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The Income Tax Department has introduced new ITR-1 and ITR-4 forms for FY 2024-25, simplifying tax filing for individuals with long-term capital gains up to Rs 1.25 lakh from listed equities. These forms feature modifications for deductions and require detailed TDS information.

The new tax regime also offers a higher standard deduction. Last year, it was raised from Rs 50,000 to Rs 75,000 for salaried employees. In the old regime, the standard deduction remains at Rs 50,000.

However, there’s a crucial caveat. This flexibility to change regimes is only available if the ITR is filed on or before the due date. If a taxpayer files a belated return—after the deadline—the ITR will be filed only under the new tax regime. The income tax portal will not allow a switch to the old regime in such cases.

The Income Tax Department is expected to soon release the online ITR forms, which will officially open the e-filing process. Usually, the Central Board of Direct Taxes (CBDT) announces these forms in the early months of the financial year, and this year they are likely to be available by April.

To assist taxpayers prevent errors, the following factors are essential to keep in mind while submitting an Individual Tax Return (ITR) in FY25. When submitting the ITR for the Assessment year 2025–2026,