Latest news with #ITDepartment
India.com
3 days ago
- Business
- India.com
Filing ITR-1 Or ITR-4? Excel Utilities Are Out—Check Eligibility And What's New This Year
New Delhi: Good news for taxpayers! The Income Tax Department has made the Excel utilities for ITR-1 and ITR-4 available for Assessment Year 2025–26. These can now be downloaded from the official portal to help you prepare your return for the financial year 2024–25. The IT Department posted on X, 'Attention taxpayers! The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers.' The update follows the extension of the ITR filing deadline to September 15, 2025. It gives taxpayers extra time to file their returns. The extension was announced due to updates in ITR forms, technical improvements on the portal and the need to correct TDS information. Here's a quick overview of who can file using ITR-1 and ITR-4, and what's different this year. Who Can File ITR-1? (SAHAJ) ITR-1, also known as Sahaj, is the simplest income tax return form and is perfect for salaried individuals or pensioners. You can use it if your income comes from a salary, one house property or other sources like interest from savings or fixed deposits. A recent update now allows you to file ITR-1 even if you have long-term capital gains (LTCG) up to Rs 1.25 lakh under Section 112A, as long as no tax is payable on it. Earlier, such taxpayers had to use ITR-2. However, you can't use ITR-1 if you have taxable capital gains, short-term capital gains, have sold property, or want to carry forward any losses. Who Can Use ITR-4 (Sugam)? ITR-4, also called Sugam, is designed for individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who opt for the presumptive income scheme. You can file this form if your income comes from a business or profession under Sections 44AD, 44ADA, or 44AE, and your total income for the year is up to Rs 50 lakh. However, ITR-4 isn't for you if you're a company director, own unlisted shares, have income or assets abroad, or earn more than Rs5,000 from agriculture. Now that the Excel utilities are available, eligible taxpayers can get an early start on filing. Just make sure to pick the right form to avoid issues later on. New ITR Deadline Announced: September 15, 2025 The Income Tax Department has given taxpayers more time to file their returns for the financial year 2024–25 (assessment year 2025–26). The original deadline of July 31, 2025, has now been extended to September 15, 2025. This extension comes as a relief, especially after delays in issuing the ITR form notifications.
India Today
3 days ago
- Business
- India Today
ITR-1 and ITR-4 Excel utilities out: Check who can file and what's new this year
The Income Tax Department has released the Excel utilities for ITR Forms 1 and 4 for AY 2025–26. Eligible taxpayers can now download them from the official portal and start preparing their returns for FY 2024– IT Department posted on X, 'Attention taxpayers! The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers.' advertisementThis update comes after the ITR filing deadline was extended to September 15, 2025, giving people more time due to changes in ITR forms, tech upgrades on the portal, and the need to fix TDS data before filing. Here's a quick look at who can use ITR-1 and ITR-4, and what's new this year:WHO CAN FILE ITR-1 (SAHAJ)?ITR-1, also called Sahaj, is the easiest income tax return form, ideal for salaried individuals or pensioners. You can file it if your income comes from salary, one house property, or other sources like bank interest.A recent update now lets you use ITR-1 even if you have long-term capital gains (LTCG) up to Rs 1.25 lakh under Section 112A, provided no tax is due on it. Earlier, such taxpayers had to switch to ITR-2. But remember, you can't file ITR-1 if you have taxable capital gains, short-term capital gains, have sold property, or want to carry forward CAN FILE ITR-4 (SUGAM)?advertisementITR-4, also known as Sugam, is meant for individuals, Hindu Undivided Families (HUFs), and firms (other than Limited Liability Partnership) who opt for the presumptive income can file this form if you earn income from a business or profession under Sections 44AD, 44ADA, or 44AE, and your total annual income doesn't exceed Rs 50 this form is not for you if you're a company director, own unlisted shares, have foreign income or assets, or earn over Rs 5,000 from the Excel utilities now available for download, eligible taxpayers can get a head start on their ITR filing for the year. Make sure you choose the correct form based on your income to avoid any trouble later.
India Today
5 days ago
- Business
- India Today
Filing ITR late? You can earn 33% more interest on tax refunds this year
The Income Tax Department has extended the last date for filing Income Tax Returns (ITR) for the financial year 2024–25. Instead of the usual July 31 deadline, taxpayers now have time until September 15, 2025. While this comes as a relief for many, it also means that people expecting refunds may get more money, thanks to the interest paid by the tax THE REFUND AMOUNT MAY BE HIGHERIf you've paid more tax—through TDS, advance tax, or self-assessment—than your actual tax liability, you're eligible for a refund. Under Section 244A of the Income Tax Act, the IT Department pays 0.5% interest per month on any excess tax interest starts from April 1 of the assessment year and continues until your refund is issued. Since the ITR deadline has been pushed by 1.5 months, and if your refund is processed in October, you'll end up getting interest for two extra months. According to CA (Dr) Suresh Surana, 'With the ITR filing deadline for FY 2024-25 (AY 2025-26) now extended to 15 September 2025, taxpayers may see an increase in refund of about 33% in the interest amount received on their tax refunds provided the returns are filed by September 15, 2025 and the corresponding refunds are assumed to be processed in October 2025.'advertisementHe added, 'This is because Section 244A allows for simple interest at 0.5% per month (6% annually) on refunds. The additional 1.5 months between the usual deadline of July 31 and the revised deadline of September 15 increases the interest accrual period. If the refund is processed in October, the interest component alone could rise by about 33% (i.e. interest would accrue for an additional 2 months) compared to a typical year. If the processing is delayed beyond October, the interest may increase even further.'BUT REMEMBER - THIS EXTRA INTEREST IS TAXABLEIt's important to note that the interest you receive on your tax refund is taxable under 'Income from Other Sources' and must be reported in your from FY 2025–26, the revised Section 87A rebate ensures that salaried individuals earning up to Rs. 12.75 lakh and non-salaried individuals up to Rs. 12 lakh will have no tax liability under the new regime. This may help cushion the tax impact of the additional interest received,' noted DELAY FILING JUST TO EARN MORE INTERESTDespite the appeal of a bigger refund, experts warn against using the interest benefit as a reason to delay filing your return. 'While higher interest on refunds may appear attractive, it is still capped at 6% per annum,' said CA filing your return early means it's processed sooner, your refund arrives quicker, and you can put that money to better use Watch
The Hindu
21-05-2025
- Business
- The Hindu
J&K Govt. offices ordered to stop using unofficial digital platforms
The J&K government on Wednesday (May 21, 2025) barred its departments from acquiring non-official domains and directed officials not to use non-official mailing services. 'In view of the growing risks associated with unauthorised digital platforms, outdated hardware/software infrastructure, and increasing incidents of data compromise and phishing, a comprehensive set of instructions is hereby issued for immediate implementation and strict compliance,' an order issued by J&K's General Administration Department (GAD) said. The GAD mandated all the departments to adopt stringent cybersecurity practices, terminate unauthorised digital platforms, and ensure full compliance with official IT governance protocols. It has directed immediate 'deactivation of all departmental websites operating on non-official domains like .com, .org, or .net.' 'Government websites will be hosted exclusively on authenticated domains such as '. or '. it said. Personal email banned The government also barred the use of personal email services such as Gmail, Yahoo, or Rediffmail for any official communication. 'All communications must be conducted using NIC-provided official email IDs. Emails from unofficial domains will be treated as invalid and may be ignored,' it said. The order also underlined that any proposals for new websites must be routed through the National Informatics Centre (NIC) and approved by the Information Technology Department to ensure uniformity and compliance with cyber standards. The administration has also ordered a comprehensive IT infrastructure audit across all departments. 'Chief Information Security Officers (CISOs) and Information Security Officers (ISOs) are tasked with compiling hardware and software inventories, verifying licensed systems, ensuring the presence of antivirus/firewall solutions, and assessing network security configurations. A standardised reporting format will be provided by the IT Department for uniformity,' it said.. Cyber hygiene The NIC will conduct cyber hygiene and threat response training for IT staff. These sessions will cover topics such as email security configuration, CERT-In reporting protocols, and safe digital practices. The order strictly prohibits the use of pirated or outdated software, stating that all IT procurements must adhere to the minimum technical standards set by the IT Department. All the departments have been given a 15-day deadline to submit detailed compliance reports. 'Failure to comply will invite disciplinary action under the relevant administrative and IT conduct rules,' the order said.
Yahoo
14-05-2025
- Business
- Yahoo
County workers looking at pay raise
Daviess County employees will apparently get a 3% pay raise next year. The Daviess County Council gave tentative approval to the increase following a recommendation from the county wage committee. President of the county council and wage committee member Marilyn McCullough says the decision came after discussions with department heads and elected officials. 'We invited the department heads to come talk with the committee. There we get insight into each department. We gather information on the staff and insight on purchases or expenditures that are coming,' she said. 'We also look at economic factors. The trends over the last four years, unemployment rate, cost of living, federal income increase.' McCullough says the council also looks at its income projections, something that will apparently change considerably as a result of the most recent legislative session. 'We look at what we think our maximum levy will be,' she said. 'This year is a little different because now we are dealing with SB-1. We are uncertain on the impact it will have for our county. As it appears now we will have an estimated $1 million in reduced funds.' The wage committee is also looking at some specific departments that may need increases above 3% to keep employees. 'We feel we have a lot of employees who are not at the level they need to be. So, we decided to look at specific departments and see who may need more of a raise,' said McCullough. "This year we are looking at the IT Department, the prosecutor's office and the courts. We cannot compete with the private sector, but we can try to get salaries in the same ballpark.' County officials say the wage increase will extend part-time and seasonal employees as well. 'We have great employees and we want to keep them,' said McCullough. 'We really value them." As it stands the county will spend an additional $328,000 in salaries with the increase, but the wage hike is only advisory at this point so that office holders and department heads can build their budgets. 'Everything will be final when we do the budgets in September,' she said. 'By then we will have much better information on what the impact of SB-1 will be and what our income level will look like. That number could be adjusted depending on the final numbers.' The council received an update on the Uplands Land Bank. Bobbi Abel informed the county that the land bank has finally begun acquiring properties and the first was in Daviess County. The purpose of the organization is to get rundown properties and turn them into something that can sold. The council approved a $4,000 appropriation for furniture, a $50,000 appropriation for insurance on new equipment and $20,000 for expert fees for the courts.
