Latest news with #Income-Tax(I-T)Department
Mint
10-08-2025
- Business
- Mint
Attention taxpayers! File ITR before THIS date or face penalties for delayed returns — 5 key things to know
ITR Filing: It is that time of the year again when taxpayers across the country file their income tax returns (ITR). As such, here's a detailed look at the ITR due date, the last deadline to file returns, delayed ITR filing and penalty for late filing of your income tax returns. Before filing your ITR keep the following documents ready as applicable: Form 16 (from current employer and former employer if you changed jobs mid-year), PAN Card, Aadhaar Card (PAN-Aadhaar must be linked), Investment proofs (including bank deposits, PPF deposits, etc.), home loan interest certificate, and insurance premium payment receipts. Further, the Income-Tax (I-T) Department has noted that when filing your returns all assessees must complete the process by completing e-verification of their ITR filing. If not done within 30 days, it may result in your ITR refund getting delayed due to 'invalid' or 'incomplete' process. The tax department has clarified that you can complete the requirement on the e-filing portal using Aadhaar OTP, net banking, or electronic verification code (EVC) generated using a pre-validated bank account or pre-validated demat account, to ensure a secure and hassle-free process. Notably, all Indian residents are required to file their ITR for income tax purpose: If the aggregate of your income or salary exceeds the prescribed limits. If they hold assets in India or abroad; If they have investments in markets, shares, or ESOPs; If they have bank deposits exceeding ₹ 50 lakh combined; 50 lakh combined; If they have savings or current account exceeding ₹ 1 crore total; 1 crore total; If they have paid electricity bill over ₹ 1 lakh annually; or 1 lakh annually; or If they have travelled internationally with expenditure over ₹ 2 lakh; and 2 lakh; and If the value of their sales (irrespective of income) exceeds ₹ 60 lakh. The last date for filing income tax returns (ITR) for financial year 2024-25 (Assessment Year 2025-26) is September 15, 2025. This has extended from July 31, 2025. Taxpayers who miss the September 15 deadline can still file a delayed return by December 31, 2025, for FY24-25 / AY25-26. While you are allowed to file delayed ITR till the year-end, please note that these filings will attract penalties between ₹ 1,000 and ₹ 10,000 depending on the duration of delay, as follows: For individuals with an income above ₹ 5 lakh, filing a belated return will incur a penalty of up to ₹ 5,000. 5 lakh, filing a belated return will incur a penalty of up to 5,000. For taxpayers with a net taxable income of ₹ 5 lakhs or lower, the maximum penalty for filing a belated ITR is ₹ 1,000. Also, please note that the more you delay your ITR filing, such returns may lose out on certain deductions for lower tax, and would likely be subject to increased scrutiny from the Income Tax Department. Choose ITR-1 form: If you are an individual with income from salary, one house property, and other sources. Choose ITR-2 form: If you are an individual or Hindu Undivided Family (HUF) without business income. Choose ITR-3 form: If you are an individual or HUF with income from business or profession. Choose ITR-4 form: If you have presumptive income from business or profession. Disclaimer: This article is for general information purposes only and should not be considered as professional tax advice. For personalised guidance, please consult a certified Chartered Accountant or a qualified tax advisor.
Mint
30-05-2025
- Business
- Mint
Attention taxpayers! Excel Utility for ITR-1 and ITR-4 enabled — check details here
The Income-Tax (I-T) Department has on May 30 made available for taxpayers the facility of Excel Utility for ITR-1 and ITR-4 for AY2025-26. In a post on social media platform X, the I-T Dept said, 'Attention taxpayers! The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers.' As on date, the I-T Dept notified income tax return (ITR) forms 1, 2, 3, 4 and 5. These forms are meant to be used for filing income tax returns (ITR) for FY 2024-25 / AY 2025-26. On April 29, the department notified ITR-1 (sahaj) and ITR-4 (sugam). This was followed by notifying the ITR form 3 on April 30. Later, ITR forms 5 and 2 were notified on May 1 and May 3, respectively. ITR-1: This form is meant for resident individuals with a total income of up to ₹ 50 lakh. 50 lakh. ITR-2: ITR-2 can be filed by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj). ITR-3: The ITR-3 form is meant for individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of accounts. ITR-4: ITR-4 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. 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). The I-T Dept on May 27 said it has extended the ITR filing due date for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. The decision was made after a delay in issuing the notification of ITR forms. In a statement, the Central Board of Direct Taxes (CBDT) said that in view of the extensive changes introduced in the notified ITRs, and considering the time required for system readiness and rollout of ITR utilities for AY 2025-26, the due date for filing returns has been extended.
