Latest news with #LimitedLiabilityPartnerships
The Print
13-05-2025
- Business
- The Print
Tax dept notifies all 7 ITR forms for assessment year 2025-26
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. 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. New Delhi, May 12 (PTI) The income tax department has notified all seven income tax return forms for assessment year 2025-26. 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. PTI JD SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India Today
13-05-2025
- Business
- India Today
ITR Filing 2025: All 7 forms out, key changes taxpayers must know
The Income Tax Department has released all seven ITR (Income Tax Return) forms for the Assessment Year 2025-26. These forms are used to file returns for the financial year 2024-25.A QUICK LOOK AT WHO SHOULD USE WHICH FORMThe ITR-1 (Sahaj) and ITR-4 (Sugam) forms continue to serve as the go-to options for small and medium is meant for resident individuals with a total annual income of up to Rs 50 lakh, coming from salary, one house property, and interest income, along with a small agricultural income of up to Rs 5, ITR-3 is applicable to individuals and Hindu Undivided Families (HUFs) with income from business or profession, while ITR-4 is used by individuals, HUFs and firms other than Limited Liability Partnerships (LLPs) who earn up to Rs 50 lakh through business or professional those with capital gains but no business income, ITR-2 is the right is used by firms, LLPs and cooperative societies. Companies registered under the Companies Act file ITR-6, while ITR-7 is meant for trusts and charitable CHANGE FOR SALARIED AND SMALL TAXPAYERSOne big change this year affects salaried individuals and small business owners who earn long-term capital gains (LTCG) from listed shares or mutual funds. If the gains are up to Rs 1.25 lakh a year, they can now file returns using ITR-1 or ITR-4 last year, they had to use ITR-2, which is a bit more complex. This makes the return-filing process smoother for small taxpayers with minor capital THIS MATTERSUnder tax rules, LTCG up to Rs 1.25 lakh from listed equities and mutual funds is tax-free. If your gains go beyond Rs 1.25 lakh, the extra amount is taxed at 12.5%.So, if you're a salaried person or a small trader with some capital gains, you can now avoid the hassle of filling out a complicated CHANGE IN CAPITAL GAINS REPORTINGThere's also a new requirement in ITR-2, 3, 5, 6 and 7 when it comes to reporting capital gains. Now, any gains from the sale of assets have to be separated based on whether they were made before or after July 23, 2024. This change follows the budget announcement made on 24 July change links to the budget update from 24 July 2024. The government reduced the LTCG tax on real estate from 20% (with indexation) to 12.5% (without claiming indexation), only if the property was bought before 23 July 2024. So, you get the flexibility to pick whichever tax method benefits you REPORTING BURDEN FOR BUSINESS OWNERSadvertisementFor those who file ITR-3 (typically business owners and professionals), there's some if your total wealth crossed Rs 50 lakh, you had to give a detailed list of assets and liabilities in 'Schedule AL'. Now, this limit has been raised to Rs 1 if your net worth is under Rs 1 crore, you no longer have to share all those details. This move benefits middle-income business REMINDERFor most individuals, the deadline to file income tax returns is July 31, 2025. If your accounts don't need auditing, it's best not to wait till the last the latest updates aim to make tax filing easier and fairer, especially for salaried individuals, small businesses, and those selling property. It's always a good idea to double-check which form suits your situation best and stay updated on tax changes.
Time of India
12-05-2025
- Business
- Time of India
Income tax department notifies all 7 ITR forms for AY 2025-26; Check key changes in capital gains reporting and disclosure norms
Income tax department has notified all seven Income Tax Return (ITR) forms for the assessment year 2025-26. While ITR Forms 1 and 4, used by small and medium taxpayers, were notified on April 29, ITR-7, applicable for trusts and charitable institutions, was notified on May 11. One important change has been introduced in ITR-1 and ITR-4, notified on April 29, relating to the reporting of capital gains income from listed equities, as reported by news agency PTI. 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 Income Tax law, LTCG of up to Rs 1.25 lakh from the sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh per 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, Limited Liability Partnerships, and Cooperative Societies. ITR-6 is filed by companies registered under the Companies Act. ITR-7 is filed by trusts and charitable institutions. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
&w=3840&q=100)
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.)
The Hindu
11-05-2025
- Politics
- The Hindu
Former Vijayawada MP Kesineni Srinivas seeks ED probe into MP Sivanath's alleged money laundering in Andhra Pradesh liquor scam
Former MP Kesineni Srinivas (Nani) wrote a letter to the Enforcement Directorate (ED) requesting a probe into the alleged role of his younger brother and Vijayawada MP Kesineni Sivanath(Chinni) and his associates in money laundering linked to the Andhra Pradesh liquor scam. He stated that it was alarming on Mr. Sivanath's part to seek a CBI probe into the liquor scam as it reflected his lack of confidence in the Special Investigation Team (SIT) constituted by the State government. The position taken by Mr. Sivanath raises serious questions and warrants a deeper scrutiny as he was himself facing the allegation of having a role in financial transactions connected to the liquor scam through his business partner Kasireddy Rajasekhar, the former MP observed. Mr. Srinivas said according to official records and data available in the public domain, Mr. Sivanath and his wife Janaki Lakshmi and Mr. Rajasekhar were partners in Pryde Infracon LLP among other ventures. These entities might have been used to channel the proceeds of the crime, in violation of the Prevention of Money Laundering Act (PMLA), 2002. Further, there was a strong reason to believe that the money trail extended across multiple companies and Limited Liability Partnerships (LLPs) both within India and abroad, involving family members, close friends, and some long-time business partners. In view of this, the ED should initiate an exhaustive investigation into the business dealings of the MP's wife Janaki Lakshmi, son Venkat Chowdary Kesineni, Srinivas Satya Prasad Vellanki (Pandu), Madhu Babu Kandimalla, P.T. Suresh, Venigalla Ram, Chakravarthy Kadiyala, Vamsi Kadiyala, Kumar Adusumalli, Rajesh Ponnam, Mohan Rao Bollineni, Venkatakrishna Kishore Talluri and Nageswara Rao Gali. The probe should include all Indian and overseas companies, LLPs, and trusts associated with them, real estate, infrastructure and technology companies with possible links to them, all shell entities, benami holdings or circular transaction patterns related to them, and cross - border fund transfers, foreign assets and undisclosed overseas investments. Some of them are also allegedly linked to the ₹2,000 crore chain-link scam of Hyderabad which is under investigation, Mr. Srinivas added.
