Cases under which you cannot opt ITR 1 or ITR 4 #itr #itrfiling #itr1 #itr2 #itr3 #itr4 #itrreturn

For FY 24-25 earlier the due date to file return was 31st July 2025 which is extended to 15th September 2025 and as of today only ITR 1 and ITR 4 are available Discussed in the video are the scenarios or cases under which individual cannot opt either ITR 1 or ITR 4 and have to compulsory wait for either ITR 2 or ITR 3 Situations or cases are as follows *Business/Professional income: Not allowed in ITR-1 at all. In ITR-4 it’s allowed only on a presumptive basis. This means you declare a fixed percentage of turnover as income (see below). If you choose normal accounting instead of presumptive, you must use ITR-3, not ITR-4. *House property: One self-occupied or let-out house is allowed in both forms. Losses from house property cannot be carried forward in either ITR-1 or ITR-4. *Other sources: Interest, dividends, family pension etc. are allowed in both forms. (Income from lottery, betting or racehorses is not allowed in either form.) *Agricultural income: Up to ₹5,000 per year is allowed in both ITR-1 and ITR-4. If your agriculture income is higher, you must file ITR-2 or ITR-3. *Capital gains: As a new update for AY 2025-26, long-term capital gains (LTCG) on listed equity shares or equity funds up to ₹1.25 lakh can be included in both ITR-1 and ITR-4. This relaxation means if your only capital gain is small (≤₹1.25L), you can still use these simpler forms. However, short-term capital gains or larger LTCGs are not allowed in these forms. *Total income limit: Both ITR-1 and ITR-4 cap your income at ₹50 lakh. If you cross that limit, you cannot use Sahaj or Sugam – you must choose ITR-2 or ITR-3 depending on your income sources. *Having Foreign assets or authorised signatory in any foreign entity *Having Intra day profit or loss *Having income from sale of cryptocurrency or Virtual digital assets *Director in a company or Partner in any firm or LLP *Having unlisted equity shares during the year *Dealing in futures and options #itr #itrfiling #itrreturn #incometaxindia #itrfileonline #incometax #itr1 #itr2 #itr3 #itr4 #partner #director #unlistedshares #intraday #futurestrading #optionstrading #crypto #vda #stcg #ltcg #15thseptember2025 #31stjuly2025 #FY2425 #foreignassets #foreignincome