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flag India updates tax forms, easing use of simpler ITR-1 for taxpayers with certain long-term gains.

flag The Indian Income Tax Department has released updated ITR-1 and ITR-4 forms for the 2025-26 assessment year, designed for individuals and entities with an annual income up to Rs 50 lakh. flag Key changes include allowing taxpayers with long-term capital gains up to Rs 1.25 lakh to use the simpler ITR-1 form. flag The forms also require comprehensive reporting of bank accounts and clearer options for selecting tax regimes, aiming to streamline the tax filing process.

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