ITR-6 excel utility now live: Who is eligible to file?
advertisementWHO NEEDS TO FILE ITR-6?ITR-6 is the return form used by companies that do not claim exemption under Section 11 of the Income Tax Act, which is meant for entities with income from property held for charitable or religious purposes.
Corporate taxpayers can now prepare and file their income tax returns using the updated utility available on the e-filing portal.Earlier this year, the government had already notified all ITR forms for AY 2025-26. The utilities for ITR-1 and ITR-4 were released in May and June, followed by ITR-2 and ITR-3 in July. The excel utility for ITR-5 was launched on August 8, and now ITR-6 has been added to the list.The tax department has also made it possible for taxpayers to file updated returns (ITR-U) for Assessment Years 2021-22 and 2022-23 in ITR-3 and ITR-4.INCREASED BURDEN ON EXPERTSThe staggered rollout of utilities has added to the workload of chartered accountants and experts, who already face several deadlines.Many professionals feel that the delay will result in a rush to file returns, increasing the likelihood of errors. Incomplete or incorrect filings often draw queries from tax officials and may lead to penalties.TECHNICAL ISSUES STILL REMAINAlthough utilities are being released in phases, technical glitches are still troubling users. Some corporate taxpayers using ITR-2 have reported problems with the Annual Information Statement (AIS) and the Tax Information Summary (TIS).Professionals say these issues should be resolved quickly, as last-minute adjustments could make the filing process even more difficult.Taxpayers are advised to keep checking the e-filing portal for updates and ensure that they use the latest version of the utility while preparing their return.- Ends
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
an hour ago
- News18
Income Tax Return Filing 2025: Who Needs To File ITR-3? Eligibility, Key Features, Updates
Last Updated: ITR-3 is one of the most detailed forms, meant for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. Here's all you need to know: ITR Filing 2025: The income tax return (ITR) filing season is going on, and the deadline for non-audit ITRs is September 15, 2025. The income tax department has already enabled different income tax return (ITR) forms for various categories of taxpayers. Among these, ITR-3 is one of the most detailed forms, meant for individuals and Hindu Undivided Families (HUFs) who have income from business or profession. It covers taxpayers engaged in more than just salary or capital gains income. Who should file ITR-3? ITR-3 is meant for individuals and Hindu Undivided Families (HUFs) who have income under the head 'profits and gains of business or profession" and are not eligible to file ITR-1 (Sahaj), ITR-2, or ITR-4 (Sugam). You need to file ITR-3 if you are: An individual or HUF carrying on a business or profession (proprietorship, consultancy, freelancing, etc.). A partner in a firm and earning income from the partnership (other than salary/commission, which goes in ITR-2). Earning income from presumptive taxation schemes (under Sections 44AD, 44ADA, or 44AE). Having income from house property, salary/pension, or other sources along with business/professional income, including F&O trading. Earning capital gains along with business/profession income. Who cannot use ITR-3? Companies, LLPs, and firms (they have separate forms like ITR-5, ITR-6, etc.). Individuals or HUFs without business/professional income (they should file ITR-1 or ITR-2 depending on conditions). Key details required in ITR-3 Profit and loss statement of the business/profession Balance sheet details (assets, liabilities, debtors, creditors, etc.) Details of presumptive income if opted under Sections 44AD/44ADA/44AE Income from salary, house property, capital gains, and other sources Foreign assets/income (if any) Taxes paid, advance tax, TDS/TCS details For the assessment year (AY) 2025-26 (i.e., for income earned in FY 2024-25), there are some important updates that taxpayers need to be aware of: Capital Gains Cut-Off Date – July 23, 2024 A notable change this year is related to capital gains reporting. The Finance Act, 2024, amended the capital gains rules for shares and mutual funds acquired on or after July 23, 2024. As per the amendment: Equity mutual funds and listed shares sold on or after July 23, 2024, will have higher LTCG (12.5%) and STCG (20%). However, those sold before this date will attract old rates of 10% (LTCG) and 15% (STCG). This change impacts the way taxpayers report Schedule CG (Capital Gains) in ITR-3. Taxpayers must now separately report gains from assets sold before and after the July 23 cut-off date. This implies a split approach in reporting and calculating capital gains, and may require more detailed documentation for future filings. Filing Deadline The due date to file ITR-3 for individuals and professionals not subject to tax audit is September 15, 2025. For those whose accounts require audit under the Income Tax Act, the last date is October 31, 2025. However, audit needs to be submitted by September 30, 2025. Taxpayers are advised not to wait until the last moment, especially given the complexity of this year's disclosures related to capital gains. tags : income tax income tax return view comments Location : New Delhi, India, India First Published: August 20, 2025, 14:01 IST News business » tax Income Tax Return Filing 2025: Who Needs To File ITR-3? Eligibility, Key Features, Updates 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. Loading comments...
Mint
2 hours ago
- Mint
ITR filing decoded: How to handle capital gains from debt mutual funds after tax overhaul
The Finance Act, 2023 overhauled how capital gains from debt mutual funds are taxed, and this has made income tax return (ITR) reporting significantly more complex. Until 31 March, 2023, gains from debt mutual funds held for over 36 months were treated as long-term capital gains (LTCG) and taxed at 20% with indexation. From 1 April 2023, all such investments are treated as short-term. This means that irrespective of holding period, gains are taxed at the investor's income slab rate. Depending on the purchase date of the investment, you will need to carefully report gains as short-term or long-term. Which ITR to file ITR-2: For salaried taxpayers with salary and capital gains. ITR-3: For taxpayers with business/professional income. Capital gains are reported in Schedule CG. Unlike equity shares, the ITR does not require line-by-line details for debt funds—only consolidated totals of cost of acquisition and sale consideration. Reporting in Schedule CG Short-term gains: STCG are reported in the section 'From Assets Other Than Shares." If the units were bought on or after 1 April, 2023, all gains will go here. Also, investments purchased before 1 April, 2023 but redeemed within 36 months also belong in this section. Long-term gains: Only those units that were purchased before 1 April, 2023 and held for more than 36 months will qualify as LTCG. These gains are to be reported in the section 'Long Term Capital Gains – From Assets Other Than Shares." For these transactions, the benefit of indexation still applies, so adjust the cost of acquisition for inflation. According to chartered accountant (CA) Prakash Hegde, mutual funds acquired on or after 1 April 2023 are treated as 'specified mutual funds" if they invest not more than 35% in domestic equities. 'As per this guideline, international funds, exchange traded funds (ETFs), gold ETFs, and gold mutual funds fall in this category and will be taxed the same as debt funds for FY 2023–24 and FY 2024–25, which means all gains from specified mutual funds are taxed as short-term, with no indexation benefit." "It should be noted this is limited to FY24 and FY25, from 1 April 2025 onwards, the gains can again be LTCG or STCG as per tax and holding period rules announced in Budget 2024," Hegde added. How to calculate gains on SIPs Reporting debt MF investments done with systematic investment plans (SIPs) before and after 1 April 2023 is tricky as you would have to identify units bought before the date qualifying as LTCG to report them separately. CA Bhawna Kakkar explains that the First In, First Out (FIFO) method applies, meaning each redemption is mapped to the earliest SIP units. Investors must separate pre-April 2023 units (eligible for LTCG with indexation if held >36 months) from post-April 2023 units (always STCG). The capital gains statement provides unit-wise details for easy segregation. 'Investors can segregate units bought before April 1, 2023 from those acquired after this date following FIFO method. The capital gains statement has details of each SIP investment so the investor can identify how much of the gains qualify as LTCG by looking at the date of acquisition of each SIP in the statement." Quarterly disclosure After reporting consolidated gains under STCG and LTCG, you must also disclose them in Part F of Schedule CG—a quarter-wise breakup of realised capital gains. This is essential for advance tax compliance. If gains were realised in one quarter but advance tax paid later, interest under Section 234C could apply. Hence, correct manual quarter-wise reporting is critical.
Mint
2 hours ago
- Mint
Understanding section 139(9): What to do when your income tax return is marked defective
The nation's Income Tax Department scrutinises every submitted return. Checks are done for completeness, clarity, and accuracy. When a tax return falls short of the required standards, it is highlighted and marked as a defective return. It becomes a defective return under Section 139(9) of the Income Tax Act, 1961. This provision provides taxpayers with an opportunity to correct errors and mistakes while filing returns for FY 2024-25. It ensures that taxpayers are not directly subjected to penalties immediately in case they file a defective return. Missing essential information like PAN details. Errors in declared income and tax paid. Selection of incorrect ITR forms at the start. Failure to properly verify the return electronically. Non-submission of mandatory documentation. Incomplete details and data in annexures. Mistakes in presumptive taxation reporting. Mismatch of information and data in comparison with Form 26AS and Form 16. Once defects and mistakes are identified, the department issues a notice to the taxpayer highlighting the errors. Post the same 15 days are provided to the taxpayer to rectify these errors. The assessing officer (AO) may allow further time upon request. Immediate and prompt action in such cases ensures that the taxpayer avoids the consequence of an invalid return, which is treated simply as a non-filing. Furthermore, ignoring income tax notices or non-rectification can result in penalties, interest on unpaid taxes, loss of carry-forward benefits, and the possibility of legal action. Log in to the Income Tax e-filing portal and carefully check the notice details. Understand the exact mistakes in the notice. If in doubt, reach out to a tax professional. File a revised return using the correct form with complete and accurate information. Submit all necessary supporting documents and proof of tax payments. Verify the corrected return through Aadhaar OTP, digital signature, or electronic verification code. Providing the tax authorities with a credible and prompt response within the prescribed time protects the taxpayer's compliance status. It also protects the taxpayer against interest and penalties. Late rectifications may also be accepted if made before the assessment completion date. Still, in their interest, taxpayers are advised to act in a swift manner to maintain hassle-free and seamless tax records. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards, and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks, such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
