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Economic Times
4 days ago
- Business
- Economic Times
ITR filing 2025: Excel utilities for ITR 1 and 4 for FY 2024-25 (AY 2025-26) released by Income Tax dept; Check who can file
— IncomeTaxIndia (@IncomeTaxIndia) Choose right income tax return form for ITR filing FY 2024-25 (AY 2025-26) Live Events Who is eligible to file ITR 1 for FY 2024-25 (AY 2025-26)? Who cannot use ITR 1 to file income tax return for FY 2024-25 (AY 2025-26)? Who is eligible to file ITR 4 for FY 2024-25 (AY 2025-26)? How to file ITR Excel utilities forms Steps to download ITR-1 and ITR-4 for FY 2024-25 (AY 2025-26) The Income Tax Department has released the Excel utility versions of Income Tax Return (ITR) Forms 1 and 4 for the Assessment Year 2025–26. These tools are now available for download on the official income tax e-filing portal , allowing eligible taxpayers to start preparation for filing of income tax returns for FY 2024-25 (AY 2025-26).The Income Tax Department has announced the release of excel utilities via a post on X (formerly Twitter). 'Attention taxpayers! The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers,' the Income Tax Department said on Singla, Partner at SBHS & Associates, says, 'It's a big relief to see that the Excel Utilities for ITR-1 and ITR-4 for Assessment Year 2025–26 have been released by the Income Tax Department. I have already filed ITR-4 using Excel Utility, and I am happy to share that the process was smooth - there are no major changes in the ITR-4 schema compared to last year, which makes it even easier for regular filers and tax professionals. However, a very important change has been made in the schema for ITR-1. A new validation rule has been introduced in the utility itself: if certain TDS section codes appear in Schedule TDS2 or TDS3—such as 194B, 194BB, 194S, 194LA, 195, 196A, 194Q, 194R and others—the income tax return will now be considered invalid for filing under ITR-1. This means taxpayers having income under special rates or from sources like online games, lotteries, crypto, property transfers, must use ITR-2 or other appropriate is a very welcome and practical change. In past years, many taxpayers unknowingly filed ITR-1 with such incomes, only to face defective return notices from CPC. By building this validation directly into the utility, the Department has helped prevent incorrect filings at source, saving both time and confusion.'Also read: When will salaried employees get Form 16 to file income tax return for FY 2024-25 (AY 2025-26)? Taxpayers are advised to carefully check the eligibility criteria before selecting and filing their income tax return FY 2024-25 (AY 2025-26). Choosing the incorrect form may lead to complications or rejection of the ITR by the Income Tax Department. Tax experts recommend thorough reading of the instructions to avoid errors in ITR the financial year 2024–25 (assessment year 2025–26), resident individuals (excluding those classified as not ordinarily resident) with a total income of up to Rs 50 lakh — including income from salary, one house property, other sources such as interest, long-term capital gains under Section 112A up to Rs 1.25 lakh, and agricultural income not exceeding Rs 5,000 — are eligible to file cannot be used taxpayers who are either Director in a company or have invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP or has assets (including financial interest in any entity) located outside individuals, Hindu Undivided Families (HUFs) and Firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE, and having long-term capital gains under section 112A up to Rs 1.25 lakh for FY 2024-25 (AY 2025-26).These ITR forms are editable forms that can be downloaded from the income tax website. Individuals can download these forms, fill them up and upload them back onto the e-filing income tax website. These forms are available in Excel and JSON (JavaScript Object Notation) Excel utility forms for ITR 1 and 4 are editable tools that can be downloaded, filled offline, and uploaded on the income tax e-filing website. Here are some steps you can follow to download forms ITR-1 and ITR-4Step 1: Visit the Income Tax e-filing portalStep 2: Download the applicable ITR form (Excel version)Step 3: Fill in the details as per your income profileStep 4: Validate the form and generate the XML or JSON fileStep 5: Upload it on the portal to complete the filing processWith the release of these utilities, it's time for eligible taxpayers to begin gathering their financial documents and start filing their returns well before the due date of September 15, 2025 for FY 2024-25 (AY 2025-26).
Time of India
5 days ago
- Business
- Time of India
ITR filing 2025: Excel utilities for ITR 1 and 4 for FY 2024-25 (AY 2025-26) released by Income Tax Dept; Check who can file
The Income Tax Department has released the Excel utility versions of Income Tax Return (ITR) Forms 1 and 4 for the Assessment Year 2025–26. These tools are now available for download on the official income tax e-filing portal , allowing eligible taxpayers to start preparation for filing of income tax returns for FY 2024-25 (AY 2025-26). The Income Tax Department has announced the release of excel utilities via a post on X (formerly Twitter). 'Attention taxpayers! The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers,' the Income Tax Department said on X. — IncomeTaxIndia (@IncomeTaxIndia) Himank Singhla, Partner at SBHS & Associates, says, 'It's a big relief to see that the Excel Utilities for ITR-1 and ITR-4 for Assessment Year 2025–26 have been released by the Income Tax Department. I have already filed ITR-4 using Excel Utility, and I am happy to share that the process was smooth - there are no major changes in the ITR-4 schema compared to last year, which makes it even easier for regular filers and tax professionals. However, a very important change has been made in the schema for ITR-1. A new validation rule has been introduced in the utility itself: if certain TDS section codes appear in Schedule TDS2 or TDS3—such as 194B, 194BB, 194S, 194LA, 195, 196A, 194Q, 194R and others—the income tax return will now be considered invalid for filing under ITR-1. This means taxpayers having income under special rates or from sources like online games, lotteries, crypto, property transfers, must use ITR-2 or other appropriate is a very welcome and practical change. In past years, many taxpayers unknowingly filed ITR-1 with such incomes, only to face defective return notices from CPC. By building this validation directly into the utility, the Department has helped prevent incorrect filings at source, saving both time and confusion.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Crossout: New Apocalyptic MMO Crossout Play Now Undo Also read: When will salaried employees get Form 16 to file income tax return for FY 2024-25 (AY 2025-26)? Choose right income tax return form for ITR filing FY 2024-25 (AY 2025-26) Taxpayers are advised to carefully check the eligibility criteria before selecting and filing their income tax return FY 2024-25 (AY 2025-26). Choosing the incorrect form may lead to complications or rejection of the ITR by the Income Tax Department. Tax experts recommend thorough reading of the instructions to avoid errors in ITR filing. Live Events Who is eligible to file ITR 1 for FY 2024-25 (AY 2025-26)? For the financial year 2024–25 (assessment year 2025–26), resident individuals (excluding those classified as not ordinarily resident) with a total income of up to Rs 50 lakh — including income from salary, one house property, other sources such as interest, long-term capital gains under Section 112A up to Rs 1.25 lakh, and agricultural income not exceeding Rs 5,000 — are eligible to file ITR-1. ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26): Check the new date here Who cannot use ITR 1 to file income tax return for FY 2024-25 (AY 2025-26)? ITR-1 cannot be used taxpayers who are either Director in a company or have invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP or has assets (including financial interest in any entity) located outside India. Who is eligible to file ITR 4 for FY 2024-25 (AY 2025-26)? For individuals, Hindu Undivided Families (HUFs) and Firms (other than LLP) being a resident having total income up to Rs 50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE, and having long-term capital gains under section 112A up to Rs 1.25 lakh for FY 2024-25 (AY 2025-26). How to file ITR Excel utilities forms These ITR forms are editable forms that can be downloaded from the income tax website. Individuals can download these forms, fill them up and upload them back onto the e-filing income tax website. These forms are available in Excel and JSON (JavaScript Object Notation) format. Steps to download ITR-1 and ITR-4 for FY 2024-25 (AY 2025-26) The Excel utility forms for ITR 1 and 4 are editable tools that can be downloaded, filled offline, and uploaded on the income tax e-filing website. Here are some steps you can follow to download forms ITR-1 and ITR-4 Step 1: Visit the Income Tax e-filing portal Step 2: Download the applicable ITR form (Excel version) Step 3: Fill in the details as per your income profile Step 4: Validate the form and generate the XML or JSON file Step 5: Upload it on the portal to complete the filing process With the release of these utilities, it's time for eligible taxpayers to begin gathering their financial documents and start filing their returns well before the due date of September 15, 2025 for FY 2024-25 (AY 2025-26).
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First Post
7 days ago
- Business
- First Post
Deadline extended, new form notified: Why filing income tax returns will be different this year
The Central Board of Direct Taxes (CBDT) has extended the deadline to file income tax returns (ITRs) from July 31 to September 15, 2025. This extension is part of several changes introduced in the ITR filing process this year. One such change is the introduction of Form ITR-U (Income Tax Updated Return), notified on May 19, which allows taxpayers to file or revise returns for up to 48 months read more The last date for filing ITRs has been moved from July 31 to September 15, 2025. (File Image) Filing income tax returns (ITRs) for the assessment year 2025-26 will be a bit different this time. The Central Board of Direct Taxes (CBDT) has issued all seven ITR forms. These now include some changes in how people report capital gains. On Tuesday, the CBDT also pushed the . The last date has been moved from July 31 to September 15, 2025. So, what's new this year? We explain everything you need to know in this explainer. STORY CONTINUES BELOW THIS AD Let's take a look: Deadline extended for filing ITRs The last date to file income tax returns for the assessment year 2025-26 has been shifted. It was earlier set for July 31, 2025, but now the new deadline is September 15, 2025. As per the Central Board of Direct Taxes, this move aims to address concerns raised by stakeholders. It also gives more time for taxpayers to meet the requirements properly, helping to keep the process accurate and in order. Kind Attention Taxpayers! CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025 This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit… — Income Tax India (@IncomeTaxIndia) May 27, 2025 In its press note, the CBDT shared that the ITR forms for AY 2025-26 have been revised. These changes were made to make filing easier, bring more clarity, and allow for better reporting of information. Because of the updates, more time was needed to develop and test the systems that support these forms, the CBDT said. STORY CONTINUES BELOW THIS AD It added that the deadline was extended to September 15 to allow time for system upgrades and the launch of the ITR filing tools for AY 2025-26. Even though all the forms are now available, taxpayers still cannot file their returns. This is because the e-filing tools, the software used to submit the forms on the tax website, are not ready yet. So, while the forms can be downloaded, online filing will have to wait until the tools are working. New form 'ITR-U' launched The ITR forms from ITR-1 to ITR-7, along with the ITR-V form, have all been released. This year, a new form has also been notified- ITR-U (Income Tax Updated Return). Introduced on May 19, it lets taxpayers file or revise returns for up to 48 months, under the latest Finance Act. This means returns can now be updated for the assessment years 2021-22, 2022-23, 2023-24, and 2024-25. In its press note, the CBDT shared that the ITR forms for AY 2025-26 have been revised. (File Image) The Finance Act, 2025, has increased the time limit from the earlier 24 months. The government has also changed Section 139(8A) of the Income Tax Act. STORY CONTINUES BELOW THIS AD As per the new rules, ITR-U cannot be filed if a show-cause notice under Section 148A is issued more than 36 months after the end of the relevant assessment year. However, if the assessing officer decides under Section 148A(3) that reassessment is not needed, then ITR-U can still be filed within 48 months. Some rules still apply. Taxpayers cannot use ITR-U to claim refunds or to carry forward losses. They also cannot reduce the income that was reported in an earlier return. New rules for reporting capital gains The exemption limit for long-term capital gains (LTCG) on listed shares and equity mutual funds has been raised from Rs 1 lakh to Rs 1.25 lakh. This move is meant to support small investors. Taxpayers who have LTCG up to Rs 1.25 lakh and no capital loss to carry forward can now use the simpler ITR-1 or ITR-4 forms. Earlier, they had to fill out ITR-2 or ITR-3, even if they did not owe any tax. The revised ITR-1 and ITR-4 forms now have dedicated fields to report exempt LTCG under Section 112A. This change is expected to ease the process for salaried individuals and small business owners. STORY CONTINUES BELOW THIS AD However, if you have short-term capital gains or any capital losses that you want to carry forward, you will still need to use one of the other ITR forms. As the Budget 2024 introduced new tax rates for capital gains, the Capital Gains Schedule has been updated. Now, gains must be reported separately for periods before and from July 23, 2024, so the correct tax rates can be applied. Tax on buyback of shares From October 1, 2024, companies will no longer pay tax on buying back their shares. Instead, investors must report the amount received as a deemed dividend under 'Other Income' in their ITR. Any capital loss linked to the buyback must be shown separately. ITR-5 and ITR-6 have been updated to reflect this change. ITR-5 now allows only genuine buyback losses, provided the dividend has been taxed. ITR-6, which is for companies, now includes new sections for reporting capital gains, income from cruise operations, and diamond-related profits. Taxpayers cannot use ITR-U to claim refunds or to carry forward losses. (News18/File Image) Reporting payments to MSMEs If you earn income from a business or profession, you now need to mention how many days it took to make payments to Micro, Small, and Medium Enterprises (MSMEs). Asset and liability reporting The limit for reporting assets and liabilities under the AL Schedule has been raised from Rs 5 million to Rs 10 million. Although this offers some relief, it is still a good idea to keep detailed records of your assets, debts, and any changes during the year. This helps you stay organised and manage your finances better. STORY CONTINUES BELOW THIS AD Why salaried taxpayers should avoid filing ITRs before June 15 Tax professionals suggest that salaried individuals should wait until June 15, 2025, to file their income tax returns, even though the forms are already available. In previous years, the forms were released well ahead of time. This year, they were notified only by the end of April 2025. Also, the income tax department has not yet released the tools needed to file returns online. Tax professionals suggest that salaried individuals should wait until June 15, 2025, to file their income tax returns. (File Image) Form 16 is another key reason for the delay. It is issued by your employer and shows your salary details and tax deductions. It also lists your total income, exemptions under sections like 80C and 80D, and any other deductions. Employers issue Form 16 by June 15 every year. That's why salaried taxpayers are advised to wait until then before filing their returns.
Deccan Herald
27-05-2025
- Business
- Deccan Herald
Income Tax Return filing date extended by CBDT for AY25-26
Kind Attention Taxpayers! CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025 This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit… — Income Tax India (@IncomeTaxIndia) May 27, 2025
News18
27-05-2025
- Business
- News18
Big Relief For Taxpayers: Income Tax Return Deadline Pushed To September 15
Last Updated: Income Tax Deadline 2025: Income tax department extends deadline to September 15, 2025 for giving taxpayers more time to file the ITRs. Income Tax Deadline 2025: Central Board of Direct Taxes has extended the due date of filing of ITRs to September 15, 2025 from July 31, 2025. This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. This ensures a smoother and more accurate filing experience for everyone. 'Accordingly, to facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing of ITRs, originally due on 31st July 2025, is extended to 15th September 2025," CBDT said in the filing. Kind Attention Taxpayers!CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025 This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit… — Income Tax India (@IncomeTaxIndia) May 27, 2025 This extension is expected to mitigate the concerns raised by stakeholders and provide adequate time for compliance, thereby ensuring the integrity and accuracy of the return filing process. First Published: May 27, 2025, 17:16 IST
