This blog post explores the exciting possibility of taxpayers receiving up to 33% higher interest on their tax refunds if the ITR filing deadline for Assessment Year 2025-26 (FY 2024-25) is extended to September 15th. It explains the mechanics of tax refund interest under Section 244A, illustrating how an extended calculation period leads to greater returns. The article identifies key groups of taxpayers who stand to benefit most and provides crucial reminders about official confirmations, accurate filing, and timely tax payments to ensure a smooth and financially rewarding tax season.

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.

For Assessment Year 2025-26, the familiar ITR-1 (Sahaj) and ITR-4 (Sugam) forms, traditionally seen as straightforward, are undergoing significant changes that add layers of complexity. This blog explores the impact of the new tax regime as default, increased disclosure requirements, and the need for meticulous data reconciliation, explaining why even simple returns now demand careful attention. Discover how MYITRONLINE can help you navigate these evolving tax landscapes.

Big news for individual taxpayers and small businesses! The Income Tax Department has released the Excel Utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for Assessment Year 2025-26. This means you can now begin filing your income tax returns offline. This blog covers who can use these forms, the benefits of early filing, and how MYITRONLINE can provide seamless assistance.

The GSTN has rolled out crucial Phase-III changes to GSTR-1/1A Table 12, effective from April/May 2025. Key updates include the bifurcation of Table 12 into separate B2B and B2C sections, mandatory HSN/SAC code selection via dropdowns, and the introduction of value validations (initially in warning mode). This summary details these modifications, their impact on taxpayers based on AATO, and essential preparation steps to ensure smooth compliance.

The Central Board of Direct Taxes (CBDT) has announced an extension for the filing of Income Tax Returns (ITRs) for Assessment Year (AY) 2025-26. Originally due by July 31, 2025, the deadline has now been extended to September 15, 2025. This decision comes in light of structural and content revisions in the notified ITRs, necessitating additional time for system development and integration, and considering the time required for system readiness. The extension aims to provide taxpayers with a smooth and convenient filing experience, ensuring compliance and accurate reporting

The Income Tax Department has announced a monumental extension for ITR-U (Updated Income Tax Return) filing, allowing taxpayers to rectify errors or omissions for up to four previous years instead of the prior two. This blog delves into what ITR-U is, the new extended deadlines, who is eligible to file, situations where it cannot be filed, the associated additional tax liability, and the myriad benefits this flexibility offers for enhanced tax compliance and reduced legal complications.

The Central Board of Direct Taxes (CBDT) has introduced significant updates to the Income Tax Return Verification Form (ITR-V) and the ITR-Acknowledgement form for Assessment Year 2025-26, effective retroactively from April 1, 2025. These changes, announced under Notification No. 45/2025, are part of the Income-tax (Seventeenth Amendment) Rules, 2025, and are designed to streamline e-filing and verification, enhance security, and promote paperless tax administration. Key features include detailed verification options, improved security, comprehensive return summaries, and a strong emphasis on electronic verification, ensuring a faster, more convenient, and compliant tax filing process for millions of taxpayers.

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 provides a detailed analysis of the newly introduced invoice-wise reporting feature in Form GSTR-7 under GST. It explains the changes, benefits for both deductors and deductees, the current implementation status, and how businesses can prepare for this significant update in TDS reporting.

The Central Board of Direct Taxes (CBDT) has notified ITR Form 2 for Assessment Year 2025-26 through Notification No. 43/2025 dated May 5, 2025. This early release benefits individuals and HUFs without business/professional income but potentially having capital gains, foreign assets, multiple house properties, or income over ₹50 lakh (₹50 lakh), allowing more time for preparation. The blog explains who should file ITR-2, highlights the significance of early notification for taxpayers and professionals, discusses potential areas of change (like capital gains reporting), and outlines actionable next steps for taxpayers to begin their FY 2024-25 tax filing preparations.

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.