Latest news with #ITR-6
Mint
2 days ago
- Business
- Mint
Income Tax: After ITR-1 to ITR-5, excel utility of ITR-6 also released
Nearly six days after releasing the excel utility of ITR-5, income tax department on Thursday released the utility of ITR-6 as well. Those who are not aware, ITR-6 is the income tax form meant for companies other than the ones claiming exemption under section 11. Additionally, income tax department has also released the facility for filing updated returns for AY 2021-22 and AY 2022-23 for ITR-3 & ITR-4. It is worth mentioning here that offline and online utilities of ITR-3 were released on July 30. Prior to this, online and excel utilities were released for other income tax forms including ITR-1, ITR-2 and ITR-4. Date Tax return form released 29 May 2025 ITR-1 and ITR-4 excel utilities released 4 June 2025 ITR-1 and ITR-4 online utilities released 11 July 2025 ITR-2 and ITR-3 excel utilities released 17 July 2025 ITR-2 online utility released 30 July 2025 ITR-3 offline and online utility 8 Aug 2025 ITR-5 excel utility released 14 Aug 2025 ITR-6 excel utility released (Source: Some experts believe that it is a little late now for releasing income tax forms when only one month is remaining before the deadline for filing of return end on September 15. 'This is the time for chartered accountants to work on companies' audit reports – the deadline for which is Sept 30. Only last week, ITR-5 was released. So, the time which is left for filing income tax return is not sufficient,' says CA Pratibha Goyal, partner of PD Gupta & Company. Meanwhile, some experts and taxpayers are complaining about the issues that are facing while filing of income tax return. Some claimed that they were unable to download crucial documents such as AIS (Annual Information Statement) and TIS (Tax Information Summary) whereas a few others faced concerns with regards to bugs in ITR-2 (see post above). For all personal finance updates, visit here
News18
3 days ago
- Business
- News18
Income Tax: ITR-6 Excel Utility Now Available For Filing, Who Needs To File
Last Updated: The Income Tax Department released the ITR-6 Excel Utility for AY 2024-25. ITR-6 is mandatory for companies under the Companies Act, except those eligible for ITR-5. Income Tax Filing 2025: The Income Tax Department has released the ITR-6 Excel Utility for the financial year 2024-25 (Assessment Year (AY) 2024–25), enabling eligible entities to file their annual income tax returns with updated reporting features. Who Needs to File ITR-6? ITR-6 is mandatory for all companies registered under the Companies Act, 2013 (or earlier versions), except those eligible to file ITR-5. This includes: Private Limited Companies Public Limited Companies One Person Companies (OPCs) Other companies not claiming exemptions under Section 11 of the Income Tax Act (e.g., charitable or religious institutions). Who Are Not Eligible For ITR-6 Not applicable for companies claiming exemptions under Section 11 (e.g., trusts or institutions with income from property held for charitable or religious purposes). ITR-6 is not for individuals, HUFs, firms, or other entities—these use other ITR forms (e.g., ITR-1, ITR-3, ITR-5, etc.). Companies must file ITR-6 electronically with a digital signature. Different Deadlines For Taxpayers: September 15 Deadline For Those Who Don't Require Audit The tax department has extended the deadline for those taxpayers who don't require audit to file the taxes. The changes in income tax forms, new slabs under new income tax and capital gain taxes have prompted the department to extend the dates. Who Can File ITR By October 31, 2025? Taxpayers whose accounts need to be audited—such as companies, proprietorships, and working partners in firms—have until October 31, 2025, to file their income tax returns (ITR) for the financial year 2024-25 (assessment year 2025-26). Before they can do that, they must ensure their audit report is submitted by September 30, 2025. As of now, the Income Tax Department has not announced any extension to this deadline. Deadline for Those with International Dealings If a taxpayer is involved in international transactions or certain specified domestic transactions, they are required to submit a report under Section 92E. In this case, the due date for filing ITR is November 30, 2025. To stick to this timeline, their audit report must be submitted by October 31, 2025. Just like in other categories, the government has not given any update about extending this due date. view comments 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.
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Business Standard
14-05-2025
- Business
- Business Standard
ITR forms seek more information: Changes for AY 2024-25 you need to know
The Central Board of Direct Taxes (CBDT) has rolled out seven revised Income Tax returns (ITR) forms for Assessment Year 2024-25. While most forms remain familiar, there are several changes to ensure the government's push for greater disclosure and streamlined reporting. Here's a look at the major changes in ITR-1 to ITR-7, as highlighted by Naveen Wadhwa, vice-president at Taxmann. ITR-1 and ITR-4: More control for taxpayers A new feature allows taxpayers to choose between the old and new tax regimes directly within the forms. The feature offers clarity and flexibility, especially for those unsure of the most beneficial regime. However, taxpayers who have to file Form 10-IEA for exercising the option (due date being July 31) will need to file it separately; the ITR doesn't substitute that requirement. ITR-2 and ITR-3: Expanded reporting norms New fields have been added for reporting income from Virtual Digital Assets, continuing the government's push for transparency in crypto and digital asset earnings. The forms now ask for detailed disclosures on 'assets located outside India,' further tightening compliance under the Black Money Act. ITR-5 and ITR-6: Aligning with latest laws Trusts and institutions governed under Sections 10 (23C), 11, or 12 now must provide more detailed information regarding donations received and utilization thereof. ITR-6 includes a new schedule on 'elective taxes under section 115BAE' for new manufacturing co-operatives. ITR-7: Greater scrutiny for charitable entities Institutions claiming exemptions under Sections 10(23C) or 11/12 must now disclose registration details and approval numbers, a move to plug loopholes. There's a mandate to reconcile income and application of funds, bringing in more transparency for tax-exempt entities. One common thread: Enhanced transparency Across all forms, there's a clear trend, more fields, more disclosures, and tighter compliance. As Wadhwa notes, these changes indicate a deeper integration of tax data with other financial records, aiding cross-verification by authorities. The revised forms are now notified and available for filing. Taxpayers are advised to go through the updated forms carefully or consult professionals to avoid errors and ensure compliance
