Income Tax Return Filing: Income Tax Department has launched Excel utility of ITR-1 and ITR-4 form for Assessment Year 2025-26 (FY 2024-25). These utility tools can now be downloaded from the official e-filing website of the Income Tax Department. After this, it will be very easy for taxpayers to file income tax returns. By using Excel utility, tax filing will be faster, simple and without technical bottlenecks.

Taxpayers get relief

After the release of these utilities, taxpayers can now start preparations for the new assessment year. The Income Tax Department shared its information through the social media platform X (East Twitter) and said that excel utilities of both ITR-1 and ITR-4 form are now available. This will facilitate millions of taxpayers to fill the returns in time.

What are the changes in ITR-1 and ITR-4

According to tax experts, this time there has been no major change in the scheme of ITR-4 form, which will make it easier for previous years tax filers to fill this form. However, a significant change has been made in the ITR-1 form-now a new validation rule has been added. According to this rule, taxpayers whose income is from special sources such as online games, lottery, crypto, or property sales will have to use ITR-2 or any other suitable form.

Who can fill ITR-1 form

The ITR-1 form is especially for those residents individuals, whose total income is up to Rs 50 lakhs and whose income comes mainly from sources like long-term capital gains like long-term capital gains of up to Rs 1.25 lakh under salary, bank interest or 112A. However, non-resident or ‘not ordinarily resident’ taxpayers cannot use this form.

ITR-4 form is for

ITR-4 is for those residents individuals, Hindu undivided families, and firms (but not LLP), whose total income is up to Rs 50 lakhs and whose source of income is business or professional earning. This form is suitable for those who calculate their income under Section 44AD, 44ADA or 44AE. Apart from this, those who have long-term capital gains of up to Rs 1.25 lakh under 112A, they can also fill this form.

Forms can also be filled offline

Taxpayers can fill their form offline using Excel utility and later upload it on the portal. This process is especially beneficial for those who feel uncomfortable filling the online form.

Excel utilities of ITR-1 and ITR-4 will not only make the tax filing process easier, but it will also save time. If you are planning to file income tax returns for FY 2024-25, then this is the right time to start.