Latest news with #ITR-2
Mint
17 hours ago
- Business
- Mint
Income Tax: Why are taxpayers urging department to release excel utilities of ITR-2 and ITR-3?
Barring ITR-1 and ITR-4, the income tax department has yet not released the excel utilities of other income tax forms. Although the last date to file income tax return is still three months away after it was deferred to Sept 15, taxpayers are still looking forward to the release of excel utilities of tax forms. Read here to know which income tax form you need to file while filing your income tax return ITR). Some taxpayers have expressed their discomfort on social media. One user Raisaar, for instance, wrote on X platform demanding the ITR-2 and ITR-3 to be enabled. In the same post, one Vishwa Sivan also urged the department to release the ITR-2's excel utility. Screenshot of a user's post on X Another user Sarath said that the tax department should first release form 2 before anything else such as telling taxpayers how to validate bank account. Screenshot of a user's post on X Another user Niteen Nihal Dwivedi also asked when will ITR2 and ITR2 start in reference to excel utilities. Screenshot of a user's post on X Meanwhile, it is vital to mention here that CBDT had notified income tax return filing forms (ITR-1 and ITR-4) via notification dated April 29, 2025. Those who are not aware, ITR-1 (also known as Sahaj) is meant for the individuals who are residents (other than not ordinarily resident) earning an income upto ₹ 50 lakh and having Income from Salaries, one house property, other sources, long-term capital gains under section 112A up to Rs. 1.25 lakh, and agricultural income up to Rs. 5000. ITR-4, also known as SUGAM, is essentially meant for the Individuals, HUFs and Firms (other than LLP) being a resident having total income upto ₹ fifty lakh and who have an income from business and profession computed under sections 44AD, 44ADA or 44AE, and having long-term capital gains as per provisions of section 112A upto ₹ 1.25 lakh. For all personal finance updates, visit here
Mint
5 days ago
- Business
- Mint
ITR 2025: Salaried taxpayers must be aware of these 7 key points before filing their income tax return
ITR 2025: The income tax return (ITR) filing season is back and taxpayers are busy arranging documents for filing of their return. Here, we list out top 7 things that salaried taxpayers should be aware of as they go through the maze. These key points include the reasons which influence the choice of income tax regime, documents they need to procure, and tax return forms to submit. For instance, if a salaried taxpayer has accured capital gain income on account of stock market trading then s/he needs to file return via ITR-2 instead of ITR-1. Let is understand this in more detail here. 1. Choosing tax regime: Taxpayers can choose the tax regime based on their investment history and their income level. However, they are supposed to inform their employer if they want to opt for the old tax regime. Else by default, new tax regime will be selected. 2. Form 16: One document that salaried taxpayers must procure from their employer is form 16 which shows the payment of TDS on behalf of employees paid by the employer. 3. Cross referencing information via 26AS: Taxpayer can cross verify the TDS information given on form 16 with that on form 26AS. It is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer including salary and interest on savings & FDs. 4. Investment Vs tax saving: Just because you are not entitled to claim deduction on account of investing in certain tax saving instruments, it does not mean that you should not invest in those instruments. There could still be a strong case for investing in financial instruments for the purpose of wealth creation with or without tax saving. These instruments could include PPF, SSY, KVP and NSC, among others. 5. HRA exemption: If you are entiled to claim significant exemption on account of HRA, you can file your tax return under the old tax regime. On the other hand, if you are not entiled to it, you – as a salaried taxpayer – may file your return under the new tax regime. 6. Investments in stocks: If salaried taxpayers are investing in stocks then they can file their income tax return (ITR) via ITR-2. 7. Income through house property: If a salaried taxpayer has income from one house property, they can file ITR-1 but if they have income from more than one house property, then they need to file ITR-2. For all personal finance updates, visit here
NDTV
04-06-2025
- Business
- NDTV
ITR-1 And ITR-4 Online Filing Now Open For AY 2025-26; Deadline Extended To September 15
Quick Read Summary is AI generated, newsroom reviewed. The Income Tax Department of India has launched online filing for ITR-1 and ITR-4 forms. Taxpayers can now prepare and submit returns for FY 2024-25 via the e-filing portal. The deadline for filing ITR-1 and ITR-4 has been extended to September 15 from July 31. The Income Tax Department of India has enabled online filing of income tax returns for FY 2024-25 through ITR-1 and ITR-4 forms on its e-filing portal. Salaried individuals, pensioners, freelancers, and small business owners can now prepare and upload their returns online. "Kind attention, taxpayers! Income Tax Return Forms of ITR-1 and ITR-4 are now enabled to be filed through Online mode with prefilled data for Assessment Year 2025-26 for taxpayers. Visit the Income Tax department said in a post on X. Kind attention taxpayers! Income Tax Return Forms of ITR-1 and ITR-4 are now enabled to file through Online mode with prefilled data for Assessment Year 2025-26 for taxpayers. Visit: @FinMinIndia @nsitharamanoffc @officeofPCM @PIB_India — Income Tax India (@IncomeTaxIndia) June 3, 2025 The last date to file income tax returns in ITR-1 and ITR-4 has been extended this year to September 15 from July 31. Who can use ITR-1 and ITR-4? ITR-1 (Sahaj) is designed for resident individuals with income up to Rs 50 lakh from salary, one house property, interest, or pension. ITR-4 (Sugam) suits individuals, HUFs, and firms (excluding LLPs) with income up to Rs 50 lakh from business or profession under presumptive taxation. These forms cater to a large number of taxpayers, simplifying the filing process for salaried individuals, small businesses, and professionals. They're user-friendly and efficient. The ITR-1 and ITR-4 forms are filed by individuals, HUFs and entities with total income up to Rs 50 lakh a year and who do not have to get their accounts audited. Also, entities with long-term capital gains of up to Rs 1.25 lakh from listed equities can show such income in ITR 1 and 4. Earlier, they were required to file ITR-2. For now, individuals requiring ITR-2 or ITR-3 forms will have to wait, as the current release only includes utilities for ITR-1 and ITR-4 forms.
Time of India
04-06-2025
- Business
- Time of India
ITR-1 and ITR-4 forms enabled for online filing through income tax e-filing portal for AY 2025-26, know who all can file online income tax returns
The Income Tax Department has launched the online utility for filing income tax returns for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 forms are available for online filing. The article specifies eligibility criteria for each form, detailing income sources and limitations for individuals, HUFs, and firms. Read below to know more. Tired of too many ads? Remove Ads Who needs to file ITR-1? Total income does not exceed Rs 50 lakh during the financial year Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include: Interest from Savings Accounts Interest from Deposits (Bank / Post Office / Cooperative Society) Interest from Income Tax Refund Interest received on Enhanced Compensation Any other Interest Income Family Pension What are the types of income that don't form part of ITR 1 form? Tired of too many ads? Remove Ads Popular in Wealth 1. ITR filing for AY 2025-26: 7 prominent changes in ITR excel utilities for FY 2024-25, which taxpayers including salaried should know Who is eligible to file ITR-2? Tired of too many ads? Remove Ads Are not eligible to file ITR-1 (Sahaj) 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 commission or remuneration, by whatever name called, due to, or received by him from a partnership firm Have the income of another person like spouse, minor child, etc., to be clubbed with their income – if income to be clubbed falls in any of the above categories. Who is not eligible to file ITR-2? Interest salary bonus commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. Who is eligible to file ITR-3? Who is eligible to file ITR-4 for AY 2024-25? Income not exceeding Rs 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/-) Other Sources which include (excluding winning from Lottery and Income from Race Horses): Interest from Savings Account Interest from Deposit (Bank / Post Office / Cooperative Society) Interest from Income Tax Refund Family Pension Interest received on enhanced compensation Any other Interest Income (e.g., Interest Income from Unsecured Loan) Who is not eligible to file ITR-4 for AY 2024-25? is a Resident but Not Ordinarily Resident (RNOR), or Non-Resident Indian has total income exceeding ₹ 50 Lakh has agricultural income in excess of ₹5,000/- is a Director in a Company has income from more than one House Property; has income of the following nature:winnings from lottery; activity of owning and maintaining race horses; income taxable at special rates u/s115BBDA or Section 115BBE; has held any unlisted equity shares at any time during the previous year has deferred income tax on ESOP received from employer being an eligible start-up is not covered under the eligibility conditions for ITR-4 The Income Tax Department has released the online utility for filing income tax returns. This means now eligible taxpayers can start filing their ITR through the e-filing online portal for FY 2024-25 ( AY 2025-26 ). However, as of today only ITR-1 and ITR-4 forms are enabled for online filing, which means those who need to file ITR-2 or ITR-3 need to wait for the time below to know who is eligible for filing ITR-1 and 4 and who needs to file ITR-2 and can be filed by an Indian resident individual whose:'Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above),' said the Income Tax Department in its frequently asked question (FAQ ).Following are the types of income that shall not form part of ITR 1 form:-(a) Profits and gains from business and professions;(b) Capital gains;(c) Income from more than one house property;(d) Income under the head other sources which is of following nature:-(i) winnings from lottery;(ii) Activity of owning and maintaining race horses;(iii) Income taxable at special rates under section 115BBDA or section 115BBE;According to an income tax department FAQ, ITR-2 can be filed by individuals or HUFs who:ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of:The ITR-3 form is mainly used by those individuals who are engaged in a business or any profession and in some cases are required to maintain a books of accounts. Those who do not have income from business or profession are not eligible to file under can be filed by a Resident Individual / HUF / Firm (other than LLP) who has:ITR-4 cannot be filed by an individual / HUF / Firm (Other than LLP) who:
Mint
04-06-2025
- Business
- Mint
ITR 2025: Sahaj or Sugam — Which is the right income tax form for you?
After the income tax department has extended the last date to file income tax return by 45 days till September 15, taxpayers are likely to be nonchalant. Meanwhile, it is worth noting that CBDT has enabled excel utilities for ITR-1 and ITR-4. As a taxpayer, you are supposed to know which tax form applies to you based on the source of your income. Here, we give a lowdown on the common income tax forms from ITR-1 (sahaj) to ITR-4 (sugam). ITR-1: Also known as sahaj, this form is meant for those taxpayers whose total income does not exceed ₹ 50 lakh during the financial year. The income should be from salary, one house property, family pension income, agricultural income (up to ₹ 5,000), and other sources, which include interest from savings accounts, interest from deposits (bank / post office / cooperative society), interest from income tax refund, interest received on enhanced compensation, any other interest income and family pension. ITR-2: This can be filed by individuals or Hindu undivided family (HUF) who are not eligible to file ITR-1 (Sahaj). Additionally, those 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, commission or remuneration received from a partnership firm. ITR-3: The ITR-3 form is primarily meant for those taxpayers who are engaged in business or profession, who are required to maintain books of accounts. Those who do not have income from business or profession are not eligible to file their returns under ITR-3. ITR-4: Also known as sugam, ITR-4 can be filed by a resident individual/ HUF/ firm (other than LLP) who has income not exceeding ₹ 50 lakh during the financial year and has income from business and profession which is computed on a presumptive basis under sections 44AD, 44ADA or 44AE or income from salary/ pension, one house property, agricultural income (up to ₹ 5,000). Other sources which include interest from savings account, interest from deposit (bank/ post office / cooperative society), interest from income tax refund, family pension, interest received on enhanced compensation and any other interest income (such as interest income from unsecured loan). Visit here for all personal finance updates.
