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News18
15-05-2025
- Business
- News18
Income Tax Department Notifies All ITR Forms: Which Form Should You Choose For AY 2025-26?
Last Updated: Though ITR filing is yet to be enabled, it is necessary to know which tax return form should you choose to file income tax return. ITR Filing Season 2025: The income tax department has now notified all seven income tax return (ITR) forms for the assessment year 2025-26. Though ITR filing is yet to be enabled, it is necessary to know which tax return form should you choose to file income tax return. Most individual taxpayers will have to file their income tax returns by July 31, 2025, while different categories of assessees, including companies and those requiring audits, have different deadlines. Who Needs to File Their ITR by July 31? The July 31 deadline is applicable to most individual taxpayers. This includes salaried employees, pensioners, freelancers, and small business owners who are not subject to audit requirements. According to the income tax department, this deadline applies to individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), and Bodies of Individuals (BOIs) whose accounts are not required to be audited. Taxpayers opting for the new concessional tax regime under Section 115BAC or availing various exemptions will also have to submit the relevant declarations and forms before this date. This July 31 deadline will not be applicable for corporate-assessees as well as individuals whose books of account are required to be audited. The July 31 deadline also does not apply to: Which ITR Form Should You Use? The Income Tax Department has notified seven forms—ITR-1 to ITR-7—for different categories of taxpayers. Here's who can file which form: ITR-1 (Sahaj): This is for resident individuals having a total income up to Rs 50 lakh, and income from salary, one house property, long-term capital gains up to Rs 1.25 lakh under Section 112A, other sources (like interest), and agricultural income up to Rs 5,000. ITR-4 (Sugam): This form can be used by resident individuals, HUFs, and firms (excluding LLPs) having total income up to Rs 50 lakh and income from business or profession under the presumptive taxation scheme. It is also applicable to long-term capital gains up to Rs 1.25 lakh under Section 112A. ITR-2: This is applicable to individuals and HUFs who do not have income from business or profession, but have income from capital gains, more than one house property, or foreign income/assets. ITR-3: For individuals and HUFs who have income from profits and gains of business or profession. It is also applicable to long-term capital gains up to Rs 1.25 lakh under Section 112A. ITR-5: To be filed by firms, LLPs, AOPs, BOIs, and cooperative societies. ITR-6: This is meant for companies other than those claiming exemption under Section 11 (such as charitable or religious organizations). ITR-7: To be filed by trusts, political parties, charitable institutions, and others who are required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D). With all forms now available, taxpayers are advised to start collecting necessary documents such as Form 16, interest certificates, capital gains statements, and investment proofs to ensure timely filing. Filing early can also help in faster processing of refunds, and avoids last-minute errors or technical glitches on the portal. When Will ITR Filing Start? ITR filing usually starts in April and forms are notified in February every year. However, this year, ITR forms have been notified during April-May, the ITR filing has not been enabled yet. Experts expect ITR deadline to extend this time due to delay in the commencement of ITR filing. 'It's been 45 days, and yet Income Tax India has not released the Income Tax Utilities for filing. Does this mean we're getting an automatic extension? Or will taxpayers and professionals once again be left to suffer due to the inefficiency of the Income Tax Department?" said a tax practitioner. 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! First Published: May 15, 2025, 10:16 IST
The Print
13-05-2025
- Business
- The Print
Tax dept notifies all 7 ITR forms for assessment year 2025-26
One important change has been introduced in ITR-1 and 4, which was notified on April 29, relating to the reporting of capital gain income from listed equities. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11. New Delhi, May 12 (PTI) The income tax department has notified all seven income tax return forms for assessment year 2025-26. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2. Under the I-T law, LTCG of up to Rs 1.25 lakh from sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh/ annum are subject to 12.5 per cent tax. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. One change which has been introduced in ITR forms 2, 3, 5, 6 and 7 pertains to rationalisation of capital gains tax. In Schedule Capital Gains of the ITR, capital gains must now be split based on whether they arose before or after July 23, 2024. In the Budget presented on July 24, 2024, the government had proposed to lower long-term capital gains tax on real estate to 12.5 per cent without indexation benefit, from 20 per cent with indexation. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation. With this, individuals or HUFs who purchased houses before July 23, 2024, can opt to pay Long Term Capital Gain (LTCG) tax under the new scheme at the rate of 12.5 per cent without indexation or claim the indexation benefit and pay 20 per cent tax. Also, in ITR-3, which is filed by individuals and HUFs having income from profits and gains of business or profession, the threshold for reporting assets and liabilities under 'Schedule AL' has been raised from Rs 50 lakh to Rs 1 crore, thus reducing the disclosure burden on middle-income taxpayers. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having a total annual income of up to Rs 50 lakh and income from business and profession. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains. ITR-5 is filed by firms and Limited Liability Partnership and Cooperative Societies. ITR-6 is filed by companies registered under the Companies Act. ITR-7 is filed by trusts and charitable institutions. PTI JD SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
12-05-2025
- Business
- Time of India
Income tax department notifies all 7 ITR forms for AY 2025-26; Check key changes in capital gains reporting and disclosure norms
Income tax department has notified all seven Income Tax Return (ITR) forms for the assessment year 2025-26. While ITR Forms 1 and 4, used by small and medium taxpayers, were notified on April 29, ITR-7, applicable for trusts and charitable institutions, was notified on May 11. One important change has been introduced in ITR-1 and ITR-4, notified on April 29, relating to the reporting of capital gains income from listed equities, as reported by news agency PTI. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2. Under the Income Tax law, LTCG of up to Rs 1.25 lakh from the sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh per annum are subject to 12.5 per cent tax. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. One change which has been introduced in ITR forms 2, 3, 5, 6 and 7 pertains to rationalisation of capital gains tax. In Schedule Capital Gains of the ITR, capital gains must now be split based on whether they arose before or after July 23, 2024. In the Budget presented on July 24, 2024, the government had proposed to lower long-term capital gains tax on real estate to 12.5 per cent without indexation benefit, from 20 per cent with indexation. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation. With this, individuals or HUFs who purchased houses before July 23, 2024, can opt to pay Long Term Capital Gain (LTCG) tax under the new scheme at the rate of 12.5 per cent without indexation or claim the indexation benefit and pay 20 per cent tax. Also, in ITR-3, which is filed by individuals and HUFs having income from profits and gains of business or profession, the threshold for reporting assets and liabilities under 'Schedule AL' has been raised from Rs 50 lakh to Rs 1 crore, thus reducing the disclosure burden on middle-income taxpayers. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest), and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnerships (LLPs)) having a total annual income of up to Rs 50 lakh and income from business and profession. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains. ITR-5 is filed by firms, Limited Liability Partnerships, and Cooperative Societies. ITR-6 is filed by companies registered under the Companies Act. ITR-7 is filed by trusts and charitable institutions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
12-05-2025
- Business
- Business Standard
Income Tax dept notifies all 7 ITR forms for assessment year 2025-26
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11. One important change has been introduced in ITR-1 and 4, which was notified on April 29, relating to the reporting of capital gain income from listed equities. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2. Under the I-T law, LTCG of up to Rs 1.25 lakh from sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh/ annum are subject to 12.5 per cent tax. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. One change which has been introduced in ITR forms 2, 3, 5, 6 and 7 pertains to rationalisation of capital gains tax. In Schedule Capital Gains of the ITR, capital gains must now be split based on whether they arose before or after July 23, 2024. In the Budget presented on July 24, 2024, the government had proposed to lower long-term capital gains tax on real estate to 12.5 per cent without indexation benefit, from 20 per cent with indexation. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation. With this, individuals or HUFs who purchased houses before July 23, 2024, can opt to pay Long Term Capital Gain (LTCG) tax under the new scheme at the rate of 12.5 per cent without indexation or claim the indexation benefit and pay 20 per cent tax. Also, in ITR-3, which is filed by individuals and HUFs having income from profits and gains of business or profession, the threshold for reporting assets and liabilities under 'Schedule AL' has been raised from Rs 50 lakh to Rs 1 crore, thus reducing the disclosure burden on middle-income taxpayers. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having a total annual income of up to Rs 50 lakh and income from business and profession. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains. ITR-5 is filed by firms and Limited Liability Partnership and Cooperative Societies. ITR-6 is filed by companies registered under the Companies Act. ITR-7 is filed by trusts and charitable institutions. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
India Today
12-05-2025
- Business
- India Today
ITR Filing 2025: Opting for old tax regime? Here's why Form 10-IEA is a must
It's that time of the year again when taxpayers gear up to file their income tax returns. For the financial year 2024–25 (assessment year 2025–26), the Income Tax Department has already released ITR-1, ITR-3, ITR-4, and ITR-5 forms. Now, if you're planning to go with the old tax regime instead of the default new regime, there's an important step you must not miss, i.e., filing Form form is a must for certain taxpayers who wish to switch back to the old regime. Let us know more about this IS FORM 10-IEA?Form 10-IEA is a declaration form for those who do not want to follow the new tax regime. If you earn income from a business or profession, and you wish to continue with the old tax regime (which allows various deductions and exemptions), this form is essential. Individuals, Hindu Undivided Families (HUFs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), or Artificial Juridical Persons with such income must submit Form 10-IEA before the due date for filing their the other hand, salaried individuals or pensioners without business or professional income don't need to file this form. They can opt for the old tax regime by simply selecting the appropriate option in their ITR MUST FILE IT?advertisementTo file Form 10-IEA, taxpayers need to have business or professional income and must use ITR-3 or can simply choose the "Opting out of new regime" option while filing their ITR. The form must be submitted within the deadline set by Section 139(1).Skipping this step could mean being taxed under the new regime, even if you wanted to claim benefits allowed under the old TO FILL FORM 10-IEATo complete Form 10-IEA, you'll need to enter some essential information. This includes your full name as per PAN, and the correct assessment year (such as AY 2025–26 for income earned in FY 2024–25).It's important to state whether you're discontinuing or returning to the default tax regime, as it determines how your income will be taxed, including what exemptions and deductions you can claim. If you are switching regimes, you must also mention the date from which the new regime with business or professional income need to confirm that their earnings fall under "Profits and Gains of Business or Profession."A simple yes/no confirmation is needed for owning any units in an International Financial Service Centre (IFSC), and if the answer is yes, further details must be given. Other important information includes the taxpayer's address, date of birth, PAN, type of business or profession, any earlier Form 10-IE filed, and a declaration to complete the process.
