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News18
5 days ago
- Business
- News18
ITR Filing 2025: Confused Between ITR 1 And 4? Know Key Differences To File Correct Income Tax Return
Last Updated: The income tax dept has introduced Excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for FY 2024-25; here's who is eligible to file their income tax returns through these forms. ITR-1 Vs ITR-4: The income tax department has enabled the Excel utilities of ITR-1 (Sahaj) and ITR-4 (Sugam) for the financial year 2024-25 (assessment year 2025-26), thus allowing offline return filing. Online ITR forms will be enabled soon. Tax experts say it is necessary to choose the correct ITR form to avoid any future income tax notice. The Central Board of Direct Taxes (CBDT), the country's apex direct taxes body under the finance ministry, has already notified the latest ITR forms to be used for filing this year. As per the forms, both ITR-1 and ITR-4 have a provision to report long-term capital gains (LTCG) under Section 112A up to Rs 1.25 lakh (exemption limit), to simplify income tax return filing. Earlier, taxpayers had to file ITR-2 and ITR-3 for reporting any capital gain. Section 112A of the Income Tax Act deals with LTCG tax on the sale of listed shares and equity mutual funds. According to the Budget 2024 announcement, LTCG up to Rs 1.25 lakh is exempt. advetisement The Budget also announced several tax changes that were applicable with effect from July 23, 2024, (the Budget announcement date). The latest forms also have a provision to report both pre-July 23, 2024, gains and post-July 23, 2024, gains separately. The CBDT has also made certain changes in the forms with regard to deductions claimed under 80C, 80GG and other sections and has provided a drop down menu in the utility for tax filers to select from. Also, assessees will have to furnish in the ITR section-wise details with regard to TDS deductions. Here's the difference between ITR-1 and ITR-4 as per the latest forms notified by the finance ministry, and which one should you choose for filing. ITR-1 Vs ITR-4: Key Differences, Which One Should You Choose? Selecting the correct income tax return (ITR) form holds significant importance for both individuals and businesses. It ensures adherence to tax laws, minimising the likelihood of penalties or legal issues. Who is eligible to file ITR-1 Sahaj? According to the notified forms, ITR-1 can be filed by a resident individual whose: Total income does not exceed Rs 50 lakh during the FY. Income is from salary, one house property, family pension income Long-term capital gains up to Rs 1.25 lakh under Section 112A. Agricultural income (up to Rs 5,000) Other sources, including interest income. ITR 4 Sugam According to the latest government notification, a similar change has been made to form ITR-4 which applies to taxpayers resorting to presumptive taxation for their business income. The new ITR-4 form for AY 2025-26 also subsumes reporting of LTCG subject to tax under Section 112A of the IT Act within the limit of Rs 1.25 lakh. Who is eligible to file ITR-4? ITR-4 is for resident individuals, HUFs and firms (other than LLP) having total income up to Rs 50 lakh and having income from business and profession which is computed under Sections 44AD, 44ADA or 44AE and agricultural income up to Rs 5,000. ITR-4 can be filed by a Resident Individual / HUF / Firm (other than LLP) who has: Income not exceeding Rs 50 Lakh during the FY Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE Income from Salary/Pension, one House Property, Agricultural Income (up to Rs 5,000/-) Long-term capital gains up to Rs 1.25 lakh under Section 112A. Other sources include (excluding winning from Lottery and Income from Race Horses):-Interest from Savings Account-Interest from Deposit (Bank / Post Office / Cooperative Society)-Interest from Income Tax Refund-Family Pension-Interest received on enhanced compensation-Any other Interest Income (e.g., Interest Income from an unsecured loan). Advertisement Documents Needed To File ITR PAN and Aadhaar Card, Form 16, Form 26AS and AIS (annual information statement), bank account details, interest certificates, investment proofs for deductions (Section 80C, 80D, etc.) if going for old tax regime, home loan & property-related documents (if applicable), capital gains statements, foreign income & assets (if applicable), business or freelance income details, advance tax and self-assessment tax challans, old tax notices and previous year ITR. When Will You Receive Form 16? top videos View All Though the ITR filing has started with the offline utilities available, tax experts advise the salaried individuals to file ITR after they receive their Form 16. Form 16 is a critical document for salaried taxpayers. It is issued by employers and provides a detailed summary of the salary paid and the tax deducted at source (TDS) during the financial year. As per the income tax rules, employers must issue Form 16 by June 15, 2025. 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! tags : income tax income tax return Income Tax returns Location : New Delhi, India, India First Published: May 30, 2025, 11:18 IST News business » tax ITR Filing 2025: Confused Between ITR 1 And 4? Know Key Differences To File Correct Income Tax Return Latest News Surveen Chawla To Barkha Singh: A Look At The Criminal Justice Season 4 Cast Bollywood Viral Candidate Claims Recruiter Probed Into Family Income, Marriage Plans In Interview Bollywood Dharmendra Calls Bobby Deol, Tanya 'Darling Kids'; Sends Wishes On Wedding Anniversary Agency feeds FHF to celebrate Raj Khosla's centenary with screenings of his restored films Agency feeds Three judges take oath, SC regains full working strength of 34 judges latest news
News18
5 days ago
- Business
- News18
ITR Filing Begins: Excel Utilities Released For ITR-1, ITR-4; Check Eligibility For AY 2025-26
Last Updated: ITR Filing Start Date For AY 2025-26: Income Tax Department has launched Excel-based utilities for ITR-1 and ITR-4 for AY 2025-26, enabling offline filing ITR Filing Begins: The income tax department has released Excel-based ITR filing utilities for the financial year 2024-25 (assessment year 2025-26). The Excel Utilities for ITR-1 and ITR-4 are now available for filing. The utilities are now available for download on the e-filing portal of the income tax department. This means that taxpayers who are eligible to file ITR-1 (Sahaj) and ITR-2 (Sugam) can now file their income tax return using these Excel-based utilities. Though the Excel utilities are now enabled for filing, the online ITR filing has not yet started. The last date for filing ITR is September 31, 2025. Who Can File ITR-1, ITR-4? ITR-1: Residents with total income up to Rs. 50 lakh, including income from salaries, one house property, other sources (like interest), long-term capital gains under section 112A up to Rs. 1.25 lakh, and agricultural income up to Rs. 5,000. ITR-4: Residents (Individuals, HUFs, Firms other than LLP) with total income up to Rs. 50 lakh from business and profession under sections 44AD, 44ADA or 44AE, and long-term capital gains under section 112A up to Rs. 1.25 lakh. ITR Filing Last Date 2025 Extended The Income Tax (I-T) Department announced on Tuesday, May 27, that it has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. The decision was made after a delay in issuing the notification of income tax return (ITR) forms. In a statement, the Central Board of Direct Taxes (CBDT) said that in view of the extensive changes introduced in the notified ITRs, and considering the time required for system readiness and rollout of ITR utilities for AY 2025-26, the due date for filing returns has been extended. 'To facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing ITR, originally due on July 31, is extended to September 15, 2025," said the CBDT in a statement today. First Published:
Business Standard
6 days ago
- Business
- Business Standard
It's time to get Form 16 from your employer, and what to do if it's missing
Salaried Indians have started receiving Form 16, a document employers provide to help in filing Income Tax returns (ITR). Here's when you should get the document. According to the Central Board of Direct Taxes (CBDT) under Rule 31(3) of Income Tax Rules, 1962, salaried employees should receive Form 16 by June 15. Employers are required to furnish Form 16 within 15 days after filing the fourth quarter TDS return (Form 24Q), which is due on May 31. This means the last date to issue Form 16 is June 15, as per CBDT norms. What is Form 16? Form 16 is a certificate that organisations give to their salaried employees. It is a summary of the salary paid and tax deducted at source in a financial year. It has two parts: Can you file ITR without Form 16? Yes, it is possible to file your tax return even if you haven't received Form 16. Taxpayers can use salary slips, Form 26AS, the Annual Information Statement (AIS), and bank statements as alternatives. 'Taxpayers should use salary slips and compare them with Form 26AS and AIS data. If all three are consistent, one can proceed with ITR filing even without Form 16,' said Ritika Nayyar, partner, Singhania & Co. What if there's a mismatch? Sometimes, the figures in Form 16 may not match what's reflected in the income tax portal. This can delay return filing. 'If there is a mismatch between Form 16 and AIS, taxpayers should reconcile using payslips and seek correction from the employer, if required,' said Sandeep Bhalla, partner at Dhruva Advisors. For FY25 (assessment year 2025-26), the last date to file ITR has been extended to September 15. Filing after this date may attract penalties.
Indian Express
6 days ago
- Business
- Indian Express
ITR Filing Last Date FY 2024-25 (AY 2025-26): Updated deadline for filing income tax returns in India for salaried individuals, companies, and more
ITR Filing Updated Last Date FY 2024-25 (AY 2025-26): As the income tax season approaches, individuals and companies across India must exercise their civic obligations by filing their income tax returns (ITR) on time. A common mistake which taxpayers tend to make is delaying or missing the ITR filing date, which ultimately could result in taxpayers losing certain rights, facing penalties, and incurring interest on unpaid taxes. According to the latest notification issued by the Central Board of Direct Taxes (CBDT), it has been decided to extend the deadline for filing returns due to the extensive changes introduced in the notified Income Tax Returns (ITRs) and the time required for system readiness and rollout of ITR utilities for Assessment Year (AY) 2025-26. The ITR filing process usually begins on April 1st of the assessment year; so, for Fiscal Year 2024-25 (Assessment Year 2025-26), filing should have begun on April 1, 2025; however, due to significant modifications in the ITR forms, the ITR filing process is now scheduled to begin in June 2025. To provide a seamless and convenient filing experience for taxpayers, the deadline for filing ITRs, which was originally due on July 31, 2025, has been extended to September 15, 2025. However, if one misses the ITR filing date, they can file a belated return by Wednesday, December 31, 2025, with penalties and interest. Source:
Hindustan Times
7 days ago
- Business
- Hindustan Times
Income tax returns filing due date extended: step-by-step guide to file ITR
The Central Board of Direct Taxes (CBDT) has extended the due date for filing ITR for the year 2025-26 to September 15 due to the changes in the forms. The reason for this change was stated as technical reasons, including the necessary system development needed. Also read: ITR filing extension: CBDT announces new deadline for AY 2025-26
