Latest news with #Sugam
India Today
3 days ago
- Business
- India Today
ITR filing made easy: Here's a simple step-by-step guide to file income tax return
Filing your income tax return (ITR) might seem overwhelming at first, but with the right steps, it's actually quite straightforward—especially when done online. And here's a bit of relief for crores of taxpayers as the Income Tax Department has extended the last date to file ITR for AY 2025-26 from July 31 to September 15, 2025, for those not requiring an audit. That means you now have 45 extra days to file your return without facing any late make the process smoother, the tax department has released updated ITR utilities for ITR-1 (Sahaj) and ITR-4 (Sugam). These are user-friendly tools designed to help you fill in and submit your return online with THESE KEY DOCUMENTS FIRSTBefore starting your income tax return, ensure you have key documents in hand. These include Form 16 from your employer, Form 26AS, the Annual Information Statement (AIS) and Tax Information Statement (TIS) from the income tax portal, and your bank statements. Interest certificates from banks or post offices are also essential. Together, these help confirm your total income and taxes already THE RIGHT ITR FORMThe Income Tax Department has released seven ITR forms (ITR-1 to ITR-7) for FY 2024– individuals fall under ITR-1 to ITR-4, depending on how they earn, whether through salary, business, or other let's walk through the simple steps to file your ITR TO FILE ITR ONLINE: STEP-BY-STEPadvertisementTo file your ITR online, start by visiting the official income tax e-filing portal and logging in with your PAN and password. Once logged in, go to the 'e-File' tab and click on 'File Income Tax Return'. Choose the appropriate assessment year, AY 2025-26, for income earned in FY 2024-25, and select the 'Online' filing choose your filing status. Most taxpayers will select 'Individual'. Then, pick the correct ITR form based on your income type. You'll also need to mention the reason for filing your return, such as having taxable income above the exemption limit or meeting certain other and validate all the pre-filled information shown on the portal, including your personal details, bank information, and income everything looks correct, e-verify your return within 30 days. You can do this through Aadhaar OTP, Net Banking, EVC, or by posting a signed copy of ITR-V to the CPC in accurate and timely ITR filing not only keeps you tax-compliant but also helps in quicker refunds and smoother financial planning. Take advantage of the new deadline and updated portal to file Reel
India Today
20-05-2025
- Business
- India Today
ITR-1 Sahaj vs ITR-4 Sugam: Which ITR form should you use?
Filing your income tax return can be confusing, especially when it comes to choosing the right form. Two forms that often leave people puzzled are ITR-1, also known as Sahaj, and ITR-4, also known as Sugam. Both are for people earning up to Rs 50 lakh, but they are meant for different types of article will help you understand the difference between ITR-1 and ITR-4 clearly and help you decide which one suits you IS ITR-1 (SAHAJ)?'ITR-1 is designed for resident individuals whose total income does not exceed Rs 50 lakh. This form is suitable for those earning income from a salary or pension, income from one house property, and income from other sources such as interest,' stated CA Shefalii this form isn't allowed if the person has capital gains (other than certain long-term capital gains exempt under Section 112A), business or professional income, agricultural income over Rs 5,000, multiple house properties, or any foreign income or assets, pointed out CA (Dr) Suresh IS ITR-4 (SUGAM)?If you earn through freelancing, run a small business, or practice a profession like medicine, consultancy, or retail, ITR-4 might be for you. This form is designed for those opting for the presumptive taxation scheme, where income is declared at a fixed rate instead of maintaining detailed also known as Sugam, is applicable to taxpayers, Hindu Undivided Families (HUFs), and firms (other than LLPs) whose total income does not exceed Rs. 50 lakhs and who opt to declare income under the presumptive taxation scheme under sections 44AD, 44ADA, 44AE of the IT Act,' said CA ITR-4 is valid for those earning up to Rs 50 lakh from presumptive business or professional income, plus additional income from salary, pension, a single house property, and other sources, stated CA DO ITR-1 AND ITR-4 DIFFER?The main difference between the two forms lies in the type of income they cover. ITR-1 is for straightforward income from salary or pension, while ITR-4 is suitable if you're into small business or freelance work and are using the presumptive taxation scheme. If you have business or professional income, ITR-1 won't work for you—you'll need ITR-4 instead, as mentioned above. Credit: CA Shefalii Mundra NEW UPDATE: LTCG UNDER SECTION 112ABoth forms now allow reporting of long-term capital gains (LTCG) under Section 112A up to Rs 1.25 lakh. According to CA Mundra, this change benefits those who have LTCG from stocks or mutual funds but otherwise meet the Sahaj or Sugam criteria, making tax filing smoother without needing to shift to ITR-2 or choosing between ITR-1 and ITR-4 depends on how you earn your money. Picking the correct form helps avoid delays, errors, and notices from the tax department. So take a few minutes to understand your income sources and file smartly.
Time of India
30-04-2025
- Business
- Time of India
I-T Department notifies ITR forms 1, 4 for AY 2025-26
Live Events The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1. Earlier, such persons were required to file the notification, individuals, HUFs, firms having income up to Rs 50 lakh and those having earnings from business and profession in the 2024-25 fiscal (April-March) can start filing I-T returns for the income earned in the financial year. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium can be filed by a resident individual having annual income 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 can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having total annual income up to Rs 50 lakh and income from business and is filed by individuals and HUFs not having income from profits and gains in business or profession."The Central Board of Direct Taxes (CBDT) has introduced significant changes to the Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26, particularly benefiting salaried taxpayers with long-term capital gains (LTCG) from equity shares and mutual funds."With the latest amendments, individuals can now utilize the simpler ITR-1 (Sahaj) or ITR-4 (Sugam) forms if their LTCG under Section 112A does not exceed Rs 1.25 lakh and they have no capital losses to carry forward or set off," said Sandeep Sehgal, Partner-Tax, AKM Global, a tax and consulting further noted that "this change streamlines the tax filing process, making it more accessible and less burdensome for small investors and salaried individuals, thereby encouraging timely and accurate compliance".
