ITR Filing AY 2025-26| Don't Miss These Things |CA Subin VR

Get ready to file your taxes with confidence for Assessment Year (AY) 2025-26! In this video, we dive deep into 11 critical changes to Income Tax Return (ITR) forms introduced in Budget 2024, ensuring you're fully equipped to navigate the new rules. Whether you're a salaried individual, investor, or small business owner, these updates impact how you report your income. Here's what we cover:

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Expanded ITR-1 & ITR-4 Eligibility: File simpler forms if your long-term capital gains (LTCG) from equity shares or mutual funds are up to Rs 1.25 lakh (Section 112A), reducing complexity for ~10-15% of taxpayers (CBDT Notification No. 40/2025).
Aadhaar Number Mandatory: Aadhaar enrolment IDs are no longer accepted for ITR filing or PAN applications under Section 139AA, impacting ~1-2% of filers (CBDT Notification No. 40/2025).
TDS Section Reporting: Specify TDS sections (e.g., 194I for rent, 194J for fees) in ITR-1, ITR-2, ITR-3, and ITR-5 for non-salary income, enhancing accuracy for ~20% of taxpayers (CBDT Notification No. 42/2025).
New Capital Gains Rules: Separate reporting for gains pre- and post-July 23, 2024, with updated rates (e.g., STCG 20%, LTCG 12.5% without indexation) under Sections 111A, 112, and 112A, affecting ~10% of filers (Finance Act, 2024).
Unlisted Bonds & Debentures: Gains post-July 23, 2024, are taxed as STCG at slab rates under Section 50AA, reported in ITR-2, ITR-3, or ITR-5, impacting less than 5% of taxpayers (Finance Act, 2024).
Buy-Back Proceeds as Dividends: From October 1, 2024, share buy-back proceeds are deemed dividends under Section 2(22)(f), with capital loss carry-forward for 8 years, affecting ~2-3% of shareholders (Finance Act, 2024).
Disability Deductions: Provide disability certificate acknowledgement with Form 10-IA for Sections 80DD and 80U deductions (Rs 75,000-Rs 1.25 lakh) in ITR-2 and ITR-3, ensuring compliance for ~1% of claimants (CBDT Notification No. 42/2025).
Asset Reporting Threshold: Report assets in Schedule AL only if income exceeds Rs 1 crore (up from Rs 50 lakh), easing compliance for ~5-7% of ITR-2/ITR-3 filers (CBDT Notification No. 43/2025).
Presumptive Tax Limits: Higher thresholds of Rs 3 crore (Section 44AD) and Rs 75 lakh (Section 44ADA) for digital transactions, benefiting ~15-20% of ITR-4 filers (Finance Act, 2024).
Detailed Deduction Reporting: Select deductions (Sections 80C-80U) from a drop-down in Schedule 80, improving transparency for ~60% of taxpayers (CBDT Notification No. 42/2025).
Active Bank Account Reporting: List all non-dormant bank accounts in Schedule BA, enhancing transparency for nearly all taxpayers (CBDT Notification No. 40/2025).

Backed by official CBDT notifications and the Finance Act, 2024, this video breaks down each change with practical examples, like reporting Rs 1 lakh LTCG in ITR-1 or buy-back proceeds as dividends. Perfect for taxpayers seeking clarity on compliance, this guide simplifies complex updates to save you time and effort. Watch now to stay ahead of your tax filing game! Like, subscribe, and hit the bell for more tax insights!
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