Latest news with #ITR-7
News18
02-06-2025
- Business
- News18
ITR Filing 2025 Begins: Who Needs To File Income Tax Return? All You Need To Know
Last Updated: ITR filing for FY 2024-25 has begun, with a deadline of September 15 for non-audit ITRs; check a detailed guide on who needs to file the income tax return. ITR Filing 2025: The filing of income tax returns has commenced for the financial year 2024-25 (assessment year 2025-26), with a deadline of 15 September for non-audit ITRs. The Income Tax Department permitted Excel Utility-based return filing on 30 May, but online filing is yet to begin. As of 10:30 am on 2 June, a total of 54,389 income tax returns have been filed, of which 48,975 have been verified. Who needs to file an ITR? Here's a detailed guide: Whether you are a salaried employee, a freelancer, a business owner, or even someone without taxable income, there are several situations where filing an ITR is either mandatory or highly recommended. 1. Income Above Basic Exemption Limit For AY 2025-26, the basic exemption limit under the new tax regime is Rs 4 lakh, applicable to all individuals irrespective of age. Under the old tax regime, the exemption limits remain at Rs 2.5 lakh for individuals below 60 years, Rs 3 lakh for senior citizens, and Rs 5 lakh for super senior citizens. (Note: Under the old tax regime, these limits apply before claiming deductions under sections like 80C, 80D, etc.) Who Should Voluntarily File ITR? According to income tax experts, even if you are not legally required to, filing an ITR can be extremely beneficial: To claim income tax refunds (e.g., TDS deducted from salary or bank interest). For visa or loan applications (ITR is accepted as proof of income). To carry forward losses (only allowed if ITR is filed on time). To build financial credibility (helps in business registration, securing funding, or applying for tenders). ITR-1 To ITR-7: Which ITR Form To Choose? ITR-1 (Sahaj): For resident individuals (not HUFs) with income up to Rs 50 lakh from salary, long-term capital gains tax up to Rs 1.25 lakh under Section 112A, one house property, other sources (interest, etc.), and no capital gains or business income. ITR-2: For individuals and HUFs with income from capital gains, more than one house property, foreign income/assets, but no business or professional income. ITR-3: For individuals and HUFs with income from a business or profession, including partners in firms. ITR-4 (Sugam): For resident individuals, HUFs, and firms (other than LLPs) with presumptive income under sections 44AD, 44ADA, or 44AE, and income up to Rs 50 lakh (for individuals). ITR-5: For partnership firms, LLPs, AOPs, BOIs, cooperative societies, and other persons not filing ITR-7. ITR-6: For companies other than those claiming exemption under section 11 (income from charitable or religious activities). ITR-7: For persons including trusts, political parties, research institutions, universities, or funds claiming exemption under sections 139(4A) to 139(4F). Due Date for Filing ITR for AY 2025-26 Individual taxpayers not subject to audit: September 15, 2025 Businesses requiring audit: October 31, 2025. Late filing attracts a penalty under Section 234F and may delay refunds. Frequently Asked Questions (FAQs) A: No, unless you fall under specific cases like high-value transactions or owning foreign assets. A: Yes, it is recommended for refunds, visas, loans, and establishing a financial history. Q: I'm a student earning via freelancing. Should I file ITR? A: Yes, if your income exceeds Rs 4 lakh or TDS has been deducted. top videos View all Q: What if I miss the deadline? A: You can file a belated return until 31 December 2025, with a penalty and interest. Location : New Delhi, India, India First Published: June 02, 2025, 10:54 IST News business » tax ITR Filing 2025 Begins: Who Needs To File Income Tax Return? All You Need To Know
Mint
27-05-2025
- Business
- Mint
ITR filing FY25: I-T dept extends last date for filing returns on income tax for FY25 from July 31 to THIS date
The Income Tax Department has extended the due date to file income tax return 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 income tax return forms. Further, the income tax department is yet to issue the utilities to file the income tax returns. Individuals and entities, who do not need to get their accounts audited, were required to file income tax returns (ITR) by July 31. 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. "To facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing ITR, originally due on July 31, is extended to September 15, 2025," the CBDT said. 'The notified ITRs for AY 2025-26 have undergone structural and content revisions aimed at simplifying compliance, enhancing transparency, and enabling accurate reporting. These changes have necessitated additional time for system development, integration, and testing of the corresponding utilities,' a statement from CBDT said. 'Furthermore, credits arising from TDS statements, due for filing by 31st May 2025, are expected to begin reflecting in early June, limiting the effective window for return filing in the absence of such extension,' it added. The department said this extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. It also ensures a smoother and more accurate filing experience for everyone. CBDT said a formal notification to this effect will be issued shortly. 'This extension is expected to mitigate the concerns raised by stakeholders and provide adequate time for compliance, thereby ensuring the integrity and accuracy of the return filing process,' it added. Eralier this month, 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 ₹ 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 ₹ 1.25 lakh from sale of listed shares and mutual funds is exempt from tax. Gains exceeding ₹ 1.25 lakh/ annum are subject to 12.5 per cent tax. 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 ₹ 50 lakh to ₹ 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 ₹ 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to ₹ 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 ₹ 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.
India Today
26-05-2025
- Business
- India Today
ITR utilities not live yet: Will the e-filing deadline be extended?
The Income Tax Department has already released all the Income Tax Return (ITR) forms for the assessment year 2025-26. These include ITR-1 to ITR-7, and even a new form called ITR-U. This new ITR-U form lets taxpayers file or fix returns for up to 48 months, as allowed under the latest Finance even with all these forms ready and available for download, there's a small hiccup as taxpayers still can't file their returns online. That's because the filing tools, also known as utilities, are not yet live on the official income tax ARE ITR FILING UTILITIES?Filing utilities are tools provided by the Income Tax Department to help taxpayers submit their returns online. Last year, it was available in three formats—online, offline (in Java or JSON), and Excel. Most salaried individuals prefer using the online option as it comes with pre-filled details like salary, interest income, and tax deducted. You can review this, make corrections if needed, and then file the return. On the other hand, tax professionals often use the offline or Excel formats, which require downloading the form, filling it out on your system, and uploading it back to the IS THERE A DELAY IN UTILITIES THIS YEAR?The tax department hasn't given an official reason for the delay. But experts believe it might be because of the changes made to the ITR forms this year. These updates could take extra time to reflect in the software THE DELAY PUSH THE FILING DEADLINE?advertisementMany taxpayers are wondering if the delay in these filing tools means the return filing deadline will be pushed. But that's unlikely. The deadline for those who don't need to get their accounts audited remains July 31, most taxpayers file their returns in June or July anyway, so the department still has enough time to get things up and running. Plus, return processing has become quicker over the past few unless there's a major technical issue, the deadline is expected to stay the same. It's a good idea to stay prepared and regularly check the income tax portal for updates. Once the utilities go live, you can quickly complete the filing without any Reel
Mint
21-05-2025
- Business
- Mint
Income Tax: After ITR-1 to ITR-7, CBDT notifies ITR-U. All you need to know about the latest changes
After notifying all income tax forms from ITR-1 to ITR-7, Central Board of Direct Taxes (CBDT) has now notified ITR-U (updated) as well via notification dated May 19, 2025. To encourage voluntary compliance, the Government of India, via Finance Act 2025, extended the time limit to file the updated return from 24 months to 48 months from the end of the relevant assessment year. Notably, filing an updated return leads to additional tax payable. From the additional 24 months to 36 months -- additional tax payable is 60 percent of the aggregate of tax and interest payable. And the additional tax payable will be 70 percent of the aggregate of tax and interest during the period of 36 to 48 months. Those who are not aware, the provision of income tax return (updated) was first introduced in Finance Act 2022 to allow the taxpayers to rectify the errors of omission and commission they may have made while estimating their income for tax payment. That time, the maximum time period that was given for filing an updated return was two years from the end of the relevant assessment year. Unlike the regular deadline of July 31, the updated return's deadline is March 31. For instance, March 31 2025 was the last date to file updated returns for FY 2021-2022. Read this Livemint article for further details on this. First of all, the time limit has been extended from current two to four years per the Finance Bill 2025. The latest notification also incorporates the following changes aside from extending the time limit from two years to four: 1. Show cause notice: An updated return can not be filed if show cause notice under section 148A has been issued after 36 months from the end of the relevant assessment year. However, later if 148A(3) order is passed saying that it is not a valid case for notice under section 148, then an updated return can be filed within 48 months from the end of relevant assessment year. 2. Additional income tax: As explained above, the updated return entails payment of additional income tax for the extended timelines. As a result, section 140B has been amended accordingly. 3. CBDT notification also highlighted that rule 12AC has also been amended to reflect these changes. There are a number of cases when taxpayers are not permitted to file an updated ITR. These include the following: I. When after the ITR -U (updated), total income leads to smaller tax liability. II. When it is being filed to claim tax refund. III. When a survey has already been conducted, or search has already been initiated against the taxpayer IV. Additionally, when the tax department has seized taxpayer's documents. For all personal finance updates, visit here.
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Business Standard
14-05-2025
- Business
- Business Standard
ITR forms seek more information: Changes for AY 2024-25 you need to know
The Central Board of Direct Taxes (CBDT) has rolled out seven revised Income Tax returns (ITR) forms for Assessment Year 2024-25. While most forms remain familiar, there are several changes to ensure the government's push for greater disclosure and streamlined reporting. Here's a look at the major changes in ITR-1 to ITR-7, as highlighted by Naveen Wadhwa, vice-president at Taxmann. ITR-1 and ITR-4: More control for taxpayers A new feature allows taxpayers to choose between the old and new tax regimes directly within the forms. The feature offers clarity and flexibility, especially for those unsure of the most beneficial regime. However, taxpayers who have to file Form 10-IEA for exercising the option (due date being July 31) will need to file it separately; the ITR doesn't substitute that requirement. ITR-2 and ITR-3: Expanded reporting norms New fields have been added for reporting income from Virtual Digital Assets, continuing the government's push for transparency in crypto and digital asset earnings. The forms now ask for detailed disclosures on 'assets located outside India,' further tightening compliance under the Black Money Act. ITR-5 and ITR-6: Aligning with latest laws Trusts and institutions governed under Sections 10 (23C), 11, or 12 now must provide more detailed information regarding donations received and utilization thereof. ITR-6 includes a new schedule on 'elective taxes under section 115BAE' for new manufacturing co-operatives. ITR-7: Greater scrutiny for charitable entities Institutions claiming exemptions under Sections 10(23C) or 11/12 must now disclose registration details and approval numbers, a move to plug loopholes. There's a mandate to reconcile income and application of funds, bringing in more transparency for tax-exempt entities. One common thread: Enhanced transparency Across all forms, there's a clear trend, more fields, more disclosures, and tighter compliance. As Wadhwa notes, these changes indicate a deeper integration of tax data with other financial records, aiding cross-verification by authorities. The revised forms are now notified and available for filing. Taxpayers are advised to go through the updated forms carefully or consult professionals to avoid errors and ensure compliance
