The Income Tax Department has released offline utilities for ITR-1 and ITR-4 for Assessment Year 2025-26. This blog post explains what these utilities are, how to download and use them, and highlights the important changes in this year's ITR filing. Start your ITR filing preparation now! Contact MyITROnline for expert assistance.

This blog post serves as a comprehensive guide to selecting the correct Income Tax Return (ITR) form (ITR-1 to ITR-7) for Assessment Year 2025-26 (Financial Year 2024-25). It begins by emphasizing the importance of choosing the right form to avoid penalties and highlights the extended filing deadline for individuals and HUFs. The post then details important updates for AY 2025-26, including changes to LTCG reporting in ITR-1/4, compulsory detailed disclosures for old regime deductions, new TDS section requirements, revised asset reporting thresholds, and the default new tax regime. A simplified overview of applicability and exclusions for each ITR form (ITR-1 to ITR-7) is provided. Finally, it uses seven practical case studies to illustrate how different taxpayer profiles (salaried, freelancers, businesses, firms, companies, trusts) can correctly identify their applicable ITR form. The synopsis concludes by advising readers to consult official guidelines and tax professionals for accurate filing.

This blog announces the commencement of ITR-1 and ITR-4 filing for AY 2025-26, highlighting both online pre-filled data and Excel utility options. It clarifies who should file each form and details the key due dates (July 31st standard, September 15th for audited cases), encouraging early filing with a call to action for myitronline services.

This comprehensive blog post outlines the significant changes introduced by the Income Tax Department for Assessment Year 2025-26 (FY 2024-25) concerning ITR-1 (Sahaj) and ITR-4 (Sugam) under the Old Tax Regime. It details the newly mandated annexures for claiming various deductions, including HRA, Section 80C, 80D, 80DD, 80DDB, 80E, 80EE, and 80EEB. Readers will find crucial information on the new required fields for each section, key points to remember for seamless e-filing, common validation errors to avoid, and important deadlines. The post emphasizes the importance of accurate data submission and retaining supporting documents to ensure tax compliance.

The CBDT has notified the ITR forms (1-7) for AY 2025-26, incorporating changes from the Finance Act, 2024. This blog provides a comprehensive overview of the key modifications in each form, focusing on changes in capital gains reporting, eligibility criteria, deduction disclosures, and other compliance requirements to help taxpayers prepare for the upcoming filing season.

This blog post clarifies that individuals and pensioners filing ITR-1 or ITR-2 (without business or professional income) do not need to file Form 10-IEA to switch between the old and new tax regimes on an annual basis. It explains that the choice can be made directly within the ITR form itself each year, even when opting out of the default new regime (effective AY 2024-25) or switching back to it later. The post contrasts this flexibility with the stricter requirement for those with business income (filing ITR-3/ITR-4) who must use Form 10-IEA to opt out and face limitations on switching back.

This blog post details the significant updates in India's Income Tax Return (ITR) forms for Assessment Year 2025-26 (FY 2024-25). It covers the default New Tax Regime and the opt-out process using Form 10-IEA, major changes in capital gains reporting including simplification for small investors (LTCG up to ₹1.25 lakh in ITR-1/4) and bifurcation of Schedule CG (pre/post July 23, 2024). It also explains key tax reporting updates like mandatory TDS section codes, enhanced deduction reporting via dropdowns, new rules for Section 80GG (Form 10BA), increased presumptive tax limits, and the revised threshold for Schedule AL. It concludes with a guide on choosing the correct ITR form and important filing deadlines.

The Central Board of Direct Taxes (CBDT) has kickstarted the income tax filing season earlier than usual by releasing the ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025-26. This blog explores the eligibility, permissible income sources, and filing restrictions for both forms. It also highlights a major update—taxpayers can now report Long-Term Capital Gains (LTCG) under Section 112A in ITR-1 and ITR-4 under specific conditions. Additionally, it explains the difference between form notification and utility release, emphasizes the importance of early preparation, and provides a comprehensive document checklist for smooth filing. The blog concludes by urging taxpayers to be proactive and file early to avoid last-minute hassles.

This blog provides a detailed breakdown of modifications in ITR-1 and ITR-4 forms for Assessment Year 2025-26 based on a recent analysis. It explains the new allowance for minor LTCG under Sec 112A (up to ₹1.25 lakh) in both forms, the enhanced conditional presumptive tax limits under Sec 44AD/44ADA linked to digital receipts, and common changes. These common changes include expanded disclosures for Form 10-IEA (new tax regime opt-out), mandatory specific clause selection for Chapter VI-A deductions, enhanced reporting for Sec 89A (foreign retirement income), compulsory disclosure of all active Indian bank accounts, and mandatory selection of a refund account. The post advises taxpayers on how to prepare based on these specific updates.

The blog post announces the early notification of ITR-1 (Sahaj) and ITR-4 (Sugam) forms by the CBDT for the Assessment Year 2025-26 (corresponding to Financial Year 2024-25). It details the eligibility criteria for using these forms, explains the significance of the early notification for taxpayers (more preparation time, potentially earlier filing utility release), clarifies the difference between form notification and utility release, reminds readers about the AY/FY distinction, and advises taxpayers to start gathering necessary documents while waiting for the official filing utilities to be launched on the Income Tax portal.