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Mint
10 hours ago
- Business
- Mint
ITR 2025: Salaried taxpayers should remember THESE 5 points before filing their income tax returns
With the Income Tax (I-T) department having released the excel utilities for ITR-1 and ITR-4, it is the time for taxpayers to start filing their tax returns. If you are a salaried taxpayer, you can use ITR-1 to file your income tax return. However, there are some key points to remember if you are a salaried taxpayer. Here, we answer the commonly asked questions with regards to filing of income tax returns (ITR). These include eligibility to file ITR-1, exclusion they carry, documents required and precautions to take. ITR-1 can be filed by a resident individual whose total income does not exceed ₹ 50 lakh during the financial year. Additionally, the income should be from salary, one house property, family pension income, agricultural income (up to ₹ 5,000), and other sources, which include interest from savings, interest from deposits, interest from income tax refund, interest received on enhanced compensation, any other interest income, family pension and income of spouse. Yes, an individual cannot file ITR-1 if he is a resident not ordinarily resident (RNOR), and non-resident Indian (NRI), has total income exceeding ₹ 50 lakh, has agricultural income exceeding ₹ 5,000, has income from lottery, racehorses, legal gambling, has taxable capital gains (short term and long term). Additionally, he cannot file ITR-1 if he has invested in unlisted equity shares, has income from business or profession or is a director in a company. It is vital to define the nature of employment while filing the return. One must specify whether the employee is a central government employee, state government employee, employee of public sector enterprise, pensioner, employee of private sector entity. One would need to download AIS, Form 16, house rent receipt, investment payment and premium receipts. Meanwhile, it is vital to note that ITR forms are annexure-less. Therefore, you do not need to attach any document (such as proof of investment and TDS certificates) along with your return even if it is filed manually. However, one must keep these documents for situations where they need to be produced before tax authorities such as assessment and inquiry. You should carefully select the income tax regime. You need to download AIS and Form 26AS and check the actual TDS/TCS/tax paid. If you see any discrepancy, you should reconcile it with the employer/Tax deductor/Bank. You need to compile and carefully study the documents to be referred to when filing your ITR such as bank statement/passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement) and investment proofs. You need to ensure details such as PAN, permanent address, contact details, bank account details are correct in the pre-filled data. For all personal finance updates, visit here
News18
13 hours ago
- Business
- News18
What Is Form 26AS? The Tax Form That Can Save You From Notices
Last Updated: ITR Filing 2025: Form 26AS helps in avoiding tax notices by ensuring that TDS and TCS are correctly reflected in your tax returns. ITR Filing 2025: The income tax filing season 2025 has started, with the Excel Utilities for ITR-1 and ITR-4 already available for download on the e-filing portal. So far, a total of 1,23,075 ITRs have been filed. Those planning to file ITR need to carefully check their incomes to file their returns to avoid any future tax notices. One document can prevent costly mistakes — Form 26AS. Every year, thousands of taxpayers get IT notices due to mismatches in their reported income. In most cases, it could've been avoided by just checking this one document: Form 26AS. Here's how: What Is Form 26AS? Form 26AS is a consolidated tax statement issued by the income tax department that provides details of tax credits against your PAN. It contains details like TDS deducted by employers, banks, etc; advance tax paid; high-value transactions; and refunds issue. Why Form 26AS Is Important It helps taxpayers in many ways like ensuring that you don't under-report income, ensures refunds don't get delayed, and reduces chances of being picked for scrutiny. Aditya Bhattacharya, partner at King Stubb & Kasiva, Advocates and Attorneys, said, 'Form 26AS is a consolidated tax statement that provides details of tax credits against your PAN. It helps in avoiding tax notices by ensuring that the tax deducted at source (TDS) and tax collected at source (TCS) are correctly reflected in your tax returns." If there are discrepancies between Form 26AS and your tax return, it could lead to notices from the tax department. By reviewing Form 26AS, you can ensure all your tax credits are accounted for, thus preventing potential issues with tax authorities, he added. Common Mistakes To Avoid Form 26AS: What To Do If There's A Mismatch? AIS Vs Form 26AS: What's The Difference? In recent years, the income tax department introduced the Annual Information Statement (AIS) as a more comprehensive version of Form 26AS. While AIS covers a wider range of financial information, it doesn't replace Form 26AS entirely — both documents still coexist, and each serves its own purpose. What is AIS? The Annual Information Statement provides a detailed snapshot of your financial transactions as reported by various entities (like banks, mutual fund houses, registrars, etc.) to the income tax department. It includes TDS and TCS data, interest income from savings and FDs, mutual fund purchases and redemptions, share trading activity (scrip-wise), credit card bill payments, high-value purchases, and property transactions, among others. What Is Form 16, When Will You Get It? Form 16 is an income tax certificate issued by your employer. It shows a detailed summary of your salary paid, TDS (Tax Deducted at Source) deducted by the employer, and deposited with the Income Tax Department on your behalf. In simple terms, it is your proof of tax deducted and is used while filing your Income Tax Return (ITR). Employers must issue Form 16 by June 15 of the next financial year after deducting TDS. So, for FY 2024-25, your employer must provide Form 16 by June 15, 2025. 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! Location : New Delhi, India, India First Published: June 04, 2025, 10:34 IST
Khaleej Times
a day ago
- Business
- Khaleej Times
NRIs in UAE: How to file tax returns for capital gains
Question: I have not been filing my tax return in India after I came to the Gulf. However, during the financial year 2024-25 I made capital gains on sale of investments and therefore I will be filing my tax return. Can you please guide me and let me know the last date for filing the same? ANSWER: Generally the last date for filing the tax return is July 31 for persons who are not liable to file a tax audit report. However, this date has been extended to September 15 for the current assessment year 2025-26. The reason for this extension is that certain amendments have been made to the law which has necessitated revision of the format of income-tax returns requiring the tax department to streamline the technology platform as all returns have to be filed online. Given the increased reporting requirements, the extension of time till September 15, 2025 will give you the opportunity to ensure that proper disclosures are made in respect of the capital gains made by you during the financial year ended March 31, 2025. If any tax has been deducted at source from the interest or dividend earned, you will be able to collect the relevant details from Form 26 AS which is on the website of the tax department. You must ensure that the correct figures are reflected in your tax return so that the assessment is made seamlessly without any further inquiry from the tax authorities and any amount due to you is refunded immediately upon such summary assessment being completed. Question: Can you throw some light on the external commercial borrowing regime for Indian corporates. What are the guidelines? ANSWER: External commercial borrowings are allowed to Indian companies either under the automatic route or under the approval route where specific permission of the Reserve Bank of India/Finance Ministry needs to be taken. Indian companies raise loans in foreign currency primarily to access a substantial capital at interest rates which are lower than those prevailing in India. Thus, large scale projects can be financed at international interest rates. Loans can be obtained in foreign currency for import of capital goods as well as for overseas acquisition of foreign companies. Financial services companies are also eligible to resort to external commercial borrowings. In fact, during the financial year ended March 31, 2025, Indian companies were granted permission to borrow an amount of $61.8 billion which is a significant increase from $49 billion raised in the earlier financial year ended on March 31, 2024. The surge in external commercial borrowings highlights the growing confidence of foreign institutions in India's economic growth. Several Indian companies have been able to attract foreign funds to meet their working capital needs as well as to refinance existing loans. Investment in infrastructure projects attracted the major amount of loans from overseas agencies. The semiconductor industry, being the sunrise industry in India, was able to raise substantial funds in the last financial year. Question: Are professional services firms allowed to raise capital from foreign sources? Certain private equity firms are keen to invest in well-established firms in India. ANSWER: Professional services firms are permitted to raise funds from overseas markets within the regulatory framework. Globally, over the last two years, professional services firms have received private equity or sold holdings in their regional arms to fuel global expansion and invest in technology. This worldwide trend of private equity investing in professional services is gaining traction in India as well. While the Big Four are well capitalised, other accounting firms in India are using the merger and acquisition route to grow at a rapid pace. Some of these firms are looking to invest in small CPA firms in the United States for which they seek private equity funding. The India-US corridor offers great potential with Indian back-end capabilities supporting the American operations. In short, access to private capital provides a key competitive advantage which helps medium sized firms in India to invest in technology and acquire smaller professional outfits. Corporatisation and capitalisation are the two engines on which Indian professional services firms are planning to go international. Firms which originally provided audit and tax related services are now moving into technology-based services covering a diverse range of activities which require employment of highly paid technical personnel from different disciplines. The writer is a practising lawyer, specialising in corporate and fiscal laws of India.
India Today
a day ago
- Business
- India Today
7 common mistakes you must avoid while filing ITR in 2025
7 Common Mistakes You Must Avoid While Filing ITR In 2025 2 Jun, 2025 Credit: Getty The ITR deadline is now September 15, 2025. Missing this deadline can lead to a late fee of up to Rs 5,000, depending on how late you file. Missing The ITR Deadline Ensure your bank account is pre-validated, or your refund could be held up and lead to complications. Not Pre-validating Your Bank Account Filing the wrong ITR form may delay processing or lead to rejection of your income tax return. Choosing The Wrong ITR Form Report all income—FD interest, rent, dividends, capital gains—to avoid tax notices or penalties later. Forgetting To Report All Income Always match your ITR with Form 26AS and AIS before filing to avoid mismatches and refund delays. Not Checking Form 26AS & AIS Filing fake rent receipts for HRA or false deduction claims may lead to penalties and legal action. Claiming Fake Deductions Filing your ITR is not the final step, you must also verify it. If not verified, your return will be treated as invalid. Skipping ITR Verification
Time of India
2 days ago
- Business
- Time of India
ITR filing FY 2024-25: Income tax payers take note! These 7 mistakes in income tax return filing this year can cost you big
The last date to file ITR has moved from July 31 to September 15 to address the substantial structural modifications in ITR forms. (AI image) Income Tax Return Filing FY 2024-25: Filing ITR can be a complicated process for most of us, and hence it is important that the tax return filing is error-free to avoid any notice from the Income Tax Department. At the beginning of the income tax return filing season, taxpayers have received additional time - a 45-day extension for submitting returns. The last date to file ITR has moved from July 31 to September 15 to address the substantial structural modifications in ITR forms introduced by the Budget 2024. However, despite the extension being beneficial for many, there remains a possibility of making errors in your returns. Here is a look at the top 7 tax filing mistakes you should steer clear of, as listed in an ET report: 1. Avoid Wrong ITR Form Several common errors need to be avoided whilst filing returns. These include selecting incorrect ITR forms, failing to verify submitted returns, not meeting deadlines, or incorrectly assuming that filing returns is unnecessary. Another frequent misconception is that having zero tax liability exempts one from filing returns. It is compulsory to file returns if you have spent over Rs 2 lakh on international travel, Rs 1 lakh on electricity consumption, or similar expenses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Additionally, if you are due for a tax/TDS refund or need to carry forward losses, filing returns is essential to facilitate these processes. 2. Overlooking AIS & Form 26AS Verification A common oversight amongst individuals is failing to verify their Annual Information Statement (AIS) and Form 26AS before submission. These documents provide comprehensive details of financial transactions and tax payments. Also Read | ITR filing deadline extended for FY 2024-25: Here's what income taxpayers need to do 3. Incomplete Income Declaration The omission of income sources, whether inadvertent or deliberate, carries significant financial implications. The consequences include penalties ranging from 50-200% of tax liability, additional interest charges, and potential legal proceedings. 4. Check for Budget 2024 changes Taxpayers might encounter errors primarily due to Budget 2024 modifications. The revised ITR forms necessitate new compliance requirements, whilst alterations in deductions and capital gains taxation could result in computational inaccuracies. 5. Omission of exempt income declaration Although exempt income isn't included in taxable income calculations, one must declare it in the appropriate section (Schedule EI). 6. Overlooking previous employer's income Individuals switching jobs within a fiscal year often erroneously claim basic exemption and deductions twice. When investment declarations are submitted to both employers, they may separately apply basic exemption limit, standard deduction, and Chapter VI-A deductions, leading to excessive tax benefits and reduced TDS. Also Read | ITR filing FY 2024-25: What's new this year? Top things every taxpayer should know before income tax return filing 7. Errors in HRA declarations False claims for HRA exemption can attract severe penalties, with fines reaching 200% of the incorrectly reported sum. Under the old tax regime, salaried staff can claim HRA exemption as a salary component. Valid claims require supporting documents, including a formal rent agreement, rent receipts and the landlord's PAN (for annual rent above ₹1 lakh), submitted to the employer, along with actual residence in rented premises. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
