ITR-5 Excel Utility Live: Who Can File and By When
11 Aug, 2025
Credit: Getty
The Income Tax Department has released the ITR-5 Excel utility for AY 2025–26 on its e-filing portal from August 9, 2025.
ITR-5 Excel Utility Live
Applicable to firms, LLPs, co-operative societies, and certain other entities; not for individuals or companies.
Who Can File
Includes general information, balance sheet, profit and loss account, and schedules for various incomes, deductions, losses, and tax relief.
Form Details
Buyback losses can be reported only if the related dividend has been taxed.
New Change
For non-audit cases, the filing due date is September 15, 2025, with verification required within 30 days if filing physically.
Deadline
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
5 hours ago
- News18
ITR 2025: Are E-Filing And E-Payment The Same? Know The Difference
Last Updated: E-filing is the process of electronically submitting your Income Tax Return using the e-filing portal, and e-payment is the process of electronically paying taxes. In India, the introduction of digitalisation has transformed administrative operations, particularly taxation and government services. With the rise of e-governance activities, e-filing and e-payment have emerged as critical components of the digital transformation. E-filing refers to the electronic submission of a variety of documents, allowing for more efficient operations for tax returns and other purposes. E-payment, on the other hand, allows for the electronic transfer of a number of regulatory-mandated charges and fees, ranging from income tax liabilities to goods and services tax obligations. While both e-filing and e-payment are electronic processes connected to taxes and other government operations, they serve different functions. E-filing is the process of electronically submitting documents or forms, whereas e-payment is the process of making electronic payments. E-Filing E-filing, also known as electronic income tax filing, is the online filing of an income tax return (ITR) for a given assessment year. This does not involve any physical exertion. Simply log in to your laptop and file your ITR according to the Income Tax Department's guidelines. E-Payment E-payments are done with debit and credit cards, direct bank deposits, and e-checks; however, other e-payment methods, including e-wallets and bank transfers, are also accepted. Benefits of e-Payment It's faster and more convenient Making digital payments also provides proof of transactions. Taxpayers can use this method anytime. In simple words, e-filing is the process of electronically submitting your Income Tax Return using the e-filing portal, and e-payment is the process of electronically paying taxes. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
6 hours ago
- News18
First-Time Income Tax Return Filing? Here's Your Simple 10-Point Guide
Last Updated: Here's a step-by-step checklist that will help you understand who needs to file, which ITR form to choose, what documents to keep handy, and the deadline to avoid penalties. Filing your income tax return (ITR) for the first time? While e-filing has become quicker and simpler, many first-time taxpayers still find the process intimidating. This step-by-step checklist will help you understand who needs to file, which ITR form to choose, what documents to keep handy, and the deadline to avoid penalties. 1. Who needs to file an ITR? You must file an ITR if your annual income crosses the taxable threshold or if you meet certain financial conditions — such as holding assets in India or abroad, having combined bank deposits over Rs 50 lakh, maintaining savings/current account balances above Rs 1 crore, paying electricity bills over Rs 1 lakh a year, spending more than Rs 2 lakh on foreign travel, investing in markets or ESOPs, or having sales worth more than Rs 60 lakh in a year. 2. Understanding taxable income Your taxable income equals total earnings from salary and other sources (FD interest, shares, etc.) minus deductions allowed under the Income Tax Act. Deductions may include investments in PPF, NPS, life insurance, home loan interest, or rent paid. 3. Old vs. new tax regime The last date to file without penalty is September 15, 2025. You can file a belated return until December 31, 2025, but this attracts a penalty of Rs 1,000-Rs 10,000 depending on the delay and income. 5. Documents required Keep ready: Form 16 from your employer(s), PAN, Aadhaar (linked), investment proofs, home loan interest certificate, and insurance premium receipts. 6. Form 16 A TDS certificate from your employer detailing salary, deductions, and exemptions — crucial for filing your return. 7. Form 26AS Summarises income on which tax has been deducted; essential for cross-checking TDS credits. 8. Annual Information Statement (AIS) Lists interest income, dividends, securities trades, and other transactions — much of which is auto-filled in your ITR form. 9. E-verification is mandatory The income tax department requires e-verification within 30 days of filing. Skipping it can make your return invalid and delay refunds. Verification can be done using Aadhaar OTP, net banking, or an EVC. 10. Selecting the correct ITR form ITR-1: For income from salary, one house property, and other sources. ITR-2: For individuals/HUFs without business income. ITR-4: For presumptive income from business or profession. For first-time filers, the right preparation — knowing the rules, collecting documents, and choosing the correct form — will make ITR filing smoother, faster, and penalty-free. Click here to add News18 as your preferred news source on Google, Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
14 hours ago
- Mint
Gensol employees face threat of double tax liability
Mumbai: Gensol Group companies deducted tax from employee salaries before going belly-up, but didn't deposit the tax deducted at source (TDS) with authorities for a year, four former executives who are aware of the matter said. That leaves about 2,200 former employees of the group in a situation where they might have to pay the taxes again, this time to the Income Tax department, as Indian law holds the employee liable for paying tax even where the employer is at fault, despite multiple court orders to the contrary. The group companies have not paid any salaries since March 2025, the former executives said on the condition of anonymity as they did not want to be publicly associated with the beleaguered group. Gensol Engineering and BluSmart Mobility went bankrupt amidst charges of promoters siphoning crores of rupees and misleading investors, and are separately undergoing corporate insolvency under the Insolvency and Bankruptcy Code, 2016. 'They have not paid TDS since April 2024. I haven't filed my tax return yet. I don't know what to do," said one of the executives who quit months before the company went down. This executive added that employees have not received their Form 16 for the previous fiscal, which puts them in a spot over filing returns even as the 15 September deadline approaches. Form 16 is a certificate of TDS provided by the employer that helps employees reconcile tax deductions, and is an essential document for filing tax returns. A second former executive who is directly aware of the company's HR practices said that Gensol habitually deposited TDS lumpsum at the end of the year rather than making monthly deposits. 'They would always pay TDS late with penalties. Anmol (promoter Anmol Singh Jaggi) said that this was the company's usual practice," this person said. 'In a meeting with CXOs in March, he said he will pay TDS by 15 April. That never happened." The second executive added that there was no employee dashboard and 'the payrolls were made by hand". Queries sent to the promoters Anmol Singh Jaggi and Puneet Singh Jaggi on Monday remained unanswered as of press time Tuesday. Meanwhile, Keshav Khaneja, Gensol Engineering's interim resolution professional, said that he does not have access to employee salaries or TDS data as everyone has left the firm. He is trying to piece together the information on pending employee dues, he said. Law vs courts Legal experts say that under the Income Tax Act, 1961, the liability lies on the employee even if the employer fails to deposit TDS with the tax department. This is despite the Delhi, Karnataka and Gujarat High Courts ruling separately that the employee was not liable. The case brings flashbacks of the infamous bankruptcy of Kingfisher Airlines from over a decade ago when thousands of employees were left without pay and their TDS was similarly not deposited with the tax department. The employees subsequently received tax notices, prompting many to move court. Eventually, the Delhi, Karnataka and Gujarat High Courts separately ruled that employees were not liable and authorities must recover the dues from the airline. More recently, several thousand employees of beleaguered edtech platform Byju's also found themselves in a similar conundrum. The Bombay High Court provided relief last September with a ruling that employees were not liable for unpaid TDS when the employer is undergoing corporate insolvency. 'Unfortunately, this relief is flowing from judicial pronouncements and not from the statute itself," said Amit Singhania, founder of Areete Law Offices. 'Therefore, again the employees may have to knock the door of the Court, to get relief from tax demand arising from non-payment of TDS." The background The Gensol Group employed about 2,200 people across its various companies including flagship Gensol Engineering, ride-sharing platform BluSmart Mobility and several other unlisted subsidiaries including Gensol Electric Vehicles, Gensol EV Leasing, and Matrix Gas and Renewables. When the company went kaput overnight earlier this year, many jumped at the first offer that came their way, the former executives said, while most hung on to the hope of a resolution and the recovery of their unpaid dues. The Securities and Exchange Board of India (Sebi) filed its interim order against Gensol Engineering Ltd and its promoters on 15 April. The regulator accused the promoters of siphoning crores of rupees from the company for personal expenses, and said that there was a complete breakdown of internal controls and corporate governance norms at the Mumbai-listed company. 'The promoters were running a listed public company as if it were a proprietary firm. The Company's funds were routed to related parties and used for unconnected expenses, as if the Company's funds were promoters' piggybank," Sebi wrote in its interim order. The diverted funds would ultimately have to be written off from the company's books, resulting in losses to the investors, Sebi said. Sebi's final order in the case is still pending.
