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.

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.

CBDT has notified ITR-Form 3 for Assessment Year 2025-26 (FY 2024-25) via Notification No. 41/2025. This affects Individuals/HUFs with business/professional income. Key updates include a split Capital Gains schedule (pre/post July 23, 2024), new conditions for claiming share buyback loss (post Oct 1, 2024), an increased asset/liability reporting threshold to ₹1 crore, addition of Sec 44BBC reference, enhanced reporting for deductions like 80C & 10(13A), and mandatory TDS section code reporting. Taxpayers should review these changes for compliant filing.

The Income Tax Department has released an updated Excel utility for ITR-3 for Fiscal Year 2024-25. This blog describes how to download, utilize, and file your income tax return with the utility, assuring correct and timely compliance for companies and professionals.

This blog explains the ITR 3 validation rules for Assessment Year (AY) 2024-25 in India. It highlights the different categories of rules, their impact on your return, and the benefits of adhering to them. The blog also provides tips for flawless ITR 3 filing and accessing the validation rules document.