ITR Filing 2025-26 Latest Changes: Form 10-IEA, LTCG, and Asset Reporting
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ITR Filing 2025-26 Latest Changes Form 10-IEA, LTCG, and Asset Reporting sangeethaonline |
Filing income tax returns can feel hard. But for Assessment Year 2025-26, the rules have changed to make it easier for many people. This article explains the ITR filing 2025-26 latest changes in a simple way. It will help you understand the Form 10-IEA tax regime switch, LTCG exemption limit, and new rules for Schedule AL asset reporting. These updates are useful for salaried employees, small business owners, freelancers, senior citizens, and first-time taxpayers. If you are filing ITR this year, read this post fully. You can also visit our office SARKARI SEVA KENDRA or contact us at +918880888012 or mail spkseva@gmail.com for help. Visit www.sangeethaonline.in for more posts like this.
What Is Form 10-IEA and Who Should File It?
From FY 2023-24 onwards, the new tax regime is the default. This means if you don't choose, you will be under the new regime. If you want to switch to the old regime, you may need to file Form 10-IEA. Salaried taxpayers filing ITR-1 or ITR-2 don’t need this form. They can select the old or new regime while filing the return. But people filing ITR-3 or ITR-4, such as small business owners and professionals, must file Form 10-IEA before the due date if they want to opt out or re-enter the new regime. You can switch regimes only once each way in your lifetime if you have business income. Need support? Contact our team at SARKARI SEVA KENDRA or send us a mail at spkseva@gmail.com.
How Much LTCG Exemption Is Allowed in AY 2025-26?
A big change this year is in the Long-Term Capital Gains (LTCG) rules. If you made a profit from shares or mutual funds and your gains are under ₹1,25,000, you can file a simple ITR-1 or ITR-4 form. Before, this limit was ₹1,00,000, and many had to use ITR-2 even if their LTCG was low. For gains over ₹1,25,000, the tax rate is 12.5% for securities sold on or after July 23, 2024. For those sold before that date, the old 10% rate applies. This change helps small investors file ITR with less effort. If you need guidance on choosing the right ITR form, visit SARKARI SEVA KENDRA or call us at +918880888012.
NO need to File Form 10-IEA for opting out of the new rax regime and then opting in again for the new tax regime in subsequent year in ITR 1 & ITR 2
— Taxation Updates (CA Mayur J Sondagar) (@TaxationUpdates) July 23, 2025
Form 10-IEA filing is mandatory for opting out of new rax regime and then opting in again for the new tax regime in subsequent… pic.twitter.com/bJPctDzOs3
Who Needs to Report Assets and Liabilities in ITR?
People filing ITR-2 or ITR-3 must now report their assets only if their total income is over ₹1 crore. Earlier, the limit was ₹50 lakh. This is a relief for middle-income taxpayers. If you are a salaried person with income under ₹1 crore, you don't need to fill out Schedule AL. Assets include land, buildings, shares, gold, cash, bank deposits, and vehicles. If you're a business owner and already show these in your balance sheet, you don’t have to repeat them in Schedule AL. Still confused? Contact SARKARI SEVA KENDRA for help. Email us anytime at spkseva@gmail.com.
Helpful Tips for First-Time Taxpayers
If you are filing tax for the first time, keep these tips in mind. First, link your PAN with Aadhaar. Next, check your Form 26AS for TDS. Use the simple ITR-1 form if you're salaried and income is below ₹50 lakh. You can e-file your return using the Income Tax portal. Don't forget: the Form 10-IEA tax regime switch is only needed if you are filing ITR-3 or ITR-4 and want to change your tax regime. You don’t need to do this if you're filing ITR-1. Visit www.sangeethaonline.in for other useful guides. You can also get in touch with our experts at SARKARI SEVA KENDRA for quick support.
FAQs: Common Google Questions Answered
- How to file ITR under the new tax regime for AY 2025-26?
Choose the new regime in your ITR form and file before the deadline. Use Form 10-IEA only if you are in ITR-3/4 and want to switch. - What is Form 10-IEA and who needs to file it?
Business professionals or small traders using ITR-3 or ITR-4 must file it to switch regimes. - Can I switch back to the old tax regime after opting for the new one?
Yes, but only once in your lifetime if you have business income. No such limit for salaried taxpayers. - What is the LTCG exemption limit for AY 2025-26?
It is ₹1,25,000. If your gains are under this, you can file ITR-1 or ITR-4. - Who has to report assets and liabilities in ITR?
Only those filing ITR-2/3 with income over ₹1 crore need to report under Schedule AL.
Tags & Labels for Better Reach
#IncomeTax #ITRFiling2025 #Form10IEA #NewTaxRegime #TaxHelpIndia #SarkariSevaKendra #ScheduleAL #LTCGUpdate #PANLinkAadhaar #TaxFilingForBeginners
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