Latest news with #ITR-U
News18
26-05-2025
- Business
- News18
ITR Filing For AY 2025–26 Not Started Yet: What Should You Do For Now?
Last Updated: ITR Filing 2025: The core reason for the delay is the absence of e-filing utilities — the software tools necessary to fill and submit ITRs online. Even though income tax return filing is not yet possible, you can use this time to get a head start on your ITR process. The income tax department has notified all seven Income Tax Return (ITR) forms — ITR-1 to ITR-7 — for the assessment year 2025–26, along with ITR-V and the newly introduced ITR-U form. While the forms are available for download, taxpayers are still unable to file their returns, as the e-filing utilities required for submission are not yet functional on the department's official portal. The core reason for the delay is the absence of e-filing utilities — the software tools necessary to fill and submit ITRs online. These utilities usually come in three formats: Online utility (with pre-filled data, preferred by individual taxpayers) Excel utility Offline utility (Java or JSON format, commonly used by professionals) Though forms are live for viewing and download, actual filing cannot happen until these tools are enabled on the income tax e-filing portal. What's New This Year? One key update is the launch of the ITR-U form, introduced under the latest Finance Act and released on May 19. This form enables taxpayers to file or revise returns for up to 48 months, offering more flexibility to those who missed or erred in earlier filings. What You Should Do for Now 1. Identify your applicable ITR form (based on your income sources, profession, and residency status). 2. Gather essential documents, including: 3. Reconcile your AIS (Annual Information Statement) and TIS (Taxpayer Information Summary) with your own records. 4. Compute your total income and tax liability, so that once utilities are available, submission becomes faster. For income from other sources Keep ready your capital gains/loss statements issued by mutual fund houses or intermediaries, or your broking house for FY 2024-25. Bank account statements and TDS certificates. Crypto investments to make appropriate disclosures, particularly in the VDA schedules. Will the ITR Filing Deadline Be Extended? While the delay in utility rollout has raised questions about a possible extension of the July 31, 2025, filing deadline (for taxpayers not requiring audit), an extension is unlikely at this stage. Historically, most returns are filed during June and July, giving the department ample time to activate the utilities and avoid deadline pressure. Filing hasn't started yet, but preparation has. Use this time wisely to collect and organise your financial documents, identify the right form, and cross-check your financial records. Once the e-filing utilities go live, you'll be ready to file smoothly and well ahead of the deadline.
India Today
26-05-2025
- Business
- India Today
ITR utilities not live yet: Will the e-filing deadline be extended?
The Income Tax Department has already released all the Income Tax Return (ITR) forms for the assessment year 2025-26. These include ITR-1 to ITR-7, and even a new form called ITR-U. This new ITR-U form lets taxpayers file or fix returns for up to 48 months, as allowed under the latest Finance even with all these forms ready and available for download, there's a small hiccup as taxpayers still can't file their returns online. That's because the filing tools, also known as utilities, are not yet live on the official income tax ARE ITR FILING UTILITIES?Filing utilities are tools provided by the Income Tax Department to help taxpayers submit their returns online. Last year, it was available in three formats—online, offline (in Java or JSON), and Excel. Most salaried individuals prefer using the online option as it comes with pre-filled details like salary, interest income, and tax deducted. You can review this, make corrections if needed, and then file the return. On the other hand, tax professionals often use the offline or Excel formats, which require downloading the form, filling it out on your system, and uploading it back to the IS THERE A DELAY IN UTILITIES THIS YEAR?The tax department hasn't given an official reason for the delay. But experts believe it might be because of the changes made to the ITR forms this year. These updates could take extra time to reflect in the software THE DELAY PUSH THE FILING DEADLINE?advertisementMany taxpayers are wondering if the delay in these filing tools means the return filing deadline will be pushed. But that's unlikely. The deadline for those who don't need to get their accounts audited remains July 31, most taxpayers file their returns in June or July anyway, so the department still has enough time to get things up and running. Plus, return processing has become quicker over the past few unless there's a major technical issue, the deadline is expected to stay the same. It's a good idea to stay prepared and regularly check the income tax portal for updates. Once the utilities go live, you can quickly complete the filing without any Reel
India Today
22-05-2025
- Business
- India Today
All ITR forms are out, but you still can't file. What's causing the delay?
The Income Tax Department may have rolled out all ITR forms for the Assessment Year 2025–26. But before you rush to file your income tax return, here's something important to know – the actual e-filing process isn't open yet. It's because the e-filing utilities are not live on the THE DELAY ABOUT?While all seven ITR forms (ITR-1 to ITR-7) and even the updated ITR-U form are ready, the filing process can't begin until the government activates the utility software. These utilities are essential tools that help taxpayers fill in, check, and submit their returns online or these tools, the system won't accept your return, no matter how ready you are, say ARE THESE UTILITIES AND WHY DO THEY MATTER? Each year, the department provides the filing utility in different formats, online, offline (Java or JSON), and Excel. These formats are designed to suit different users. Many individual taxpayers prefer the online mode for its simplicity and ease, while professionals often use the JSON or Excel whether online or offline, these utilities are a must. They allow you to fill in the form correctly, validate the data, and upload it these, the system won't accept your return – no matter how ready you WILL THE UTILITIES BE RELEASED?There is no official word yet on when the utilities will be released. However, it is widely expected that the rollout will begin in phases, likely starting with the simpler forms like ITR-1 and ITR-4, sometime between late May and early June. These are commonly used by salaried individuals and small business no official date yet. But sources say the department may begin releasing utilities in stages, starting with simpler forms like ITR-1 and ITR-4, sometime in late May or early June.
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Business Standard
21-05-2025
- Business
- Business Standard
ITR-U changes:Fix tax return errors of up to 4 years but with extra charges
To encourage voluntary compliance, the Central Board of Direct Taxes (CBDT) has notified an updated mechanism for filing income tax returns through ITR-U. Taxpayers now have up to 48 months from the end of the relevant assessment year to correct errors or omissions in previously filed returns, double the earlier 24-month period. However, this extended window comes at a cost. ITR-U is applicable to any individual or corporate entity that has omitted or misreported income, missed deductions, or failed to file returns altogether. What's new in the updated ITR-U? According to Ritika Nayyar, partner at Singhania & Co., the amended framework mandates filing the complete applicable ITR form along with ITR-U, as opposed to the earlier simplified standalone format. 'This includes comprehensive financial details beyond just the additional income,' Nayyar said. The additional tax is now levied progressively based on the delay: 25 per cent of tax and interest if filed within 12 months 50 per cent for 12–24 months 60 per cent for 24–36 months 70 per cent for 36–48 months Sandeep Bhalla, partner at Dhruva Advisors, added that taxpayers must also disclose the source of additional income, provide specific reasons for updating the return, and complete a more detailed verification process. Importantly, the form cannot be used to claim refunds or reduce existing tax liabilities. 'The aim is to regularise tax liabilities before detection by authorities. Penalties under ITR-U are significantly lower than those for tax evasion,' Nayyar noted. Bhalla highlighted that this facility offers a final chance to rectify inconsistencies, such as unreported interest, rental income, or capital gains, particularly if discrepancies appear in the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS). Opportunity and limitations While the 48-month window offers flexibility, both experts cautioned against misuse. 'ITR-U cannot be filed if search or survey actions have been initiated, or in cases involving serious proceedings under laws like the PMLA or Benami Act,' Nayyar said. Taxpayers are urged to match all disclosures with Form 26AS, AIS, and TIS. 'Accuracy is critical. Errors can invite scrutiny despite the voluntary nature of this facility,' Bhalla warned. Final word
Mint
21-05-2025
- Business
- Mint
Income Tax: After ITR-1 to ITR-7, CBDT notifies ITR-U. All you need to know about the latest changes
After notifying all income tax forms from ITR-1 to ITR-7, Central Board of Direct Taxes (CBDT) has now notified ITR-U (updated) as well via notification dated May 19, 2025. To encourage voluntary compliance, the Government of India, via Finance Act 2025, extended the time limit to file the updated return from 24 months to 48 months from the end of the relevant assessment year. Notably, filing an updated return leads to additional tax payable. From the additional 24 months to 36 months -- additional tax payable is 60 percent of the aggregate of tax and interest payable. And the additional tax payable will be 70 percent of the aggregate of tax and interest during the period of 36 to 48 months. Those who are not aware, the provision of income tax return (updated) was first introduced in Finance Act 2022 to allow the taxpayers to rectify the errors of omission and commission they may have made while estimating their income for tax payment. That time, the maximum time period that was given for filing an updated return was two years from the end of the relevant assessment year. Unlike the regular deadline of July 31, the updated return's deadline is March 31. For instance, March 31 2025 was the last date to file updated returns for FY 2021-2022. Read this Livemint article for further details on this. First of all, the time limit has been extended from current two to four years per the Finance Bill 2025. The latest notification also incorporates the following changes aside from extending the time limit from two years to four: 1. Show cause notice: An updated return can not be filed if show cause notice under section 148A has been issued after 36 months from the end of the relevant assessment year. However, later if 148A(3) order is passed saying that it is not a valid case for notice under section 148, then an updated return can be filed within 48 months from the end of relevant assessment year. 2. Additional income tax: As explained above, the updated return entails payment of additional income tax for the extended timelines. As a result, section 140B has been amended accordingly. 3. CBDT notification also highlighted that rule 12AC has also been amended to reflect these changes. There are a number of cases when taxpayers are not permitted to file an updated ITR. These include the following: I. When after the ITR -U (updated), total income leads to smaller tax liability. II. When it is being filed to claim tax refund. III. When a survey has already been conducted, or search has already been initiated against the taxpayer IV. Additionally, when the tax department has seized taxpayer's documents. For all personal finance updates, visit here.
