ITR-1, ITR-4 filing begins for AY 2025–26: Are you eligible?
The Income Tax Department of India has announced that taxpayers can now file their returns online using ITR-1 and ITR-4 forms for the assessment year 2025-26 through the e-filing portal. This means you can log in to the income tax e-filing portal and submit your return directly with key details already filled in for you.
advertisementThis move follows the department's release of the Excel versions of these forms last week. Moreover, the deadline for filing these returns has been extended to September 15, 2025, providing taxpayers more time to adjust to the latest changes in the forms and portal upgrades. This extension eases the pressure during the peak filing season, which typically culminates at the end of July.If you're planning to file your return, it's important to know which form suits your income type and situation.WHO CAN FILE ITR-1?
ITR-1, also known as the Sahaj form, is designed for Indian resident individuals whose total income does not exceed Rs 50 lakh in the financial year. This form covers income from salary, one house property, family pension income, and agricultural income up to Rs 5,000.It also includes interest income from savings accounts, deposits, income tax refunds, and enhanced compensation.advertisementWho should not use ITR-1?However, if you earn from a business, have capital gains, own more than one house, or receive income from activities like lottery winnings or horse racing, then ITR-1 isn't for you. It also can't be used if your income is taxed at special rates under sections like 115BBDA or 115BBE.WHO CAN FILE ITR-4?For those who qualify, ITR-4 can be filed by Resident Individuals, Hindu Undivided Families (HUFs), or firms, excluding Limited Liability Partnership (LLPs), with income not exceeding Rs 50 lakh.This form is ideal if your income comes from business or professional activity under presumptive taxation schemes such as 44AD, 44ADA, or 44AE. You can also report salary, pension, interest income, family pension, or agricultural income up to Rs 5,000 here.Who cannot file ITR-4?But not everyone can use ITR-4. If you are an NRI, a resident but not ordinarily resident, a director in a company, or have income from more than one property, you'll need to use a different form.You're also ineligible if you've held unlisted shares, deferred tax on ESOPs from a startup, or earned income from sources like lotteries or horse racing.As taxpayers prepare to file their returns, it is crucial to choose the appropriate form to ensure compliance with the tax regulations. The use of prefilled forms and utilities is expected to simplify the process, reducing the likelihood of errors.Trending Reel
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Hans India
27 minutes ago
- Hans India
All set for Bakrid festivities today; cops on toes at check posts
Hyderabad: As Bakrid is set to be celebrated on Saturday, the city was seen bustling with activity on Friday as Hyderabadis prepared to celebrate the Eid. To ensure smooth conduct of the festival, the Hyderabad police have beefed up security and urged the people to follow the guidelines issued by the government. The traders have set up stalls on roadside in Falaknuma, Chandrayanagutta, Barkas, Malakpet, Chanchalguda, Engine Bowli, Kalapatthar, Bahadurpura, Kishan Bagh, Asif Nagar, Mehdipatnam, Tolichowki, Golconda and some other areas. In the city, the traders sold a pair of sheep between Rs 26,000 and Rs 30,000 and more depending on the size and breed. The prices, however, witnessed a decline on the second and third day of Eid. Moreover, it has been observed that the 'Qurbani Service' is gaining momentum in the city. A large number of Muslim families preferred to hand over the task to agencies that provide Qurbani Service. The traders and organisations are not just handling the sacrifice but also making arrangements for the slaughter, cutting, processing the meat, and delivering it at doorstep. One of the observers said that people residing in flats in residential complexes and gated communities, particularly in mixed-community areas find this practice of surrogate or remote sacrifice as the best option. It allows the smooth performance of a religious ritual without hurting anyone. 'Some residents of the tradition-bound Old City are also opting for this facility,' felt Akhlaq Ahmed Ansari. Meanwhile, the authorities have cleaned and spruced up the Eidgahs across the city including Mir Alam at Bahadurpura, Eidgah Khadeem at Madannapet, Eidgah Bilali at Masab Tank and other important places where Eid congregational prayers are held. The officials of TS Wakf Board, Local MLAs, and police department inspected the arrangements being made for prayers at the Eidgah Mir Alam. Maulana Mohammed Rizwan Qureshi, Khatib of Mecca Masjid, said 'A sacrificial sheep or goat has to be above the age of one year, a sacrificial bull, ox or buffalo has to be above the age of two years, and the animal should be free from obvious defects.' Muslim clerics and the public representatives appealed to their brethren to dispose of the animal viscera properly to keep the streets clean. According to Hyderabad city police, in view of the upcoming Bakrid festival, robust security arrangements have been put in place across the city. Check posts have been established in key areas, and surveillance has been intensified. On Friday, Hyderabad city police commissioner CV Anand conducted surprise inspections of the check posts at Goshala Jiyaguda, MJ bridge check post, Hasan Nagar check post and Bandlaguda check post. He interacted with the police personnel on duty at the check posts, inquiring about the on-ground situation. On this occasion, the Commissioner issued several instructions to the officers and staff stationed at the check posts. He directed them to ensure that the Bakrid festival proceeds in a peaceful atmosphere and to take precautions to prevent any inconvenience to the public. The Commissioner also appealed to the public to cooperate with the police in maintaining law and order in the city.
Hans India
27 minutes ago
- Hans India
outrage over death of 31 cows in Vemulawada Goshala
Sircilla: Sri Rajarajeshwara Swamy at Vemulawada, famous as Dakshin Kashi, is known for offering cow (Kodelu) offerings to the Lord like nowhere else in the country. If the wishes made are fulfilled, devotees offer cows and bulls to the Lord. The cows and bulls that arrive in this way are being cared for in Rajanna Goshala. The Rajanna temple earns an annual income of Rs 90 crores, while the annual income from goshala alone is around Rs 22 crore. It is understandable how the devotees feel about this place. However, a few months ago, on the recommendation of a minister, a man from Warangal handed over 60 cows and bulls. The distribution of cows was stopped after the sale of the cows by that person became controversial. This made it difficult to take care of the cows and bulls, and due to improper management, 31 heifers died in a week. Another heifer died on Friday, May 30. After that, started the dance of death. 9 cows died in one day, 5 another day, 4 yet another day, 3 others subsequently, 6 next day, 2 another day and 2 next day. While cowsheds were built to house 450 kodelu, the kodelu donated by donors exceeded the capacity, and about 1,200 kodelu were kept in the cowshed. A few outsourced staff is working to take care of them. The shortage of staff in the cowshed and the lack of adequate food for them are also reasons for the current situation. The kodelu are kept outside, drying out in the sun and getting wet in the rain. The temple authorities, whose income comes from the cowshed, are not paying attention to the cows, and devotees are expressing deep anger. District Animal Husbandry department officer Ravinder Reddy told The Hans India that the sick kodelu in the Tippapur cowshed are responding to the treatment provided by veterinary doctors, and some of the cattle have become active. They are being given fluids from time to time along with vitamin tablets and green grass, and they have also been vaccinated. Out of the 1,300 cattle in the cowshed, a total of 12 cattle are currently suffering from illness, and veterinary doctors are treating them, the cows are responding to the treatment, some are actively roaming, and none have fallen ill recently. Vemulawada MLA and government Whip Adi Srinivas said that Chief Minister Revanth Reddy sent state-level officials to look into the issue. Animal Husbandry department officials, district Collector, temple EO, staff and officials of all departments are constantly monitoring the cows. Seasonal diseases with the arrival of the rainy season, Animal Husbandry officials said that some of the cows have developed lumpy skin disease, and 16 medical staff is monitoring the cows. He said that about 18 to 20 cows have already recovered from severe illness and are healthy. Officials say that there will be some trouble as devotees offer small cows and those that do not melt milk in the process of paying cow sacrifices. Chief Minister Revanth Reddy has decided to construct a spacious, state-of-the-art cowshed in Vemulawada on the lines of the cowsheds being constructed in Moinabad by the government in Rangareddy district in the coming days, the MLA said. The temple EO said that some cows had lumpy skin and were vaccinated and that the cows would be distributed to those eligible through Geo-tagging. The government has given permission to build a large cowshed in the next few days, and steps will be taken to ensure that the new cows offered by devotees are kept in a cage and later mixed with the rest. Rajanna Sircilla Collector Sandeep Kumar Jha, visited the Tippapur cowshed of the Vemulawada Sri Rajarajeshwara Swamy Temple. He said that the cowshed should be drained to prevent rainwater from stagnating and that the cows with the lump should be kept separate from the others. The veterinary officer explained that the cowshed has a capacity of 450 kodelu and currently there are 1,200 cattle. He said that the cows are dying due to the accumulation of rainwater, the lack of adequate supply of green grass for the cows for weeks and the devotees bringing and giving away sick and malnourished kodelu under one year old. In order to get the heifers from the Tippapur cowshed of the Vemulawada Sri Rajeswara Swamy temple, farmers should register online on the district website Collector Sandeep Kumar Jha said. He clarified that only eligible farmers will be distributed geo-tagged kodelu. Eligible farmers should contact with relevant documents like Pattadar passbook, Aadhar card etc. Geo tagging and registration of farmers' details on the website may prevent the possibility of cows going astray. Vishva Hindu Parishad Goraksha State committee member Ootkuri Radhakrishna expressed grief over the death of kodelu. Meanwhile, when the last reports arrived on Friday, out of the 17 cows suffering from illness in the cowshed, five were in critical condition, according to veterinary officials. They are being treated better. They said they were providing medicine.
Indian Express
27 minutes ago
- Indian Express
For a $5 trillion economy, India must embrace cutting-edge tech
The Indian economy is on the threshold of crossing another milestone and becoming the fourth-largest in the world. It is a commendable achievement for a country that began its journey as an independent nation in 1947 with a meagre $33-billion economy. Decades of British exploitation left it significantly weakened and poor. The Jawaharlal Nehru government's Soviet-style central planning, while promoting heavy industries and the public sector, led to low economic growth of 3-4 per cent, pejoratively described as the 'Hindu rate of growth'. In 40 years, it could only reach the $266 billion mark. The first major leap came in 1991 when the Narasimha Rao government introduced economic liberalisation and unleashed the potential of Indian entrepreneurs. The opportunity offered by the digital revolution with the introduction of the internet was quickly seized by some of India's brightest tech entrepreneurs. The Indian economy grew manifold in the next two decades on the strength of its services economy, which contributed 60 per cent of the nation's GDP. The economy crossed $2 trillion by the time the Narendra Modi government came to power. The last 10 years have seen the Modi government giving greater emphasis to faster economic growth through programmes like Stand-Up India, Start-Up India and Make in India. The results are there to see. IMF data from May has projected that the Indian economy will overtake Japan this year, reaching the $4.19 trillion mark. Japan was once a $5.8 trillion economy but has shrunk to $ 4.18 trillion due to stagnation and slow growth rates since the 1990s. As India demonstrated promising growth, naysayers rushed forward to raise the hollow bogey of per capita income. Per capita income is determined by factors like the size of the population. India is the world's most populous country. As a result, whatever may be the size of GDP, its per capita figures are bound to remain low. No country's growth can be measured on the criterion of per capita income alone. Although the US is the world's largest economy with a $28 trillion GDP, it ranks seventh in per capita. China, the second-largest economy with $18 trillion, ranks 69. The per capita argument is worthless because even if India becomes the world's largest economy with $30 trillion, it will still be ranked 55th in terms of per capita. The only merit of this argument is that the country should be able to provide better living standards to all its citizens. In democracies, the fruits of economic growth percolate to all sections of society. This is reflected in the consumption patterns. Surveys indicate that the monthly per capita expenditure (MPCE) has increased in India by more than 2.5 times in the last 10 years. Interestingly, most of this expenditure was on travel, health and education, indicating healthy growth parameters. Tourism has seen remarkable growth in the last 10 years. China still occupies the first rank in the number of domestic and international travellers. India lagged in this sector for decades due to a lack of disposable income and tourism infrastructure. But today, with the incomes of the middle class growing substantially, Indians have started travelling more. Data indicates about 2.5 billion domestic tourist visits last year. Figures for 2024 indicate that almost 29 million Indians travelled abroad marking a 30 per cent growth. All this indicates healthy economic growth, which has led to the near eradication of baseline poverty and the creation of a strong middle class with disposable income. The Modi government aspires to take the economy to further heights with targets ranging from $ 5 trillion in 2027 to $10 trillion in 2035. The current impressive growth is a result of corrective measures taken by the government. It removed parallel economy, allowed proper distribution of wealth and encouraged greater consumption. But the path from here needs to be calibrated carefully. Economies grow on the strength not just of consumption but also trade and technology. Quality, quantity and speed are the main determining factors. India and China were leading economies until the middle of the 18th century. But when the industrial revolution occurred first in England and later in America, those two countries surged ahead and became leading economic powers by the dawn of the 20th century. When automation and digitisation progressed in the last decades of the last century, China moved ahead of the curve, emerging as the second-largest economy by 2008. We are now in the post-manufacturing and post-digital era. Growth in frontier technologies will determine a country's economic future. A country of India's size and capability cannot just think perpetually in terms of catching up with the developed West and the rest. It has to, instead, think in terms of moving ahead of the curve. We missed the first two industrial revolutions as we were a slave nation at that time. We benefitted partially from the third, digital revolution of the 1980s and '90s and became a leader in sectors like IT services. But the Fourth Industrial Revolution, led by Artificial Intelligence (AI), quantum technologies, robotics, space, defence, crypto and bio-engineering calls for new thinking and new priorities. The impressive growth of the Indian economy in the last decade was largely due to the unleashing of its basic potential. The trajectory from here should be more strategic, with greater emphasis on deep-tech R&D, an area in which we lag. It is important to create a climate of hassle-free access to investments in these areas. Only then can India aspire to achieve its goal of becoming a $10 trillion economy in the next 10 years. The writer, president, India Foundation, is with the BJP
