no transport or transport losses under the head of capital gains.
ITR-1 must be submitted by people with a total income of up to ₹ 50 Lakh. Income must include salary/pension, income from a house ownership (excluding cases in which a loss of previous years) or income from other sources (excluding the lottery gain and the income of the origins of the races) is presented. People who present this form must have long -term capital income income from up to ₹ 1.25 LAKH (without transport or transport capital).
ITR-4 applies to people, undivided Hindu families (HUF) and association companies (not LLP) that are residents and whose total income includes: total income of up to ₹ 50 LAKH, commercial income under presumptive taxes, professional income under presumptive taxes and salary income or pension pension
According to Sandeep Jhunjhunwala, fiscal partner of Nangia Andersen LLP, section 112a of the IT Law establishes the long -term capital gains tax that arise from the transfer of capital shares in a company, units of a fund oriented to equity or units of a commercial trust, where the tax on the transaction of securities has been paid in the acquisition, transferred or both measures in the section. Until now, salaried persons who had income under their head “capital gains” had to present the ITR-2 form even when the capital gains were exempt by virtue of the threshold limit prescribed under section 112a, including information on the requirements of the requirements of the requirements of the required one of the required one of the required required one of the required required required of capital, details or security, etc., etc.
“This inconvenience is reduced with the new form the ITR-1 form for Ay 2025-26, which incorporates a small section to inform the income of the long-term capital profits on which the tax is not paid for the virtue of the limit of exemption of the tax on the tax on the tax on section 112a in excess of ₹ 1,25,000, or where the taxpayer wins any other capital in the long term in the long term in the long term Term.
A similar change has been made to form ITR-4, which applies to taxpayers who opt for taxes of their commercial income. The new ITR-4 form for Ay 2025-26 subsumes the long-term capital gains report subject to tax under section 112a of the TI Law, within the limit of ₹ 1.25 Lakh.