Latest news with #IncomeTaxReturn
News18
2 hours ago
- Business
- News18
ITR Filing 2025: Why Checking Annual Information Statement Can Save You A Tax Notice
Income Tax Filing 2025: The Annual Information Statement (AIS) is a vital tool introduced by the Income Tax Department of India to enhance transparency and simplify tax compliance for the Assessment Year (AY) 2025-26. Unlike Form 26AS, which primarily details Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), AIS offers a broader view of a taxpayer's financial transactions. It includes income from salaries, interest, dividends, stock and mutual fund transactions, foreign remittances, and high-value purchases, making it essential for accurate Income Tax Return (ITR) e-filing. The tax department has released Excel-based utilities for all four ITR forms. The online filing is available for ITR-1, ITR-2 and ITR-4 now. The deadline for ITR filing for FY 2024-25 (AY 2025-26) is September 15, 2025, extended from July 31, 2025.
Time of India
2 days ago
- Business
- Time of India
ITR filing FY 2024-25: ITR-2 online filing now live on Income Tax portal; check details
ITR filing: The Income Tax Return (ITR) filing deadline for FY 2024-25, assessment year 2025-26 is September 15, 2025. ITR filing FY 2024-25: The Income Tax Department has opened the online e-filing of ITR-2 on the Income Tax Portal The online submission system for Form ITR-2 was opened on July 18, 2025. This development allows various categories of taxpayers, including those with salaries, taxable capital gains, and cryptocurrency earnings, to submit their income tax returns through the e-filing ITR portal using ITR-2. Last week the Income Tax Department had released Excel Utilities for ITR-2 and ITR-3. The Income Tax Return (ITR) filing deadline for FY 2024-25, assessment year 2025-26 is September 15, 2025. The Income Tax Department announced on X (formerly Twitter): "Kind Attention Taxpayers!Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal. Visit: Who Should File ITR-2? For Assessment Year 2025-26 (Financial Year 2024-25), ITR-2 filing requirements apply to specific categories of taxpayers. Also Read | ITR filing FY 2024-25: New versus old income tax regime - what helps you save more tax? Check calculations before filing return Abhishek Soni, chartered accountant and co-founder of Tax2Win told ET, ITR-2 is applicable for individuals or HUF (Hindu Undivided Family) receiving income from: * Salary or pension earnings * Revenue from one or multiple house properties * Additional income sources, including lottery winnings, horse racing proceeds, or specially taxed income * Holders of unlisted equity shares during the financial year * Company directors * Individuals classified as Resident (ROR/RNOR) or non-resident * Profits from capital gains transactions * Earnings from overseas assets or foreign sources * Agricultural proceeds exceeding Rs 5,000/- * Income subject to clubbing provisions * Persons with financial interests in foreign assets, including signing authority for overseas accounts * Those seeking to carry forward or bring forward losses from house property * Cases where tax deduction falls under Section 194N The ITR-2 form has undergone several significant modifications for FY 2024-25 (AY 2025-26). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo The Schedule-Capital Gain has been divided so that it can segregate gains that have been made before and after July 23, 2024. For share buybacks that have been done after October 1, 2024, capital losses are now permissible when the corresponding dividend income is declared under income from other sources. Also, the threshold for reporting assets and liabilities has been increased. It requires disclosure only when total income is above Rs 1 crore. The form now requires detailed information for various deductions, including those under sections 80C and 10(13A). Additionally, taxpayers must now specify the TDS section code whilst filling the Schedule-TDS portion. Also Read | Income Tax Return: What is Form 16? Top things taxpayers should check in this document before filing ITR Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
3 days ago
- Business
- News18
ITR Filing FY2024-25: 5 Things You Must Know Before e-Verifying Your Returns
Last Updated: New taxpayers often forget to verify their ITR after filing. The tax department allows e-verification via Aadhaar OTP, net banking, EVC, ATM, or DSC. ITR Filing FY2024-25: New taxpayers usually make the mistake of believing that filing the ITR is the end of the process. They often forget the next and most important step in the ITR filing process – verifying the income tax return. Beware. Your ITR filing will be treated invalid unless you verify it within a time limit. The tax department now allows taxpayers to do e-verification of ITR. How To e-Verify Your ITR You can e-Verify your Income Tax Return (ITR) through any of these methods: 1. Aadhaar OTP Get an OTP on your Aadhaar-linked mobile number and complete the process instantly. 2. Net Banking Log in to your bank's net banking portal, go to the income tax section, and select e-Verify. 3. EVC via Bank Account / Demat Account Generate an Electronic Verification Code (EVC) from your pre-validated bank or demat account. 4. ATM-Based EVC (Offline) Some banks allow generation of EVC through their ATMs. You can use this to e-Verify later. 5. Digital Signature Certificate (DSC) Used mostly by professionals and companies, this is a valid method if you've already registered your DSC on the portal. If you haven't verified your return within 30 days of filing (new rule from Aug 1, 2022), your return becomes invalid. You'll need to: Can Someone Else Verify On Your Behalf? Yes. An Authorized Signatory or Representative Assessee can e-Verify on your behalf using: How Will You Know It's Verified? 5 Things You Must Know Before e-Verifying New 30-Day Deadline: You now have only 30 days from the date of filing to verify your return (for ITRs filed after 1 Aug 2022). No Aadhaar OTP Without Linked Mobile: Your mobile number must be linked to Aadhaar to use this method. Bank/Demat Account Must Be Active: Inactive or unvalidated accounts cannot be used to generate EVC. Avoid Penalties by Verifying in Time: Failure to verify on time means your return is treated as not filed, and you may face penalties. No Need to Post ITR-V if You e-Verify: Once e-Verified, you don't need to send the signed physical copy to CPC Bangalore. 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
3 days ago
- Business
- Business Standard
E-verification of ITR: Here is how to complete your tax filing process
Filing your Income Tax Return (ITR) is only half the job done. To complete the process, you must verify your return within 30 days of filing. The Central Board of Direct Taxes (CBDT) offers various electronic methods to e-verify your ITR. Here's a guide for taxpayers to ensure they do not miss this crucial step. Why e-verification is important According to CBDT guidelines, failing to verify your ITR within the deadline renders it invalid. This means your return will not be processed, and it will be considered as if you never filed it. To avoid penalties or loss of refunds, it is essential to verify promptly. Ways to e-verify your ITR The Income Tax Department offers several convenient online options: Aadhaar OTP: Link your Aadhaar to PAN and generate a one-time password (OTP) sent to your registered mobile. Net banking: Log in to your bank account through net banking and select the 'e-verify' option on the e-filing portal. Demat account EVC: For investors, the EVC can also be generated via your demat account. Step-by-step guide to e-verify Here's how you can e-verify using Aadhaar OTP: -Log in to the Income Tax e-filing portal ( -Go to 'e-File' > 'Income Tax Returns' > 'e-Verify Return'. -Select 'I would like to e-verify using OTP on mobile number registered with Aadhaar'. -Enter the OTP received on your registered mobile. -Submit and you will see a success message. -Net banking Here's how you can verify through your bank account: -On the e-Verify page of the Income Tax portal, select 'Through Net Banking' and click Continue. -Choose your bank from the list and click Continue. -You will be redirected to your bank's Net Banking login page. Log in using your credentials. -Look for the link to log in to the Income Tax e-Filing portal from your bank's site and click it. -You will be logged out of Net Banking and automatically logged in to the e-Filing portal. -On the e-Filing dashboard, navigate to your ITR/Form and click e-Verify. -A success message will appear with a Transaction ID. Save this ID for future reference. A confirmation will also be sent to your registered email and mobile number. For other methods, the steps are similar but involve selecting the relevant option and authenticating via your bank or demat account.
NDTV
4 days ago
- Business
- NDTV
How To File Your ITR For AY 2025-26: Step-By-Step Guide For Online And Offline Modes
Filing your Income Tax Return (ITR) is a crucial step that not only fulfils a legal requirement but also facilitates smooth financial transactions, such as availing loans, credit cards, and visas. Recently, the Central Board of Direct Taxes (CBDT) extended the ITR filing due date for the Assessment Year (AY) 2025-26 from July 31 to September 15, aiming to provide a hassle-free experience for taxpayers. To aid in this process, the Income Tax Department has made available Excel utilities for ITR-1, ITR-2, ITR-3, and ITR-4 forms, alongside online filing options for ITR-1 and ITR-4. Importantly, filing your ITR and paying any pending self-assessment tax by the new due date exempts you from interest payments under Section 234A. Here's a step-by-step guide to help you navigate the ITR filing process, both online and offline, through the official Income Tax e-filing portal. How to File ITR Online (Through the Income Tax Portal) 1. Log In to the Portal Visit and log in using your PAN (as user ID) and password. 2. Navigate to the ITR Filing Section Click on 'e-File' > 'Income Tax Returns' > 'File Income Tax Return'. 3. Select the Assessment Year Choose 'AY 2025-26' for filing FY 2024-25 returns and select the online mode, then click 'Continue'. 4. Choose Your Filing Status Select your status as Individual, HUF, or Others. Most taxpayers fall under 'Individual'. 5. Pick the Correct ITR Form Choose the appropriate ITR form based on your income type: ITR-1 for salaried individuals with income up to Rs 50 lakh. ITR-2 for capital gains or more complex income sources (excluding business/profession). ITR-4 for presumptive income from business or profession. 6. State Reason for Filing Select the applicable reason: Taxable income exceeds the basic exemption limit. Filing is mandatory due to specific criteria. Other applicable reasons. 7. Review and Confirm Information Your personal and financial details will mostly be pre-filled. Check: PAN, Aadhaar, and bank details. Salary and income details (auto-fetched from Form 16 and Form 26AS). Deductions under Sections 80C, 80D, etc. Validate all entries before proceeding. 8. Pay Tax Dues and Submit If there's any outstanding tax liability, pay it. Review the summary, confirm, and submit the return. 9. E-Verify Your Return You must e-verify the return within 30 days to complete the filing. Choose from: Aadhaar OTP Net banking Electronic Verification Code (EVC) Or send a signed ITR-V to CPC, Bengaluru How to File ITR Using the Offline Utility (JSON Upload) 1. Download the Offline Utility Go to the Downloads section of the Income Tax Portal and install the Common Offline Utility. 2. Access the Utility and Choose 'File Return' Launch the utility and click on 'File Return'. 3. Download Pre-filled Data Choose 'Download Pre-Fill', enter your PAN and AY 2025-26, and log in using your portal credentials. 4. Start Filing Your Return Click 'File Return' again. Select your status (Individual, HUF, or Others) and choose the right ITR form. 5. Fill in General and Income Details Enter personal and bank account details. Income details will be auto-populated from Form 26AS; ensure accuracy and include any missed income. 6. Preview and Validate Verify tax computation, deductions, and refund/balance tax payable. After final validation, download the JSON file. 7. Upload on Income Tax Portal Log in to the portal. Go to 'File Now', select the correct Assessment Year, Filing Type, and ITR Type. Upload the JSON file and proceed. 8. E-Verification Similar to online mode, complete the filing by verifying the return within 30 days through one of the available options.
