ITR E-Filing for FY 2024-25 (Assessment Year 2025-26) Now Live!
The Income Tax Department has just activated the online e-filing utility for the financial year 2024-25. This means eligible taxpayers can now start filing their income tax returns!
Currently, only ITR-1 (Sahaj) and ITR-4 (Sugam) forms are available for online filing. If you need to file ITR-2 or ITR-3, you’ll have to wait a bit longer for those forms to be enabled.
Who Can File ITR-1 (Sahaj)?
ITR-1 is a simplified form for resident individuals with a total income up to ₹50 lakh. You can use this form if your income comes from:
- Salary or Pension
- One House Property (excluding cases with brought-forward losses)
- Other Sources like interest income (savings accounts, deposits, tax refunds, etc.), dividends, and family pension.
- Agricultural income up to ₹5,000.
- Clubbed income of your spouse or minor child, if it falls within these categories.
- Long-Term Capital Gains (LTCG) under Section 112A up to ₹1.25 lakh (with no brought-forward or carry-forward losses).
You CANNOT file ITR-1 if you:
- Are a Non-Resident Indian (NRI) or Resident Not Ordinarily Resident (RNOR).
- Have total income over ₹50 lakh.
- Have income from business or profession.
- Have capital gains (except specified LTCG under Section 112A up to ₹1.25 lakh).
- Own more than one house property.
- Are a company director or hold unlisted equity shares.
- Have assets or income from outside India, or signing authority in foreign accounts.
- Have winnings from lottery or horse races.
- Have deferred tax on ESOPs or certain TDS deductions (Section 194N).
- Have any brought forward or carry forward losses.
Who Can File ITR-4 (Sugam)?
ITR-4 is for resident individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who opt for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE.
You can file ITR-4 if you are a Resident Individual, HUF, or Firm (other than LLP) and have:
- Total income not exceeding ₹50 lakh.
- Income from Business and Profession computed on a presumptive basis (e.g., turnover up to ₹2 crore for businesses under 44AD, or up to ₹50 lakh for specified professions under 44ADA).
- Income from Salary/Pension, one House Property, or Agricultural Income (up to ₹5,000).
- Other Sources of income, such as interest from savings accounts, deposits, family pension, etc. (excluding lottery/horse race winnings).
- Long-Term Capital Gains (LTCG) under Section 112A up to ₹1.25 lakh (without capital losses to adjust).
You CANNOT file ITR-4 if you:
- Are an NRI or RNOR.
- Have total income over ₹50 lakh.
- Have agricultural income exceeding ₹5,000.
- Are a company director.
- Own more than one house property.
- Have income from lottery, racehorses, or income taxable at special rates.
- Hold unlisted equity shares.
- Have assets or income from outside India, or signing authority in foreign accounts.
- Have deferred tax on ESOPs.
- Are required to maintain books of accounts (i.e., not opting for presumptive taxation or exceeding its limits).
Important: The new tax regime is now the default for Assessment Year 2025-26. If you want to claim deductions under the old tax regime, remember to explicitly select it in your ITR form.
Get started with your e-filing today!