CBDT notifies ITR-1 Sahaj, ITR-4 Sugam for financial year 2024-25, All You Need To Know

Jyoti — Thu, 01 May 2025 05:08:32 +0000

The new financial year has started from 1 April 2025. After which taxpayers have started preparing to file their income tax return (ITR 2025) for the previous financial year.

At the same time, the Income Tax Department is expected to notify the filing form for the financial year 2024-25 or assessment year 2025-26 soon. In such a situation, before filing income tax return, it is important for taxpayers to ensure that they have all the necessary documents. It is very important to have updated Form-16, especially for salaried people.

What is Form 16 and why is it important?

Actually, to file Income Tax Return (ITR Filling 2025), Form-16 is issued to the employee by the employer. This document contains details of the employee’s salary and the deduction of Tax Deduction at Source (TDS) during the financial year. Therefore, this is a very important document for a salaried person.

Form-16 is available in two ports

Let us tell you that Form-16 is divided into two parts. First Part A: It contains important personal details and details of the employer along with details of tax deduction and deposit on quarterly basis.

Whereas, Part B: It contains detailed information of the employee’s salary. Apart from this, there is detail of deduction under section 10 and deduction under section 80C and 80CD.

Many changes have been made in the format of Form 16

Let us tell you that this year the Central Government has made important changes in the structure of Form-16. According to the information revealed, there is a clear separation of tax-free allowances, deductions and taxable salary benefits in the revised format. In such a situation, taxpayers will now get better information about their income components, which will reduce the errors and confusion while filing ITR.

It is also useful in claiming TDS and taking loan

It is known that many times banks or other financial institutions also consider Form 16 as an income certificate to approve the loan application. Apart from this, it is also an important document for claiming TDS deduction. In such a situation, employees who have changed jobs in the middle of the last financial year should take Form 16 from their old employer.

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The post CBDT notifies ITR-1 Sahaj, ITR-4 Sugam for financial year 2024-25, All You Need To Know first appeared on Rightsofemployees.com.

ITR-1 or ITR-4, which is better for you… always keep these important things in mind

Jyoti — Tue, 25 Mar 2025 07:02:29 +0000

Tax Filing Tips: The time has come to pay tax. The task of paying tax is a bit difficult. It is very important to pay tax correctly and on time. This can help you avoid legal troubles in the future.

The financial year 2024-25 is about to end. Therefore, it is important to understand which ITR form is right for you. There are two forms, ITR-1 (Sahaj) and ITR-4 (Sugam). But they have their own rules. They should be used after understanding them properly. Otherwise, mistakes can happen.

ITR-1 (Sahaj)

ITR-1 (Sahaj) is for those who live in India. Also, whose annual income is less than Rs 50 lakh. If your income is from easy sources like salary, pension, property of one house (which does not have old loss), or interest. In such a case, this form is for you. You can also add the income of your wife or small child in it. Provided their income is also from the same sources. But some people cannot fill ITR-1. Like if you live outside India. Are the director of a company. Apart from this, if you have property abroad. If you have income from foreign accounts or lottery, then also ITR-1 will not work.

ITR-4 (Sugam)

ITR-4 (Sugam) is for those who do small business or are professionals. Also, their income is up to 50 lakhs. This form can be used even when your income is calculated in an easy way. But if your income is audited, then instead of ITR-4, you can choose ITR-3 or ITR-5. ITR-1 and ITR-4 make paying tax easy but look at their rules carefully. Choose the right form according to your income and situation so that there is no mistake while paying tax. If you do not understand, then consult an expert.

When will Form 16 come?

It is generally mandatory to issue Form 16 by 31 May. This enables employees to file their Income Tax Return before the deadline. However, in respect of the financial year 2024-25, the last date for issuing Form 16 has been fixed as 15 June 2025. This document certifies the employee’s income, tax deduction and other related details. If your employer has deducted TDS from your income between 24 April 2024 and 25 March 2025, then you have to ensure that you receive Form 16 by 15 June 2025.

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ITR-1 (Sahaj) - Rightsofemployees.com