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.

The CBDT has released the updated ITR-Form 5 for Assessment Year 2025-26 (applicable to FY 2024-25) via Notification No. 42/2025 dated May 3, 2025. This blog post details who needs to file ITR-5, discusses anticipated key changes aligning with recent amendments and enhanced disclosure norms, outlines implications for taxpayers like Firms and LLPs, and provides actionable steps for compliance.

The Income Tax Department has introduced the Excel Utility for ITR-5 for the Assessment Year 2024-25, simplifying the tax filing process for various entities. This user-friendly tool is now accessible on the official income tax e-filing portal and is designed for firms, Limited Liability Partnerships (LLPs), Association of Persons (AOPs), Body of Individuals (BOIs), artificial juridical persons, cooperative societies, and local authorities. The utility offers features like automated calculations, validation checks, and detailed instructions, ensuring accurate and efficient tax return preparation. Download the utility today to streamline your tax filing experience.