Latest news with #ITR-5
India Today
a day ago
- Business
- India Today
ITR-5 excel utility opens: What is it and who must file
The Income Tax Department has made the Excel utility for Income Tax Return (ITR)–5 available on its e-filing portal, allowing eligible taxpayers to start filing for the assessment year 2025–26. The launch comes slightly later than usual, reportedly due to major changes in this year's ITR August 9, 2025, it wrote on X, 'Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.' advertisementWHO SHOULD FILE ITR-5?Under the Income Tax Act, 1961, ITR-5 is meant for firms, Limited Liability Partnerships (LLPs), co-operative societies, and certain other bodies. It is not for individuals or companies, as they have separate THE FORM COVERSThe ITR-5 form is detailed, requiring a range of financial A includes general details like, the balance sheet, manufacturing or trading accounts, the profit and loss account, and other related B focusses on calculating income and tax liability. Further, there are also multiple schedules for reporting different types of income, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief year, a new change allows reporting of buyback losses only if the related dividend has already been DEADLINESFor non-audit cases, the deadline for submitting ITR-5 is September 15, 2025. If filing physically, taxpayers must verify the return by sending the signed ITR-V form to the Centralised Processing Centre (CPC) in Bengaluru within 30 days, unless they choose to e-verify ACCURATE FILING MATTERSFiling an income tax return is not just a yearly formality, it ensures you stay compliant with tax laws, claim refunds you are eligible for, and avoid penalties for late or incorrect filing.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
News18
3 days ago
- Business
- News18
Income Tax: ITR-5 Excel Utility Now Available For Filing — Who Needs To File
Last Updated: The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year (AY) 2024–25 Income Tax Filing 2025: The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year (AY) 2024–25, enabling eligible entities to file their annual income tax returns with updated reporting features. Who Can File ITR-5 ITR-5 is designated for entities other than individuals, Hindu Undivided Families (HUFs), companies, and those required to file ITR-7. Eligible filers include: Individual taxpayers, HUFs, companies, and entities under ITR-7 provisions are not permitted to use this form. The ITR-5 structure covers detailed financial disclosures: Key updates for AY 2024–25 include new sections for MSME registration and Section 80-IAC startup deductions, along with expanded reporting for emerging income categories like virtual digital assets (crypto/NFTs). Filing can be done online through the Income Tax Department's e-filing portal using a digital signature or verification code. Offline submission is also available. No supporting documents are required, but tax credits must match Form 26AS. Deadlines: Non-audited entities: 31 July 2025 Audited accounts: 31 October 2025 Transfer pricing audit: 30 November 2025 Before filing, taxpayers must ensure portal registration, bank account validation for refunds, updated digital signatures, and submission of applicable statutory forms. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
3 days ago
- Business
- Mint
Income Tax Filing: ITR-5 excel form now live – Who should opt for it? Details here
The income tax (I-T) department has now enabled ITR-5 for filing returns online, for firms, Limited Liability Partnerships (LLP), Associations of Persons (AOP), and Bodies of Individuals (BOI). In a post on the social media platform X, the income tax department noted, 'Kind Attention Taxpayers! Excel Utility of ITR-5 is live now and is available for filing.'
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Business Standard
16-07-2025
- Business
- Business Standard
Delay in ITR-5, 6, 7 utilities:Brace for shorter filing window, say experts
Taxpayers looking to file ITR-5, 6 and 7 are waiting for their forms to go live on the Income Tax portal. Tax experts say the hold-up has left professionals with a shrinking window to complete complex filings, raising the chances of last-minute errors. 'These forms require complex disclosures, audits and reconciliations. The phased rollout of ITR utilities this year has disrupted workflows even in the most efficient tax practices,' said Sonu Jain, chief risk and compliance officer at 9Point Capital. ITR-2 and 3 utilities were also released late in mid-July. 'Normally, filings for multiple clients are spread over 3-4 months. This delay has created a backlog, increasing the chances of last-minute rush, errors and delayed refunds. Taxpayers are also grappling with discrepancies between AIS data and their own records, making the process slower and more stressful,' said Deepesh Chheda, partner at Dhruva Advisors. What taxpayers should do now Experts stress that taxpayers should use this time wisely. 'Finalise your financial statements, reconcile data with Form 26AS and AIS, and prepare drafts of your returns based on last year's schema,' advised Kinjal Bhuta, CA and treasurer of the Bombay Chartered Accountants' Society. She warned that waiting for the utilities to go live could leave too little time for quality checks. Deepak Kumar Jain, chief executive officer of recommended that taxpayers, required to undergo audits, complete them early and coordinate closely with tax professionals. 'Preparedness always pays dividends. Do not rely on the hope of an extension,' he cautioned. Will the deadline be extended? While the government had extended deadlines for non-audit cases earlier, no fresh announcements have been made for ITR-5, 6 or 7 filings. 'Future extensions cannot be predicted. For corporates and trusts, due dates are linked to other compliance deadlines under the Companies Act and GST, so any miscalculation can lead to a domino effect of non-compliance,' said Jain of 9Point Capital. Penalties for missing the deadline Failing to file on time can prove costly. Taxpayers with income above Rs 5 lakh may face a penalty of Rs 5,000 under Section 234F, while those below the threshold are charged Rs 1,000. Interest at 1 per cent per month applies on unpaid taxes. 'Belated filers also lose the ability to carry forward business or capital losses and may face delayed refunds,' Chheda noted. Bhuta pointed out an additional risk. 'Multiple deadlines coinciding could overwhelm the Income Tax portal, adding to taxpayers' woes.' With little clarity on further extensions, taxpayers filing ITR-5, 6, or 7 should proactively prepare to avoid last-minute bottlenecks and penalties. Staying in contact with tax advisors will be critical in navigating the compressed timeline.
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Business Standard
16-07-2025
- Business
- Business Standard
After buying a second-hand car, this is how you transfer insurance policy
Taxpayers looking to file ITR-5, 6 and 7 are waiting for their forms to go live on the Income Tax portal. Tax experts say the hold-up has left professionals with a shrinking window to complete complex filings, raising the chances of last-minute errors. 'These forms require complex disclosures, audits and reconciliations. The phased rollout of ITR utilities this year has disrupted workflows even in the most efficient tax practices,' said Sonu Jain, chief risk and compliance officer at 9Point Capital. ITR-2 and 3 utilities were also released late in mid-July. 'Normally, filings for multiple clients are spread over 3-4 months. This delay has created a backlog, increasing the chances of last-minute rush, errors and delayed refunds. Taxpayers are also grappling with discrepancies between AIS data and their own records, making the process slower and more stressful,' said Deepesh Chheda, partner at Dhruva Advisors. What taxpayers should do now Experts stress that taxpayers should use this time wisely. 'Finalise your financial statements, reconcile data with Form 26AS and AIS, and prepare drafts of your returns based on last year's schema,' advised Kinjal Bhuta, CA and treasurer of the Bombay Chartered Accountants' Society. She warned that waiting for the utilities to go live could leave too little time for quality checks. Deepak Kumar Jain, chief executive officer of recommended that taxpayers, required to undergo audits, complete them early and coordinate closely with tax professionals. 'Preparedness always pays dividends. Do not rely on the hope of an extension,' he cautioned. Will the deadline be extended? While the government had extended deadlines for non-audit cases earlier, no fresh announcements have been made for ITR-5, 6 or 7 filings. 'Future extensions cannot be predicted. For corporates and trusts, due dates are linked to other compliance deadlines under the Companies Act and GST, so any miscalculation can lead to a domino effect of non-compliance,' said Jain of 9Point Capital. Penalties for missing the deadline Failing to file on time can prove costly. Taxpayers with income above Rs 5 lakh may face a penalty of Rs 5,000 under Section 234F, while those below the threshold are charged Rs 1,000. Interest at 1 per cent per month applies on unpaid taxes. 'Belated filers also lose the ability to carry forward business or capital losses and may face delayed refunds,' Chheda noted. Bhuta pointed out an additional risk. 'Multiple deadlines coinciding could overwhelm the Income Tax portal, adding to taxpayers' woes.' Key takeaway With little clarity on further extensions, taxpayers filing ITR-5, 6, or 7 should proactively prepare to avoid last-minute bottlenecks and penalties. Staying in contact with tax advisors will be critical in navigating the compressed timeline.
