Latest news with #ITR-2
NDTV
a day ago
- Business
- NDTV
ITR-1 And ITR-4 Online Filing Now Open For AY 2025-26; Deadline Extended To September 15
Quick Read Summary is AI generated, newsroom reviewed. The Income Tax Department of India has launched online filing for ITR-1 and ITR-4 forms. Taxpayers can now prepare and submit returns for FY 2024-25 via the e-filing portal. The deadline for filing ITR-1 and ITR-4 has been extended to September 15 from July 31. The Income Tax Department of India has enabled online filing of income tax returns for FY 2024-25 through ITR-1 and ITR-4 forms on its e-filing portal. Salaried individuals, pensioners, freelancers, and small business owners can now prepare and upload their returns online. "Kind attention, taxpayers! Income Tax Return Forms of ITR-1 and ITR-4 are now enabled to be filed through Online mode with prefilled data for Assessment Year 2025-26 for taxpayers. Visit the Income Tax department said in a post on X. Kind attention taxpayers! Income Tax Return Forms of ITR-1 and ITR-4 are now enabled to file through Online mode with prefilled data for Assessment Year 2025-26 for taxpayers. Visit: @FinMinIndia @nsitharamanoffc @officeofPCM @PIB_India — Income Tax India (@IncomeTaxIndia) June 3, 2025 The last date to file income tax returns in ITR-1 and ITR-4 has been extended this year to September 15 from July 31. Who can use ITR-1 and ITR-4? ITR-1 (Sahaj) is designed for resident individuals with income up to Rs 50 lakh from salary, one house property, interest, or pension. ITR-4 (Sugam) suits individuals, HUFs, and firms (excluding LLPs) with income up to Rs 50 lakh from business or profession under presumptive taxation. These forms cater to a large number of taxpayers, simplifying the filing process for salaried individuals, small businesses, and professionals. They're user-friendly and efficient. The ITR-1 and ITR-4 forms are filed by individuals, HUFs and entities with total income up to Rs 50 lakh a year and who do not have to get their accounts audited. Also, entities with long-term capital gains of up to Rs 1.25 lakh from listed equities can show such income in ITR 1 and 4. Earlier, they were required to file ITR-2. For now, individuals requiring ITR-2 or ITR-3 forms will have to wait, as the current release only includes utilities for ITR-1 and ITR-4 forms.
Time of India
2 days ago
- Business
- Time of India
ITR-1 and ITR-4 forms enabled for online filing through income tax e-filing portal for AY 2025-26, know who all can file online income tax returns
The Income Tax Department has launched the online utility for filing income tax returns for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 forms are available for online filing. The article specifies eligibility criteria for each form, detailing income sources and limitations for individuals, HUFs, and firms. Read below to know more. Tired of too many ads? Remove Ads Who needs to file ITR-1? Total income does not exceed Rs 50 lakh during the financial year Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include: Interest from Savings Accounts Interest from Deposits (Bank / Post Office / Cooperative Society) Interest from Income Tax Refund Interest received on Enhanced Compensation Any other Interest Income Family Pension What are the types of income that don't form part of ITR 1 form? Tired of too many ads? Remove Ads Popular in Wealth 1. ITR filing for AY 2025-26: 7 prominent changes in ITR excel utilities for FY 2024-25, which taxpayers including salaried should know Who is eligible to file ITR-2? Tired of too many ads? Remove Ads Are not eligible to file ITR-1 (Sahaj) Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of: interest salary bonus commission or remuneration, by whatever name called, due to, or received by him from a partnership firm Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories. Who is not eligible to file ITR-2? Interest salary bonus commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. Who is eligible to file ITR-3? Who is eligible to file ITR-4 for AY 2024-25? Income not exceeding Rs 50 Lakh during the FY Income from Business and Profession which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE Income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000/-) Other Sources which include (excluding winning from Lottery and Income from Race Horses): Interest from Savings Account Interest from Deposit (Bank / Post Office / Cooperative Society) Interest from Income Tax Refund Family Pension Interest received on enhanced compensation Any other Interest Income (e.g., Interest Income from Unsecured Loan) Who is not eligible to file ITR-4 for AY 2024-25? is a Resident but Not Ordinarily Resident (RNOR), or Non-Resident Indian has total income exceeding ₹ 50 Lakh has agricultural income in excess of ₹5,000/- is a Director in a Company has income from more than one House Property; has income of the following nature:winnings from lottery; activity of owning and maintaining race horses; income taxable at special rates u/s115BBDA or Section 115BBE; has held any unlisted equity shares at any time during the previous year has deferred income tax on ESOP received from employer being an eligible start-up is not covered under the eligibility conditions for ITR-4 The Income Tax Department has released the online utility for filing income tax returns. This means now eligible taxpayers can start filing their ITR through the e-filing online portal for FY 2024-25 ( AY 2025-26 ). However, as of today only ITR-1 and ITR-4 forms are enabled for online filing, which means those who need to file ITR-2 or ITR-3 need to wait for the time below to know who is eligible for filing ITR-1 and 4 and who needs to file ITR-2 and can be filed by an Indian resident individual whose:'Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above),' said the Income Tax Department in its frequently asked question (FAQ ).Following are the types of income that shall not form part of ITR 1 form:-(a) Profits and gains from business and professions;(b) Capital gains;(c) Income from more than one house property;(d) Income under the head other sources which is of following nature:-(i) winnings from lottery;(ii) Activity of owning and maintaining race horses;(iii) Income taxable at special rates under section 115BBDA or section 115BBE;According to an income tax department FAQ, ITR-2 can be filed by individuals or HUFs who:ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of:The ITR-3 form is mainly used by those individuals who are engaged in a business or any profession and in some cases are required to maintain a books of accounts. Those who do not have income from business or profession are not eligible to file under can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:ITR-4 cannot be filed by an individual / HUF / Firm (Other than LLP) who:
Mint
2 days ago
- Business
- Mint
ITR 2025: Sahaj or Sugam — Which is the right income tax form for you?
After the income tax department has extended the last date to file income tax return by 45 days till September 15, taxpayers are likely to be nonchalant. Meanwhile, it is worth noting that CBDT has enabled excel utilities for ITR-1 and ITR-4. As a taxpayer, you are supposed to know which tax form applies to you based on the source of your income. Here, we give a lowdown on the common income tax forms from ITR-1 (sahaj) to ITR-4 (sugam). ITR-1: Also known as sahaj, this form is meant for those taxpayers whose total income does not exceed ₹ 50 lakh during the financial year. 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 accounts, interest from deposits (bank / post office / cooperative society), interest from income tax refund, interest received on enhanced compensation, any other interest income and family pension. ITR-2: This can be filed by individuals or Hindu undivided family (HUF) who are not eligible to file ITR-1 (Sahaj). Additionally, those who do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of interest, salary, bonus, commission or remuneration received from a partnership firm. ITR-3: The ITR-3 form is primarily meant for those taxpayers who are engaged in business or profession, who are required to maintain books of accounts. Those who do not have income from business or profession are not eligible to file their returns under ITR-3. ITR-4: Also known as sugam, ITR-4 can be filed by a resident individual/ HUF/ firm (other than LLP) who has income not exceeding ₹ 50 lakh during the financial year and has income from business and profession which is computed on a presumptive basis under sections 44AD, 44ADA or 44AE or income from salary/ pension, one house property, agricultural income (up to ₹ 5,000). Other sources which include interest from savings account, interest from deposit (bank/ post office / cooperative society), interest from income tax refund, family pension, interest received on enhanced compensation and any other interest income (such as interest income from unsecured loan). Visit here for all personal finance updates.
India Today
29-05-2025
- Business
- India Today
Which tax form should salaried individuals choose: ITR-1 or ITR-2?
As the income-tax filing season for 2025-26 commences, salaried individuals face the decision of choosing the appropriate tax form between ITR-1 and ITR-2. Understanding the eligibility criteria and recent updates is crucial for ensuring accurate tax Income Tax Department has notified all ITR forms earlier this month, prompting individuals to start preparing their documents, although Form 16s are typically released in the month of June. Notably, the changes introduced in the recent Budget have introduced modifications in tax slabs and capital gains tax regulations, affecting the selection of tax forms this IS ITR-1 (SAHAJ)?ITR-1, also known as Sahaj, is designed for resident individuals whose income does not exceed Rs 50 lakh. This simple form is appropriate for those whose income sources are limited to salary, pension, one house property, and income from savings or fixed deposits, dividends, and family pension. Additionally, taxpayers with long-term capital gains (LTCG) up to Rs 1.25 lakh from listed equity shares or equity mutual funds under Section 112A can utilise this form for the current financial year. The ease of use is further enhanced by pre-filled personal information and income details, allowing for online verification against documents like Form-16 and bank account not every salaried individual qualifies for ITR-1. Several conditions outlined by the income-tax department render some taxpayers ineligible for this form. These include having a total income exceeding Rs 50 lakh, capital gains under Section 112A surpassing Rs 1.25 lakh, directorship in a company, ownership of unlisted equity shares, or having foreign income, accounts, or deferred tax on ESOPs, and any carried forward or brought forward losses also disqualify individuals from using ITR-1, necessitating the use of SHOULD USE ITR-2?ITR-2 is meant for individuals or Hindu Undivided Families (HUFs) who don't qualify to file ITR-1 and have no income from a business or form is also suitable if you haven't earned income in the form of interest, salary, bonus, commission, or any other payment from a partnership firm. Moreover, those who are clubbing income—like that of a minor child or spouse—must choose ITR-2 if the income involved matches these is imperative for taxpayers to carefully review their financial activities against the eligibility criteria for ITR-1 and ITR-2. By understanding the nuances of each form, taxpayers can make informed decisions, streamlining their tax filing process for the year. As the income-tax department continues to roll out updates, staying informed about these changes can significantly benefit those navigating the complexities of tax returns.
News18
22-05-2025
- Business
- News18
ITR Filing FY2024-25: 7 Types Of Taxpayers In India; Know Which ITR Form Applies To You
Last Updated: ITR Filing FY2024-25: It's quintessential to choose the correct ITR form based on one's income sources and entity type to ensure compliance and avoid penalties. ITR Filing FY2024-25: The new Income Tax filing season kicks in on April 1, 2025. To avoid any violation and penalty, taxpayers must file their income tax return (ITR) before the deadline, which is July 31. The Income Tax Department has notified all forms from ITR-1 to ITR-7 for the financial year 2024-25 (AY 2025-26). There are seven types of taxpayers under the income tax rules in India, from individual to company. Understanding your category will help you to choose the right ITR form for you based on income sources and entity types, which eventually decreases the risk of being rejected due to an anomaly or discrepancy. Let's understand the seven types of taxpayers in the country and which one is appropriate for you. 1. Individual Who: Single taxpayers, including salaried employees, freelancers, and professionals. Taxation: Based on income slabs; different rates for general, senior (60–80 years), and super senior citizens (80+ years). ITR Forms: ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh. ITR-2: For those with capital gains or multiple properties. ITR-3: For income from business/profession. ITR-4 (Sugam): For presumptive income under Sections 44AD, 44ADA, or 44AE. 2. Hindu Undivided Family (HUF) Who: A family unit with common ancestors, treated as a separate entity. Taxation: Similar to individuals, with applicable deductions and exemptions. ITR Forms: ITR-2, ITR-3, or ITR-4, depending on income sources. 3. Company Who: Private or public limited companies registered under the Companies Act. Taxation: Flat corporate tax rates; special provisions like Minimum Alternate Tax (MAT) may apply. ITR Form: ITR-6 (except for companies claiming exemption under Section 11). Taxation: Taxed either at individual rates or maximum marginal rate, based on specific conditions. ITR Form: ITR-5. Who: Municipalities, Panchayats, and other local governing bodies. Taxation: Income from commercial activities is taxable; certain incomes may be exempt. ITR Form: ITR-5 7. Artificial Juridical Person (AJP) Who: Entities not covered above, like trusts, societies, and other legal entities. Taxation: Varies based on the nature of the entity and its income. ITR Forms: ITR-5: For general AJPs. ITR-7: For entities claiming exemptions under Sections 11, 12, etc., like charitable trusts. It's quintessential to choose the correct ITR form based on one's income sources and entity type to ensure compliance and avoid penalties. First Published: May 21, 2025, 06:26 IST
