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India Today
4 days ago
- Business
- India Today
ITR-1, ITR-4 filing begins for AY 2025–26: Are you eligible?
The Income Tax Department of India has announced that taxpayers can now file their returns online using ITR-1 and ITR-4 forms for the assessment year 2025-26 through the e-filing portal. This means you can log in to the income tax e-filing portal and submit your return directly with key details already filled in for you. advertisementThis move follows the department's release of the Excel versions of these forms last week. Moreover, the deadline for filing these returns has been extended to September 15, 2025, providing taxpayers more time to adjust to the latest changes in the forms and portal upgrades. This extension eases the pressure during the peak filing season, which typically culminates at the end of you're planning to file your return, it's important to know which form suits your income type and CAN FILE ITR-1? ITR-1, also known as the Sahaj form, is designed for Indian resident individuals whose total income does not exceed Rs 50 lakh in the financial year. This form covers income from salary, one house property, family pension income, and agricultural income up to Rs 5, also includes interest income from savings accounts, deposits, income tax refunds, and enhanced should not use ITR-1?However, if you earn from a business, have capital gains, own more than one house, or receive income from activities like lottery winnings or horse racing, then ITR-1 isn't for you. It also can't be used if your income is taxed at special rates under sections like 115BBDA or CAN FILE ITR-4?For those who qualify, ITR-4 can be filed by Resident Individuals, Hindu Undivided Families (HUFs), or firms, excluding Limited Liability Partnership (LLPs), with income not exceeding Rs 50 form is ideal if your income comes from business or professional activity under presumptive taxation schemes such as 44AD, 44ADA, or 44AE. You can also report salary, pension, interest income, family pension, or agricultural income up to Rs 5,000 cannot file ITR-4?But not everyone can use ITR-4. If you are an NRI, a resident but not ordinarily resident, a director in a company, or have income from more than one property, you'll need to use a different also ineligible if you've held unlisted shares, deferred tax on ESOPs from a startup, or earned income from sources like lotteries or horse taxpayers prepare to file their returns, it is crucial to choose the appropriate form to ensure compliance with the tax regulations. The use of prefilled forms and utilities is expected to simplify the process, reducing the likelihood of Reel
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.
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Business Standard
12-05-2025
- Business
- Business Standard
Income Tax dept notifies all 7 ITR forms for assessment year 2025-26
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11. One important change has been introduced in ITR-1 and 4, which was notified on April 29, relating to the reporting of capital gain income from listed equities. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2. Under the I-T law, LTCG of up to Rs 1.25 lakh from sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh/ annum are subject to 12.5 per cent tax. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. One change which has been introduced in ITR forms 2, 3, 5, 6 and 7 pertains to rationalisation of capital gains tax. In Schedule Capital Gains of the ITR, capital gains must now be split based on whether they arose before or after July 23, 2024. In the Budget presented on July 24, 2024, the government had proposed to lower long-term capital gains tax on real estate to 12.5 per cent without indexation benefit, from 20 per cent with indexation. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation. With this, individuals or HUFs who purchased houses before July 23, 2024, can opt to pay Long Term Capital Gain (LTCG) tax under the new scheme at the rate of 12.5 per cent without indexation or claim the indexation benefit and pay 20 per cent tax. Also, in ITR-3, which is filed by individuals and HUFs having income from profits and gains of business or profession, the threshold for reporting assets and liabilities under 'Schedule AL' has been raised from Rs 50 lakh to Rs 1 crore, thus reducing the disclosure burden on middle-income taxpayers. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having a total annual income of up to Rs 50 lakh and income from business and profession. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains. ITR-5 is filed by firms and Limited Liability Partnership and Cooperative Societies. ITR-6 is filed by companies registered under the Companies Act. ITR-7 is filed by trusts and charitable institutions. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
05-05-2025
- Business
- Mint
Filing ITR 2025: As ITR forms 1, 2, 3, 4 and 5 are notified, check which form applies to you
The income tax department has now notified ITR (income tax return) forms 1, 2, 3, 4 and 5. On April 29, the department notified ITR-1 (sahaj) and ITR-4 (sugam). This was followed by notifying ITR form 3 on April 30. Later, ITR forms 5 and 2 were notified on May 1 and May 3, respectively. These reurn forms are meant to be used for filing income tax returns (ITR) for FY 2024-25. Let us understand which income tax return form applies to you based on the category you fall under. ITR-1: This form is meant for resident individual with total income of upto ₹ 50 lakh. The sources of income include salary/ pension, income from one house property (excluding cases where loss is brought forward), income from other sources (like interest from savings accounts, fixed deposits) and agricultural income (up to ₹ 5,000 only). You are not eligible if you are director in a company, and invested in unlisted equity shares during previous year, have income from business or profession or residents having foreign assets or foreign income or capital gains more than permitted threshold with LTCG under section 112A more than ₹ 1.25 lakh or having carried forward/ brought forward losses. ITR-2: ITR-2 can be filed by individuals or HUFs who are not eligible to file ITR-1 (Sahaj). Taxpayers who do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of interest, salary, bonus and commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. Or those who have the income of another person such as spouse, minor child to be clubbed with their income if income to be clubbed falls in any of the above categories. 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. This category includes working professionals such as doctors, advocates and CAs., whose income is calculated based on actual profits 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 which is computed on a presumptive basis u/s 44AD, 44ADA or 44AE, income from Salary/Pension, one House Property, Agricultural Income (up to ₹ 5000) and other Sources. ITR-5: This income tax form can be used to file ITR by a person being a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), Artificial Juridical Person (AJP) For all personal finance updates, click here First Published: 5 May 2025, 04:56 PM IST
Business Standard
30-04-2025
- Business
- Business Standard
Ministry of Statistics releases findings of pilot study on Annual Survey of Services Sector Enterprises
Ministry of Statistics & Programme Implementation released findings of a pilot study on Annual Survey of Services Sector Enterprises (ASSSE) to capture insights into the Incorporated Service Sector. The pilot study covered those service sector enterprises from the GSTN database which are registered under Companies Act, 1956 or, Companies Act, 2013 or Limited Liability Partnership (LLP) Act, 2008. The pilot provides valuable operational insights and a foundation for launching a robust, full-scale annual survey of incorporated service sector enterprises from January 2026. It can be seen that majority of the corporate entities in the pilot study on ASSSE are Private Limited Companies (82.40% at overall level) during FY 2022-23 followed by Public Limited Company and Limited Liability Partnership (each having nearly 8% share). The same trend is noticeable for all the Broad Activity Categories (BAC) i.e., Construction, Trade and Other data reveals that larger enterprises with output Rupees 500 crores and above dominate in terms of asset ownership (62.77%), net fixed capital formation (62.73%), gross value added (69.47%) and total compensation (63.17%). Further, data also reveals that enterprises (having output below Rupees 500 crores) make up almost account for 63.03% of total employment and 36.84% of total compensation. Overall, 28.5% of enterprises reported having additional places of business within the state. This percentage was observed to be the highest in the Trade sector with around 41.8% of enterprises belonging to this sector reported additional places of business in the state.
