Latest news with #ITR-4
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Business Standard
3 hours ago
- Business
- Business Standard
Why a Karnataka vegetable vendor got a ₹29 lakh GST notice for UPI sales
So what if you're not a registered GST taxpayer? The taxman might still be tracking you. Just ask the vegetable seller from Haveri, Karnataka, who received a GST notice demanding ₹29 lakh in taxes. The vendor, Shankargouda Hadimani, is not a registered GST taxpayer and has been running his small shop near the Municipal High School grounds for the past four years, Deccan Herald reported. Shankargouda mostly accepted payments through UPI and other digital wallets. According to the GST officials, his total digital transactions over four years added up to ₹1.63 crore, triggering a GST demand, the news report said. The notice from officials said, 'You have done transactions worth ₹1.63 crore in the last four years, for which, you have to pay GST of ₹29 lakh.' The tax notice has left Shankargouda in distress. He has now stopped accepting UPI payments altogether. Explaining his situation, he said, 'I procure vegetables from the farmers and sell the produce at the small shop I own near Municipal High School grounds. Nowadays, customers favour UPI payments. I promptly file I-T returns every year. I have records for the same. The GST officials have served a tax demand of ₹29 lakh. How can I pay such a huge amount?' Do vegetables attract GST? In India, fresh and unprocessed vegetables are exempt from GST, meaning they attract a 0 per cent tax rate. This exemption covers fresh, chilled, or unprocessed vegetables, whether sold by farmers or retailers. However, processed vegetables — such as those that are frozen, preserved, packaged, or labelled — may attract GST rates of 5 per cent or higher depending on the item and its preparation. For example, dried, pre-packaged, and labelled vegetables usually attract 5 per cent GST, while further processed products can face rates as high as 12 per cent. Small vendors in India must file an Income Tax Return (ITR) if their annual income exceeds the basic exemption limit of ₹2.5 lakh. Most small vendors, especially those with business income under ₹50 lakh and opting for the presumptive taxation scheme, should use ITR-4 (Sugam). Under this scheme, vendors can simply declare a fixed percentage of their turnover as profit, easing compliance. ITRs can be filed online through the Income Tax Department portal. For FY 24-25, the last date to file ITR is September 15, 2025, unless account audit is required.
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First Post
2 days ago
- Business
- First Post
Income tax dept enables online ITR-2 filing with pre-filled data: How this is a big relief
The Income Tax Department has now made ITR-2 available for online filing with pre-filled data. This update makes it easier for salaried individuals, those owning multiple properties, and people with capital gains to file their returns without downloading Excel utilities or uploading files manually. Until now, only ITR-1 and ITR-4 could be filed online. ITR-2 was limited to the Excel utility, which involved a slower, more manual process read more As of July 18, more than 1.41 crore returns have been filed, and 1.12 crore of them have already been processed. (File Photo) The Income Tax Department has now allowed online filing of ITR-2 with pre-filled data available on the e-filing portal. Notably, this form is meant for people who need to file their Income Tax returns (ITR) on income earned through salary, pension, capital gains, or other sources. Those who have income from a business or profession are required to use Form ITR-3 instead. So, what's new this time? Who is expected to use this form? And what about the other ITR forms? STORY CONTINUES BELOW THIS AD Let's take a look: What's new? The Income Tax Department posted an update on X: 'Kind Attention Taxpayers! Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal.' This means salaried individuals, those who own more than one house, and people with capital gains can now file their returns more easily, without needing to download Excel sheets or deal with manual uploads. Kind Attention Taxpayers! Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal. Visit: — Income Tax India (@IncomeTaxIndia) July 18, 2025 Earlier, only ITR-1 and ITR-4 could be filed online. ITR-2 was only available through the Excel utility, which was a slower and more manual process. Now, those eligible for ITR-2 can either file it directly online using pre-filled data or download the Excel utility and upload it after filling it out. With this change, the portal now: Automatically fills in details from Form 26AS, AIS, PAN, and TIS Lets users file their returns directly on the portal Removes the need to create and upload JSON files This update makes it easier for people with more complex financial details to file their returns. Why was it delayed? Usually, the department rolls out online filing utilities by April or May. But this year, there was a delay of over 100 days in releasing ITR-2 and ITR-3, which left many taxpayers waiting. STORY CONTINUES BELOW THIS AD The last date for filing ITRs has been moved from July 31 to September 15, 2025. (File Image) Because of this delay and the changes made to ITR forms, the government extended the deadline for filing returns (for non-audit cases) from July 31 to September 15, 2025. As of July 18, more than 1.41 crore returns have been filed, and 1.12 crore of them have already been processed. Who should use ITR-2? Form ITR-2 is for individuals and Hindu Undivided Families (HUFs) who: Have income from salary or pension Own more than one residential property Have capital gains from shares, mutual funds, or property sales Hold foreign assets or earn income abroad However, this form cannot be used by anyone earning income from a business or profession, or by those receiving payments from a partnership firm. ITR forms: Who should use which one? ITR-1 This form is for resident individuals with a total income of up to Rs 50 lakh. Earlier, individuals with capital gains were not allowed to use ITR-1. However, the updated version now lets them file through ITR-1 if they have long-term capital gains from the sale of listed equity shares or equity mutual fund units, and the total gain does not exceed Rs 1.25 lakh in a financial year, according to The Economic Times. The government extended the deadline for filing returns (for non-audit cases) from July 31 to September 15, 2025 (File Image) ITR-3 ITR-3 is meant for individuals earning from a business or profession. This includes freelancers, consultants, traders (including those trading in stocks or cryptocurrency), and people with foreign assets or complex income structures. The Excel utility for ITR-3 has been made available, but the online filing with pre-filled data has not yet been enabled. So, people in this category must still use the Excel utility and upload a JSON file. ITR-4 This form is for resident individuals, Hindu Undivided Families (HUFs), or firms (excluding LLPs) with income up to Rs 50 lakh. It covers those with income from a business or profession under the presumptive taxation scheme (sections 44AD, 44ADA, or 44AE), along with income from salary or pension, one house property, agricultural income up to Rs 5,000, and income from other sources. STORY CONTINUES BELOW THIS AD ITR-5 This form is for entities such as firms, Limited Liability Partnerships (LLPs), Associations of Persons (AOPs), Bodies of Individuals (BOIs), and Artificial Juridical Persons (AJPs).
Mint
3 days ago
- Business
- Mint
Income Tax: ITR-2 enabled for filing return through online mode
The income tax (I-T) department has now enabled ITR-2 for filing returns through online mode with pre-filled data at the e-filing portal. ITR-2 is meant for the individuals who want to file their Income Tax returns (ITR) of income from sources such as salary, pension, capital gains, and other sources. Meanwhile, taxpayers who earn from business or profession are supposed to use ITR-3. 'In online mode, most details are auto filled, it is more user friendly. When someone opts for the excel utility, one can simply download it and fill at their leisure. Excel has been around for a longer period and the department has continued it whereas the online version is more user-friendly,' says CA Chirag Chauhan, a Mumbai-based chartered accountant. On July 11, income tax department released the excel utilities of ITR-2 and ITR-3 for AY 2025-26. Prior to that, excel utilities of only ITR-1 and ITR-4 were released. When taxpayers file their tax return through excel utility, they must generate a JSON file and upload it to the portal whereas the online utility is considered more user-friendly and convenient by taxpayers. ITR-1: It is meant for resident individuals with a total income of up to ₹ 50 lakh. ITR-2: It can be used by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj). ITR-3: This is meant for individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of accounts. ITR-4: It can be filed by a Resident Individual/ HUF/ Firm (other than LLP) who has income not exceeding ₹ 50 lakh during the FY, income from business and profession computed on a presumptive basis u/s 44AD, 44ADA or 44AE, income from salary/pension, one house property, agricultural income (up to ₹ 5,000) and other sources. ITR-5: This income tax form can be used to file ITR by a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), and Artificial Juridical Person (AJP). For all personal finance updates, visit here
Indian Express
3 days ago
- Business
- Indian Express
ITR-2 filing FY 2024-25 begins online: Know the eligibility, new updates, and more
ITR-2 Filing FY 2024-25, AY 2025-26: After almost 100 days of delay, the Income Tax Department has activated ITR-2 for online filing on Thursday, as announced on X. Until now, only ITR-1 and ITR-4 were available for online filing. The tax department normally releases utilities and online forms in April or May. However, this year's publication was substantially delayed. ITR-1 and ITR-4 were the first to be filed in May, but ITR-2 and ITR-3 utilities arrived more than 100 days later. Due to this delay and the revisions made to the ITR forms, the government has delayed the ITR filing deadline for FY 2024-25 (AY 2025-26) from July 31 to September 15, 2025. Kind Attention Taxpayers! Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal. Visit: — Income Tax India (@IncomeTaxIndia) July 18, 2025 People who are eligible for ITR-2 will now be able to file a return online with pre-filled data, as well as download and upload the Excel utility after filling it out. With the Excel utility, taxpayers would fill out the form, generate a JSON file, and upload it to the site. It was a time-consuming process, especially because most people simply wanted their taxes completed swiftly and correctly. With this update, however: The ITR-2 form is for individuals and HUF who earn income other than 'Profits and Gains from Business or Profession'. Individuals having income from the following sources are eligible to file Form ITR-2.
NDTV
5 days ago
- Business
- NDTV
How To File Your ITR For AY 2025-26: Step-By-Step Guide For Online And Offline Modes
Filing your Income Tax Return (ITR) is a crucial step that not only fulfils a legal requirement but also facilitates smooth financial transactions, such as availing loans, credit cards, and visas. Recently, the Central Board of Direct Taxes (CBDT) extended the ITR filing due date for the Assessment Year (AY) 2025-26 from July 31 to September 15, aiming to provide a hassle-free experience for taxpayers. To aid in this process, the Income Tax Department has made available Excel utilities for ITR-1, ITR-2, ITR-3, and ITR-4 forms, alongside online filing options for ITR-1 and ITR-4. Importantly, filing your ITR and paying any pending self-assessment tax by the new due date exempts you from interest payments under Section 234A. Here's a step-by-step guide to help you navigate the ITR filing process, both online and offline, through the official Income Tax e-filing portal. How to File ITR Online (Through the Income Tax Portal) 1. Log In to the Portal Visit and log in using your PAN (as user ID) and password. 2. Navigate to the ITR Filing Section Click on 'e-File' > 'Income Tax Returns' > 'File Income Tax Return'. 3. Select the Assessment Year Choose 'AY 2025-26' for filing FY 2024-25 returns and select the online mode, then click 'Continue'. 4. Choose Your Filing Status Select your status as Individual, HUF, or Others. Most taxpayers fall under 'Individual'. 5. Pick the Correct ITR Form Choose the appropriate ITR form based on your income type: ITR-1 for salaried individuals with income up to Rs 50 lakh. ITR-2 for capital gains or more complex income sources (excluding business/profession). ITR-4 for presumptive income from business or profession. 6. State Reason for Filing Select the applicable reason: Taxable income exceeds the basic exemption limit. Filing is mandatory due to specific criteria. Other applicable reasons. 7. Review and Confirm Information Your personal and financial details will mostly be pre-filled. Check: PAN, Aadhaar, and bank details. Salary and income details (auto-fetched from Form 16 and Form 26AS). Deductions under Sections 80C, 80D, etc. Validate all entries before proceeding. 8. Pay Tax Dues and Submit If there's any outstanding tax liability, pay it. Review the summary, confirm, and submit the return. 9. E-Verify Your Return You must e-verify the return within 30 days to complete the filing. Choose from: Aadhaar OTP Net banking Electronic Verification Code (EVC) Or send a signed ITR-V to CPC, Bengaluru How to File ITR Using the Offline Utility (JSON Upload) 1. Download the Offline Utility Go to the Downloads section of the Income Tax Portal and install the Common Offline Utility. 2. Access the Utility and Choose 'File Return' Launch the utility and click on 'File Return'. 3. Download Pre-filled Data Choose 'Download Pre-Fill', enter your PAN and AY 2025-26, and log in using your portal credentials. 4. Start Filing Your Return Click 'File Return' again. Select your status (Individual, HUF, or Others) and choose the right ITR form. 5. Fill in General and Income Details Enter personal and bank account details. Income details will be auto-populated from Form 26AS; ensure accuracy and include any missed income. 6. Preview and Validate Verify tax computation, deductions, and refund/balance tax payable. After final validation, download the JSON file. 7. Upload on Income Tax Portal Log in to the portal. Go to 'File Now', select the correct Assessment Year, Filing Type, and ITR Type. Upload the JSON file and proceed. 8. E-Verification Similar to online mode, complete the filing by verifying the return within 30 days through one of the available options.
