Latest news with #Excel-based
News18
30-07-2025
- Business
- News18
ITR Filed At 5pm, Refund Received At 9pm: What Took 90 Days Once Is Taking Just 4 Hours Now!
Last Updated: ITR FY2025-26: According to the Income Tax Department's website, refunds usually take around 4-5 weeks, but the actual turnaround time is now often much shorter The process of receiving income tax refunds has become significantly quicker in the country. Previously, it could take over 90 days for taxpayers to receive their refunds. Now, many are reporting that refunds are being credited within just a few hours of filing their Income Tax Returns (ITR). The Income Tax Department has set September 15 as the last date for filing returns for the assessment year 2025-26. Refunds Issued Within Hours According to a report by Financial Express, Arun Prakash, a media professional from Noida, shared that he filed his return using the ITR-1 form at 5:03 pm and received the refund in his bank account by 9:02 pm the same evening. He even shared screenshots of the filing confirmation and refund credit to support his claim. This marks a significant shift from previous years when refunds often took several months to process. The Income Tax Department's improved digital infrastructure has drastically reduced this waiting time. Experts Highlight Same-Day Refunds Previously, refunds typically took almost 90 days. According to the department's website, refunds usually take around 4-5 weeks, but the actual turnaround time is now often much shorter. From 93 Days to 10 Days Finance Minister Nirmala Sitharaman informed Parliament last year that the average refund time in 2013-14 was 93 days. By 2023-24, it had come down to just 10 days. This improvement not only offers relief to taxpayers but also reflects the government's push towards digital governance and transparency. The accelerated refund process is made possible by a fully digital tax system. The department now uses the faster JSON format instead of the older Excel-based filing. Once a return is e-verified, refund processing begins immediately. Verified bank accounts and PAN-Aadhaar linking help ensure that refunds are credited securely and accurately. The system also cross-verifies data provided in returns with third-party sources like the Annual Information Statement (AIS) and Form 26AS. If discrepancies or inflated refund claims are detected, the process may be delayed. Tips for Taxpayers If a taxpayer has pending dues or assessments from previous years, their refund may be withheld. To ensure a smooth process, taxpayers are advised to: This new level of efficiency in refund processing is a welcome move and a clear indicator of the digital strides taken by the Income Tax Department. First Published: July 30, 2025, 13:38 IST 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
18-07-2025
- Business
- News18
ITR Filing 2025: 8 Key Reporting Changes In ITR-3 Form That Taxpayers Must Know
Last Updated: However, the tax department has made some key changes in the reporting process in the ITR-3 form that taxpayers must know before filing it. ITR FY2025: Amid the ongoing income tax season for filing the income tax return of FY2024-25 (AY 2025-26), there has been some confusion on the reporting changes in the ITR-3 form. The tax department has released the Excel-based utilities for ITR-2 and ITR-3 recently, allowing eligible taxpayers to file their ITR. However, tax department has made some key changes in the reporting process in the ITR-3 form that taxpayers must know before filing it. ITR-3 form is applicable to Individuals and Hindu Undivided Family (HUFs) with income from profits and gains of business or professions, said Rahul Gupta, Partner, Direct Tax, SN Dhawan & CO LLP. For Assessment Year 2025-26, several important disclosure requirements such as capital gain segregation, deductions, and new threshold reporting limits for assets and liabilities have been incorporated, he added. 1. Declaration of Previous and Current Tax Regime Preference – Form ITR-3 now mandates taxpayers to indicate whether Form 10-IEA was filed for Assessment Year (AY) 2024–25 (i.e., the preceding financial year). Additionally, taxpayers are required to declare their intent to either continue with or opt out of the new tax regime for the current assessment year. 2. Additional Reporting Requirements for Claiming Deductions and Exemptions under the Income Tax Act – In an effort to increase transparency and streamline compliance, the Income Tax Department has revised its disclosure norms concerning deductions claimed under various sections of the Income Tax Act. For instance, in Section 24(b), which provides a deduction for interest paid on borrowed capital for house property. Taxpayers were only required to disclose the amount of interest paid on the housing loan while claiming the deduction under Section 24(b). Now, in addition to the interest amount, taxpayers must furnish detailed information regarding the housing loan. The updated disclosure requirements under Section 24(b) which includes Source of the Loan , Name of the Lender, Loan Account Number, Date of Loan Sanction, Total Loan Sanctioned, Outstanding Loan Amount, Interest Paid. 3. Revised Reporting for LTCG and STCG – Following the amendments to capital gains tax rates introduced by the Finance Act (No. 2), 2024, Schedule CG and other related sections of the return have been updated. Taxpayers are now required to report capital gains transactions separately based on whether they were executed before or on/after 23rd July 2024. Long Term Capital Gains Short Term Capital Gains 4. Segregated Reporting of Indexed Cost for Property Transfers – Resident individual taxpayers are now required to separately disclose the cost of acquisition and the cost of improvement for land or building transferred before 23rd July 2024. This bifurcation is intended to facilitate the accurate application of indexation benefits for such transfers. 5. Increased Income Threshold for Asset and Liability Disclosure – The threshold for mandatory reporting of assets and liabilities has been raised. Taxpayers with total income exceeding Rs. 1 crore (previously Rs. 50 lakh) are now required to furnish details of their assets and liabilities as of the end of the financial year, excluding items already disclosed under Part A – Balance Sheet. 6. Introduction of Presumptive Taxation Reporting under Section 44BBC – Form ITR-3 has been updated to incorporate provisions for reporting income under the newly introduced Section 44BBC. This section pertains to presumptive taxation for taxpayers engaged in the business of operating cruise ships. 7. Specific Reporting of Deemed Dividend under Section 2(22)(f) – Form ITR-3 now includes a dedicated field for reporting dividend income deemed under Section 2(22)(f), which pertains to amounts received as part of share buyback transactions that are treated as dividends for tax purposes. 8. Separate Disclosure for Capital Losses on Share Buybacks – Form ITR-3 now features a distinct row in Schedule CG for reporting capital losses arising from payments received by shareholders during share buybacks, as governed by Section 68 of the Companies Act, 2013. These losses are allowable, provided the corresponding deemed dividend income is reported under the 'Income from Other Sources' head, in line with Section 2(22)(f) of the Income-tax Act. About the Author Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian More 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 filing itr view comments Location : New Delhi, India, India First Published: July 18, 2025, 06:55 IST News business » tax ITR Filing 2025: 8 Key Reporting Changes In ITR-3 Form That Taxpayers Must Know 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.
&w=3840&q=100)
Business Standard
11-07-2025
- Business
- Business Standard
Offline forms for ITR-2, ITR-3 released: How to use them, documents needed
The Income Tax Department has rolled out Excel-based offline forms ITR-2 and ITR-3 for assessment year (AY) 2025–26 for individuals and Hindu Undivided Families (HUFs) with complex income sources such as capital gains, foreign income, or business and professional earnings. Forms, which are called utilities by the department, for ITR-1 and ITR-4 were released earlier and the latest set was delayed. 'The delay stems from major structural changes to the ITR forms for AY 2025–26. These changes required backend system upgrades, utility reprogramming, and extensive validation,' said Ritika Nayyar, partner at Singhania & Co. Niyati Shah, a chartered accountant and personal tax head at '1 Finance', said 'synchronisation issues' with the Annual Information Statement and Taxpayer Information Summary, as well as efforts to align disclosures with international reporting standards and government circulars delayed the forms. What's new in ITR-2 and ITR-3? Changes in ITR-2 and ITR-3 reflect amendments in the Finance (No. 2) Act, 2024, said Naveen Wadhwa, vice-president at Taxmann. 'The threshold for mandatory reporting of assets and liabilities has been increased from Rs 50 lakh to Rs 1 crore, reducing the compliance burden for many taxpayers,' he said. Capital gains segregation: The new forms require taxpayers to disclose whether an asset transfer triggering capital gains occurred before or after July 23, 2024, as this impacts the applicable tax rates, particularly for property sales. Buyback reporting: Taxpayers can claim capital losses on share buybacks after October 1, 2024, provided related dividend income is reported. Tax deducted at source: A new field requires reporting the specific section under which TDS has been deducted. Expanded disclosures: There are now more granular requirements for deductions (like 80C and 80D), foreign assets, and virtual digital assets. 'These changes simplify filing for some taxpayers but also require more detailed information in certain areas,' Wadhwa added. Who should file ITR-2 and ITR-3? Experts explain ITR-2 is for individuals and HUFs with income from salary, multiple house properties, capital gains, or foreign assets, but not having income from business or profession. ITR-3 is for individuals and HUFs with income from a business or profession, including earnings through presumptive taxation schemes under Section 44AD, 44ADA, and 44AE. Salaried individuals and pensioners should note the expanded requirements. 'The new form asks for a comprehensive breakup of salary components, enabling tax authorities to verify exemption claims more effectively,' Wadhwa said. What is Excel utility? The Excel utility is an offline tool that allows taxpayers to fill in return details without an internet connection. Once complete, it generates a JSON file for upload on the tax department's e-filing portal. How to use the Excel utility -Download ITR-2 or ITR-3 Excel utility from -Enable macros in Excel. -Enter income, deduction, and tax payment details. -Validate the entries using the built-in feature. -Generate JSON file. -Log in to the e-filing portal and upload the .JSON file. Tips for self-filing taxpayers 'Taxpayers filing without professional assistance should gather all documents, Form 16, capital gains statements, and receipts for deductions, before starting,' Wadhwa said. 'Pay attention to distinguishing transactions before and after July 23, 2024, as tax treatments differ. Also, use the raised Rs 1 crore threshold for asset reporting to avoid unnecessary work if eligible.' Deadlines -Last date to file ITR: September 15, 2025 (extended from July 31) for non-audit cases; however, a belated return can be filed by December 31 with penalties and interest. -For businesses that require an audit, the last date of filing is October 31st, 2025. Taxpayers are advised to review the changes carefully to avoid errors and notices.
Yahoo
05-06-2025
- Health
- Yahoo
Post-Traumatic Stress Disorder Epidemiology and Strategic Analysis Highlight Growth Opportunities in PTSD Market
Explore the booming PTSD therapeutics market, projected to grow from $1.2 billion in 2024 to $5.4 billion by 2034 at a 15.8% CAGR. Key drivers include new pipeline products and psychedelic therapeutics. Discover market insights, competitor analysis, and strategic opportunities in the 7MM market. Dublin, June 05, 2025 (GLOBE NEWSWIRE) -- The "Post-Traumatic Stress Disorder: Opportunity Assessment and Forecast" report has been added to report covers the 7MM and provides an Excel-based forecast model for the Post-Traumatic Stress Disorder market through psychotherapy is widely considered to be the first line of therapeutic intervention for PTSD patients, with pharmacotherapy often used as an adjunct to psychotherapy. Only two drugs, both SSRIs, have been approved by the FDA for the treatment of PTSD: Zoloft (sertraline) and Paxil (paroxetine). The central issue with pharmacotherapy in PTSD is a lack of efficacy of available treatments. The PTSD market across the 7MM was valued at $1.2 billion in the 2024 baseline year and is projected to grow at a compound annual growth rate (CAGR) of 15.8%, reaching $5.4 billion by 2034. A key driver of growth will be the launch of eight late-stage pipeline products, including the first psychedelic therapeutics for Scope Overview of Post-Traumatic Stress Disorder (PTSD), including epidemiology, symptoms, diagnosis, and disease management. Annualized PTSD therapeutics market revenue, cost of therapy per patient, and treatment usage patterns forecast from 2024 to 2034. Key topics covered include strategic competitor assessment, market characterization, unmet needs, clinical trial mapping, and implications of these factors for the PTSD market. Pipeline analysis: comprehensive data assessing emerging trends and mechanisms of action under development for PTSD. The most promising candidates in late-stage development are profiled. Analysis of the current and future market competition in the 7MM PTSD therapeutics market. Insightful review of the key industry drivers, restraints and challenges. Each trend is independently researched to provide qualitative analysis of its implications. Reasons to Buy Develop and design your in-licensing and out-licensing strategies through a review of pipeline products and technologies, and by identifying the companies with the most robust pipeline. Develop business strategies by understanding the trends shaping and driving the 7MM PTSD therapeutics market. Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the PTSD therapeutics market in the future. Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the performance of various competitors. Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage. Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships. Company Coverage: GSK Eli Lilly and Co Otsuka Pharmaceutical Co Ltd Pfizer Seelos Therapeutics Ananda Scientific Lykos Therapeutics Idorsia Pharmaceutical Compass Pathways Transcend Therapeutics Neuphoria Therapeutics Key Topics Covered: 1. Preface2. Executive Summary3. Disease Overview3.1. Overview of PTSD3.2. Pathophysiology of PTSD3.3. Classification of PTSD3.4. PTSD SWOT Analysis4. Epidemiology4.1. 12-Month Total Prevalent Cases of PTSD, Men and Women, Ages ? 18 Years, 2024?344.2. Age-Specific 12-Month Total Prevalent Cases of PTSD, Men and Women, 20244.3. Sex-Specific 12-Month Total Prevalent Cases of PTSD, Ages ?18 Years, 20244.4. 12-Month Total Prevalent Cases of PTSD by Disease Status, Men and Women, Ages ?18 Years, 20244.5. Sources Used to Forecast the 12-Month Total Prevalent Cases of PTSD4.6. Sources Used to Forecast the 12-Month Total Prevalent Cases of PTSD by Disease Status4.7. Sources Used to Forecast the 12Month Total Prevalent Cases of PTSD by Military Status4.8. Sources and Methodology - 12-Month Total Prevalent Cases of PTSD4.9. Sources and Methodology - 12-Month Total Prevalent Cases of PTSD by Disease Status5. Current Treatment Options5.1. Treatment Paradigm5.2. Current Treatment Options5.3. Product Profile: Pfizer's Zoloft/Besitran/Lustral (sertraline)5.4. Product Profile: GSK's Paxil/Deroxat/Seroxat/Aropax (paroxetine)5.5. Product Profile: Eli Lilly's Prozac (fluoxetine)5.6. Product Profile: Pfizer's Effexor XR/Effexor/Effexor XL/Vandral (venlafaxine)5.7. Product Profile: Pfizer's Minipress/Hypovase (prazosin)5.8. Patient Flow: PTSD in 2024 Across 7MM6. Unmet Needs and Opportunities6.1. Unmet Needs in PTSD6.2. New Therapeutic Options with Improved Efficacy6.3. Increase Access to Psychotherapy6.4. Treatment Options with Improved Side-Effect Profiles6.5. More consistent diagnostic and treatment guidelines7. R&D Strategies7.1. Trends in Clinical Trial Design in PTSD7.2. Regulatory Challenges for Psychedelic Treatments7.3. Timeline of Regulatory Challenges for Lykos Therapeutics7.4. Trends in Deal-Making in PTSD8. Pipeline Assessment8.1. PTSD Pipeline Overview8.2. Late-Stage Pipeline Agents for PTSD8.3. Product Profile: Otsuka Pharmaceutical's Rexulti (brexpiprazole)8.4. Product Profile: Neuphoria Therapeutics' BNC-2108.5. Product Profile: Idorsia Pharmaceutical's Quviviq (daridorexant)8.6. Product Profile: Ananda Scientific's Nantheia ATL5 (cannabidiol)8.7. Product Profile: Transcend Therapeutics' TSND-201 (methylone)8.8. Product Profile: Lykos Therapeutics' midomafetamine hydrochloride8.9. Product Profile: Seelos Therapeutics' Ereska (ketamine hydrochloride)8.10. Product Profile: Compass Pathways' COMP360 (psilocybin)8.11. PTSD: Clinical Trials (Phase II/III) Overview9. Market Outlook9.1. PTSD Market Forecast9.2. Market Drivers and BarriersFor more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News18
31-05-2025
- Business
- News18
How To File ITR 2025? A Step-By-Step Guide For Online And Offline Income Tax Return Filing For AY 2025–26
Last Updated: The income tax department enabled Excel-based utilities for ITR-1 and ITR-4 for offline filing for FY 2024-25. 15,497 ITRs were filed on May 30, with 13,432 verified. Income Tax Return Filing 2025: As the income tax department has enabled the Excel-based utilities of ITR-1 and ITR-4 to allow the offline ITR fling for FY 2024-25 (AY 2025-26), over 15,500 income tax returns (ITR) have been filed within a day on Saturday, May 31. Out of these, 13,450 have been verified. The online ITR filing is yet to start. The last date to file ITR without penalty is September 15, 2025. Whether you're filing for the first time or are a regular taxpayer, understanding the online and offline ITR processes is crucial to avoid last-minute errors and penalties. Who Needs To File ITR? Filing ITR is mandatory for individuals whose total income exceeds the basic exemption limit of Rs 3 lakh under new tax regime. Under the old tax regime, the tax exemption limit is Rs 3 lakh for those below 60, Rs 3.5 lakh for senior citizens, and Rs 5 lakh for super senior citizens (80+). Additionally, filing is compulsory if you meet any of these criteria: Even if your income is below the threshold, filing ITR can be beneficial — especially to claim refunds, carry forward losses, or for use as income proof for loans or visa applications. 2. Open and Enable Macros Extract ZIP file Open Excel and enable macros 3. Fill in Details Enter personal info, income, deductions, taxes paid Refer to Form 16, 26AS, AIS, etc. 4. Validate 5. Generate JSON 6. Upload JSON 7. Verify and Submit Verify ITR using Aadhaar OTP, net banking, DSC, or EVC Submit return after verification Online filing, or e-filing, is the most popular method and is done via the official income tax e-filing portal. Though online ITR filing has not started yet, here's how to do that: Visit the portal and log in using PAN (as User ID) and password. New users can register using PAN, Aadhaar, and contact details. Select the relevant ITR form (e.g., ITR-1 for salaried individuals). Use the 'Income Tax Return' option under the e-File tab. Step 3: Pre-fill and Validate Details Auto-filled data from Form 26AS and AIS can be reviewed and edited. Verify income, deductions, and tax credits. Step 4: Upload Documents Generally, documents like Form 16 are not required to be uploaded but should be used to cross-verify. Step 5: Submit and Verify Complete filing by verifying through Aadhaar OTP, net banking, DSC, or bank account EVC. Key Documents Required Form 16 (for salaried employees) Form 26AS (tax credit statement) Annual Information Statement (AIS) Bank account details Investment proofs, rent receipts, LIC premiums for deductions under Section 80C, 80D, etc. Important Dates and Late Filing Penalties Due Date: September 15, 2025 Late Filing Fee (Section 234F): Rs 1,000 if income is below Rs 5 lakh Rs 5,000 if income exceeds Rs 5 lakh Taxpayers missing the deadline may also lose the benefit of carrying forward losses. top videos View all According to the CBDT, the ITR forms for AY 2025–26 were notified earlier this year with modifications to allow reporting of capital gains in ITR-1 and ITR-4, and with improved compatibility for pre-filled data. Whether you choose to e-file or opt for offline submission, filing your ITR on time ensures financial compliance and access to benefits such as tax refunds. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously More 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 Location : New Delhi, India, India First Published: May 31, 2025, 09:58 IST News business » tax How To File ITR 2025? A Step-By-Step Guide For Online And Offline Income Tax Return Filing For AY 2025–26
