Income Tax Filing: ITR-5 excel form now live – Who should opt for it? Details here
In a post on the social media platform X, the income tax department noted, 'Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.'
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Mint
3 hours ago
- Mint
Income Tax: Top 10 things first time taxpayers must keep in mind while filing ITR
Income-tax returns: From what documents are required, to which forms is the one to fill, and what is the last date of filing — we look at the top 10 important things to remember for first time taxpayers filing their income tax returns (ITR). Notably, while the e-filing process has become quicker and easier over the years, the process can be daunting for for first-time filers. Salaried individuals overwhelmed by the process can use this simple checklist to ensure that they are properly prepared before filing ITR. Who must file ITR? Notably, all Indian residents are required to file their ITR for income tax purpose: If the aggregate of your income or salary exceeds the prescribed limits. If they hold assets in India or abroad; If they have investments in markets, shares, or ESOPs; If they have bank deposits exceeding ₹ 50 lakh combined; If they have savings or current account exceeding ₹ 1 crore total; If they have paid electricity bill over ₹ 1 lakh annually; or If they have travelled internationally with expenditure over ₹ 2 lakh; and If the value of their sales (irrespective of income) exceeds ₹ 60 lakh. What is total taxable income? Your total taxable income is calculated as the gross earnings from salary and other sources (bank fixed deposits and shares, etc.), minus any tax-saving deductions you may have made. Such deductions include investment in public provident fund (PPF), national pension scheme (NPS), insurance, or payments towards loans and rent. Your total taxable income is calculated as the gross earnings from salary and other sources (bank fixed deposits and shares, etc.), minus any tax-saving deductions you may have made. Such deductions include investment in public provident fund (PPF), national pension scheme (NPS), insurance, or payments towards loans and rent. Should I opt for old regime or new regime? The answer to the new vs. old tax regime debate depends completely on how much you earn and what deductable investments you can show. You can use online tax calculators to determine which option minimises your tax liability, or consult with a financial planner or your chartered accountant (CA), for the best course of action. What is the last date of filing ITR for FY24-25 (AY25-26)? The deadline for filing your ITR without incurring penalties for delayed returns this year is September 15, 2025. You can still file a delayed ITR till December 31, 2025, but this would cost you upwards of ₹ 1,000 to ₹ 10,000 depending on the duration of the delay and your taxable amount. The deadline for filing your ITR without incurring penalties for delayed returns this year is September 15, 2025. You can still file a delayed ITR till December 31, 2025, but this would cost you upwards of 1,000 to 10,000 depending on the duration of the delay and your taxable amount. What documents do I need to file ITR? Before filing your ITR keep the following documents ready as applicable: Form 16 (from current employer and former employer if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), and investment proofs (including bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts. What is Form 16? This TDS certificate provided by your employer details your salary, deductions claimed, and exemptions availed, which are essential for filing your ITR. This TDS certificate provided by your employer details your salary, deductions claimed, and exemptions availed, which are essential for filing your ITR. What is review Form 26AS? This document summarises income on which TDS has been deducted, which is crucial for accurate tax filing. This document summarises income on which TDS has been deducted, which is crucial for accurate tax filing. What is Annual Information Statement (AIS)? Includes details like interest income, dividends, securities transactions, and foreign remittances, pre-filled in your ITR form for ease. What is e-verification? Is it mandatory? The Income-Tax (I-T) Department has noted that when filing your returns all assessees must complete the process by completing e-verification of their ITR filing. If not done within 30 days, it may result in your ITR refund getting delayed due to 'invalid' or 'incomplete' process. This can be done via the e-filing portal using Aadhaar OTP, net banking, or electronic verification code (EVC). The Income-Tax (I-T) Department has noted that when filing your returns all assessees must complete the process by completing e-verification of their ITR filing. If not done within 30 days, it may result in your ITR refund getting delayed due to 'invalid' or 'incomplete' process. This can be done via the e-filing portal using Aadhaar OTP, net banking, or electronic verification code (EVC). Which ITR form should you choose? Choose the form as per your eligibility mentioned below: Choose ITR-1 form: If you are an individual with income from salary, one house property, and other sources. Choose ITR-2 form: If you are an individual or Hindu Undivided Family (HUF) without business income. Choose ITR-3 form: If you are an individual or HUF with income from business or profession. Choose ITR-4 form: If you have presumptive income from business or profession.
Hindustan Times
3 hours ago
- Hindustan Times
Elon Musk shares damning evidence that he is 'more trustworthy' than Sam Altman
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Business Standard
4 hours ago
- Business Standard
Net direct tax collection down 4% to nearly ₹6.63 trillion till August 11
Net direct tax collection contracted nearly 4 per cent to about ₹6.63 trillion as on August 11 2025-26 due to a 21.2 per cent surge in corporation-tax refunds, the data released by the Central Board of Direct Taxes (CBDT) showed. Gross direct tax collection too contracted 1.87 per cent to ₹7.99 trillion so far in FY26. For FY26, the Centre has projected direct tax receipts at ₹25.2 trillion. In FY25, net direct tax collection rose 13.57 per cent to ₹22.26 trillion, surpassing the initial Budget estimate of ₹22.07 trillion. 'Gross receipts might have declined as the majority of the taxpayers have shifted to the new tax regime. Also, after the government announced a rebate for an income up to ₹12 lakh per annum and revised the tax slabs, it might have collected less tax deducted at source, leading to low revenue from personal income tax,' a government official said. Net non-corporation tax, which includes taxes paid by individuals, Hindu undivided families, firms, bodies of individuals, associations of persons, local authorities, and artificial juridical persons, decreased 7.45 per cent on a yearly basis to ₹4.12 trillion during the same period. Net corporation-tax collection grew around 3 per cent year-on-year to ₹2.28 trillion. Securities transaction tax (STT) collection also rose 3.5 per cent to ₹22,362 crore during the same period. Refunds released as of August 11 stood at ₹1.34 trillion, of which a major chunk, ₹1.03 trillion, went to companies. Direct-tax refunds increased by 9.8 per cent. According to experts, the tepid performance of direct-tax collection so far has been significantly affected by the high volume of refunds, particularly in corporation tax. According to Hitesh Sawhney, partner with PwC, this trend highlights the dynamic nature of tax administration and the impact of refund outflows on the government's net revenue position in the early part of the financial year. The decline in non-corporation tax collection may indicate stress in the formal sector, he said. Aditi Nayar, chief economist, Icra, said extending the last date for filing income-tax return (ITR) was a reason for subdued growth in personal income tax collection. The Centre had extended the deadline for ITR filing from July 30 to September 15. 'The data on advance tax collection suggests that the government's personal income-tax and corporation-tax collection is required to record high double-digit growth in the remaining part of FY26, to meet their respective FY26 targets. While this may seem challenging, the growth rates in net tax collection are likely to improve as the year progresses, and the base normalises,' Nayar stated.
