ITR 2025: Sahaj or Sugam — Which is the right income tax form for you?
After the income tax department has extended the last date to file income tax return by 45 days till September 15, taxpayers are likely to be nonchalant. Meanwhile, it is worth noting that CBDT has enabled excel utilities for ITR-1 and ITR-4.
As a taxpayer, you are supposed to know which tax form applies to you based on the source of your income. Here, we give a lowdown on the common income tax forms from ITR-1 (sahaj) to ITR-4 (sugam).
ITR-1: Also known as sahaj, this form is meant for those taxpayers whose total income does not exceed ₹ 50 lakh during the financial year.
The income should be from salary, one house property, family pension income, agricultural income (up to ₹ 5,000), and other sources, which include interest from savings accounts, interest from deposits (bank / post office / cooperative society), interest from income tax refund, interest received on enhanced compensation, any other interest income and family pension.
ITR-2: This can be filed by individuals or Hindu undivided family (HUF) who are not eligible to file ITR-1 (Sahaj). Additionally, those who do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of interest, salary, bonus, commission or remuneration received from a partnership firm.
ITR-3: The ITR-3 form is primarily meant for those taxpayers who are engaged in business or profession, who are required to maintain books of accounts. Those who do not have income from business or profession are not eligible to file their returns under ITR-3.
ITR-4: Also known as sugam, ITR-4 can be filed by a resident individual/ HUF/ firm (other than LLP) who has income not exceeding ₹ 50 lakh during the financial year and has income from business and profession which is computed on a presumptive basis under sections 44AD, 44ADA or 44AE or income from salary/ pension, one house property, agricultural income (up to ₹ 5,000).
Other sources which include interest from savings account, interest from deposit (bank/ post office / cooperative society), interest from income tax refund, family pension, interest received on enhanced compensation and any other interest income (such as interest income from unsecured loan).
Visit here for all personal finance updates.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
17 minutes ago
- India Today
Mark Zuckerberg announces Meta Superintelligence Labs and 11 new hires from OpenAI, Anthropic and Google
Meta CEO Mark Zuckerberg on Monday announced the creation of Meta Superintelligence Labs (MSL), a new division aimed at developing artificial general intelligence (AGI) – an AI system that can match or exceed human intelligence across a wide range of tasks. The new group will reportedly bring together Meta's foundational AI model teams, product teams, and the company's well-known Fundamental AI Research (FAIR) division. A new lab under MSL will also focus on building the next generation of large language models (LLMs).advertisementAt the helm of this ambitious project is Alexandr Wang, the former CEO of data-labelling startup Scale AI. Wang will serve as Meta's chief AI officer, a newly created role. In a memo to employees obtained by Bloomberg, Zuckerberg described Wang as 'the most impressive founder of his generation.' Wang will be joined by Nat Friedman, who was the former GitHub CEO; he will co-lead the division. Friedman's focus will be on developing AI products and applied research. Zuckerberg said the two leaders will steer Meta's efforts to reach the next frontier in artificial intelligence.'As the pace of AI progress accelerates, developing superintelligence is coming into sight,' Zuckerberg reportedly wrote in his internal note to staff. 'I believe this will be the beginning of a new era for humanity, and I am fully committed to doing what it takes for Meta to lead the way.'advertisement According to reports, Zuckerberg has been personally leading the hiring campaign for MSL. He apparently offered generous packages and hosted many of the potential hires at his home. However, OpenAI CEO Sam Altman's claims of Meta offering a $100 million signing bonus were dismissed by the Meta company recently invested $14.3 billion in Scale AI, bringing in some of its staff, including Wang. Meta has also been in talks with AI startups like Perplexity AI and Runway, and is expected to acquire PlayAI, a small company focused on voice replication using the most talked-about aspect of this overhaul was Meta poaching people from its competitors like OpenAI, Anthropic, and Google. According to a report by Bloomberg, Meta has hired 11 top-tier AI researchers from its rivals. Wired has listed all the new hired that Zuckerberg's company has done for MSL, which includes Trapit Bansal, who was the co-creator of OpenAI's o-series models, Shuchao Bi, who was involved in GPT-4o voice and multimodal post-training, Huiwen Chang, who is known for developing image generation tools at Google Research, Ji Lin, who was a contributor to multiple GPT-4 models and reasoning systems, Joel Pobar, who was with Meta earlier and has just returned from Anthropic after a short stint, along with Jack Rae, Johan Schalkwyk and Pei Sun from Google, and Hongyu Ren, Jiahui Yu and Shengjia Zhao from launch of the superintelligence labs reflects Zuckber's long-term commitment to AI. And Meta isn't alone. The move echoes industry-wide trends. This year alone, Microsoft spent $650 million acquiring much of Inflection AI's team, while Amazon has hired key staff from Adept. - Ends
Indian Express
an hour ago
- Indian Express
Karnataka 2nd PUC Exam 3 Result 2025 Declared: 22.78% students pass Class 12 exam-3, link at 1 pm
The Karnataka School Examination and Assessment Board (KSEAB) today will today make the link to check the Class 12 Pre-University Certificate (PUC 2) third exam results. A total of 82,683 students who did not pass in Exam-1 and Exam-2 appeared for Exam-3. Out of the 82,683 students who appeared for Exam-3, 18,834 students have passed. The pass percentage of Karnataka PUC exam 3 is 22.78 per cent. The board on June 30 announced the PUC 2 exam 3 results. Students who appeared for the Class 12 Pre-University Certificate (PUC 2) third exam between June 9 and June 20, will be able to check the PUC 2 exam 3 results after 1 pm at and websites. Out of 1,11,002 repeaters and private candidates appearing in exam-3, as many as 22,446 students passed. The pass percentage among them is 20.22 per cent. It was 22.5 per cent in 2024. As many as 71,716 repeaters and private students appeared and 16,136 students passed. In the 2025 Exam-3, a total of 17,398 students wrote the exam to improve their marks, of whom 11,937 students succeeded in increasing their scores. In 2024, this number was 7,420. The subjects with the most improvement attempts were Chemistry, Physics, and Mathematics. Of the total 6,39,800 students registering in Karnataka PUC 2 exams, as many as 4,68,439 passed in Karnataka PUC 2 exam 1, 54,168 students passed in PUC 2 Karnataka board exam 2 and 22,446 students have now passed in exam-3. The pass percentage considering the Karnataka board PUC 2 exam 1, exam 2 and exam 3 results is 85.19 per cent. The Karnataka PUC 2 exam 1 result was declared on April 8, while the PUC 2 exam 2 result was declared on May 16. Out of the total 7,09,968 repeaters and private students, 5,66,636 passed and pass percentage is 79.81 per cent. As many as 41,719 (42 per cent) students improved their total marks in the second attempt of PUC 2 exam out of the 71,964 students who had registered for it. While 28,617 students saw a decrease in their total marks, there was no change in marks for 1,628 students. The PUC 2 exam-2 was conducted from April 24 to May 8 across 332 centres in the state. Meanwhile, out of the 1.53 lakh students who were unsuccessful in PUC 2 exam 1 and appeared for PUC exam 2 Karnataka board, as many as 54,168 passed the test, taking the pass percentage to 35.2 per cent. The girls outperformed with a pass percentage of 36.3 per cent, whereas the boys secured 34.3 per cent. Private candidates who appeared in II PUC Exam-2, recorded a pass percentage of 31.2 per cent.
Time of India
2 hours ago
- Time of India
Sawan 2025: When it begins and ends, why it matters, and what devotees do during the holy month
As the rain begins to fall and the air turns cooler, people in many parts of India start getting ready for something more than just the monsoon– the month of Sawan. It's a time that's closely linked with Lord Shiva and holds a lot of spiritual meaning for his followers. All through this month, many people follow simple but meaningful traditions– like visiting temples, saying daily prayers, and fasting on Mondays, which are considered extra special. Some even start a longer fast called Solah Somwar Vrat, where they fast every Monday for sixteen weeks. On Tuesdays, many women also keep a fast called Mangal Gauri Vrat to pray to Goddess Parvati for their family's well-being. Even though the customs are mostly the same everywhere, the exact dates of Sawan change from place to place. That's because different parts of the country follow different calendars, so the month begins and ends at different times depending on where you are. The significance of Sawan in Hindu tradition Sawan, which is also called Shravan, is believed to be a time when prayers to Lord Shiva are especially powerful. One of the main traditions during this month is fasting on Mondays, known as Shravan Somwar. Some people also begin the Solah Somwar Vrat during this time, where they fast every Monday for 16 weeks, even after Sawan ends. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Tìm hiểu thêm Undo Tuesdays are also special for many families. Married women often observe the Mangal Gauri Vrat on this day, praying to Goddess Parvati for the happiness and well-being of their family. How Sawan 2025 will be observed in different regions In North India This version of the Hindu calendar starts the month right after the full moon. It is followed in Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Punjab, Himachal Pradesh, Uttarakhand, Jharkhand, and Chhattisgarh. Begins: July 11, 2025 (Friday) Ends: August 9, 2025 (Saturday) Shravan Somwar fasting dates: July 14 July 21 July 28 August 4 In South and Western India States like Maharashtra, Gujarat, Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Goa follow the Amanta calendar, which begins the month after the new moon. Begins: July 25, 2025 (Friday) Ends: August 23, 2025 (Saturday) Shravan Somwar fasting dates: July 28 August 4 August 11 August 18 In Nepal and parts of the Himalayas Regions like Nepal and some parts of Uttarakhand and Himachal Pradesh use the Solar calendar to mark Sawan. Begins: July 16, 2025 Ends: August 16, 2025 Fasting Mondays in these areas: July 28 August 4 August 11 August 18 Fasting, rituals, and everyday observances For many people, Sawan is all about keeping things simple and staying connected to their faith. On Mondays, a lot of devotees choose to fast. Most avoid regular meals and eat only fruits, milk, or light vegetarian food without onion or garlic. Shiva temples are usually busier than usual, as people come to offer water, belpatra, and milk to the Shivling. Some also follow the Solah Somwar Vrat, where they keep this Monday fast for 16 weeks in a row– even after Sawan is over. On Tuesdays, many women perform the Mangal Gauri puja at home. They offer prayers to Goddess Parvati, often with small rituals done in the morning or evening. Sawan is more than just a religious month– for many, it's a way to reconnect with faith through discipline, routine, and intention. As 2025 approaches, the dates may vary across India, but the spirit of the month remains the same– deeply personal and quietly powerful.
