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India updates tax forms, easing use of simpler ITR-1 for taxpayers with certain long-term gains.
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.
Key changes include allowing taxpayers with long-term capital gains up to Rs 1.25 lakh to use the simpler ITR-1 form.
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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La India actualiza los formularios de impuestos, facilitando el uso de un ITR-1 más simple para los contribuyentes con ciertas ganancias a largo plazo.