Latest news with #ITR-1
News18
2 days ago
- 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
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.
Time of India
3 days ago
- Business
- Time of India
IT department releases Excel utilities for ITR-1 and ITR-4 for AY 2025-26
The Income tax department on Friday announced that the Excel utility for filing (ITRs) using forms ITR-1 and ITR-4 for Assessment Year 2025–26 is now available. "The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers," the department said in a post on X. Tired of too many ads? go ad free now With the release of these utilities, taxpayers can now begin filing their returns for income earned during the financial year 2024–25. This year, the deadline for filing ITR-1 and ITR-4 has been extended to September 15, from the usual July 31, giving taxpayers additional time to comply. The forms were officially notified on April 29. However, the enabling of the filing utilities was delayed due to 'structural and content revisions' introduced this year. According to the department, additional time was needed for system development, integration, and testing. Himank Singla, Partner at SBHS & Associates, welcomed the move. 'It's a big relief to see that the Excel Utilities for ITR-1 and ITR-4 for Assessment Year 2025–26 have been released. I have already filed ITR-4 using the utility, and the process was smooth. There are no major changes in the ITR-4 schema compared to last year,' he said, as quoted an ET report. However, he highlighted a significant change in the ITR-1 schema. 'A new validation rule has been added: if certain TDS section codes appear—like 194B, 194BB, 194S, 194LA, 195, 196A, 194Q, or 194R—the utility will disqualify the return from being filed under ITR-1. This is particularly relevant for those earning from sources such as online gaming, crypto, lotteries, or property transfers,' Singla explained. 'This is a very welcome and practical change. In earlier years, many filers unknowingly submitted ITR-1 with such income types, only to receive defective return notices. This rule prevents incorrect filings at the source and saves time and confusion,' he added. Who can file ITR-1 and ITR-4? ITR-1 is available for resident individuals (excluding "not ordinarily resident") with total income up to Rs 50 lakh. Eligible income sources include salary, one house property, interest income, long-term capital gains under Section 112A (up to Rs 1.25 lakh), and agricultural income up to Rs 5,000. Company directors, individuals with unlisted equity investments, income-tax deferral on ESOPs, foreign assets, or deductions under TDS section 194N are not eligible. ITR-4 applies to individuals, HUFs, and firms (excluding LLPs) with income up to Rs 50 lakh, and income from business or profession under presumptive taxation (Sections 44AD, 44ADA, 44AE), as well as long-term capital gains under Section 112A (up to Rs 1.25 lakh).
Economic Times
3 days ago
- Business
- Economic Times
ITR filing 2025: Excel utilities for ITR 1 and 4 for FY 2024-25 (AY 2025-26) released by Income Tax dept; Check who can file
— IncomeTaxIndia (@IncomeTaxIndia) Choose right income tax return form for ITR filing FY 2024-25 (AY 2025-26) Live Events Who is eligible to file ITR 1 for FY 2024-25 (AY 2025-26)? Who cannot use ITR 1 to file income tax return for FY 2024-25 (AY 2025-26)? Who is eligible to file ITR 4 for FY 2024-25 (AY 2025-26)? How to file ITR Excel utilities forms Steps to download ITR-1 and ITR-4 for FY 2024-25 (AY 2025-26) The Income Tax Department has released the Excel utility versions of Income Tax Return (ITR) Forms 1 and 4 for the Assessment Year 2025–26. These tools are now available for download on the official income tax e-filing portal , allowing eligible taxpayers to start preparation for filing of income tax returns for FY 2024-25 (AY 2025-26).The Income Tax Department has announced the release of excel utilities via a post on X (formerly Twitter). '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 Income Tax Department said on Singla, Partner at SBHS & Associates, says, 'It's a big relief to see that the Excel Utilities for ITR-1 and ITR-4 for Assessment Year 2025–26 have been released by the Income Tax Department. I have already filed ITR-4 using Excel Utility, and I am happy to share that the process was smooth - there are no major changes in the ITR-4 schema compared to last year, which makes it even easier for regular filers and tax professionals. However, a very important change has been made in the schema for ITR-1. A new validation rule has been introduced in the utility itself: if certain TDS section codes appear in Schedule TDS2 or TDS3—such as 194B, 194BB, 194S, 194LA, 195, 196A, 194Q, 194R and others—the income tax return will now be considered invalid for filing under ITR-1. This means taxpayers having income under special rates or from sources like online games, lotteries, crypto, property transfers, must use ITR-2 or other appropriate is a very welcome and practical change. In past years, many taxpayers unknowingly filed ITR-1 with such incomes, only to face defective return notices from CPC. By building this validation directly into the utility, the Department has helped prevent incorrect filings at source, saving both time and confusion.'Also read: When will salaried employees get Form 16 to file income tax return for FY 2024-25 (AY 2025-26)? Taxpayers are advised to carefully check the eligibility criteria before selecting and filing their income tax return FY 2024-25 (AY 2025-26). Choosing the incorrect form may lead to complications or rejection of the ITR by the Income Tax Department. Tax experts recommend thorough reading of the instructions to avoid errors in ITR the financial year 2024–25 (assessment year 2025–26), resident individuals (excluding those classified as not ordinarily resident) with a total income of up to Rs 50 lakh — including income from salary, one house property, other sources such as interest, long-term capital gains under Section 112A up to Rs 1.25 lakh, and agricultural income not exceeding Rs 5,000 — are eligible to file cannot be used taxpayers who are either Director in a company or have invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP or has assets (including financial interest in any entity) located outside individuals, Hindu Undivided Families (HUFs) and Firms (other than LLP) being a resident 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 having long-term capital gains under section 112A up to Rs 1.25 lakh for FY 2024-25 (AY 2025-26).These ITR forms are editable forms that can be downloaded from the income tax website. Individuals can download these forms, fill them up and upload them back onto the e-filing income tax website. These forms are available in Excel and JSON (JavaScript Object Notation) Excel utility forms for ITR 1 and 4 are editable tools that can be downloaded, filled offline, and uploaded on the income tax e-filing website. Here are some steps you can follow to download forms ITR-1 and ITR-4Step 1: Visit the Income Tax e-filing portalStep 2: Download the applicable ITR form (Excel version)Step 3: Fill in the details as per your income profileStep 4: Validate the form and generate the XML or JSON fileStep 5: Upload it on the portal to complete the filing processWith the release of these utilities, it's time for eligible taxpayers to begin gathering their financial documents and start filing their returns well before the due date of September 15, 2025 for FY 2024-25 (AY 2025-26).
