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 July.If you're planning to file your return, it's important to know which form suits your income type and situation.WHO 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 5,000.It also includes interest income from savings accounts, deposits, income tax refunds, and enhanced compensation.advertisementWho 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 115BBE.WHO 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 lakh.This 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 here.Who 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 form.You're also ineligible if you've held unlisted shares, deferred tax on ESOPs from a startup, or earned income from sources like lotteries or horse racing.As 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 errors.Trending Reel
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