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News18
4 days ago
- Business
- News18
Crypto Taxes In India: Step-by-Step Guide To Report And Avoid Penalties In ITR Filing
Last Updated: Crypto Tax In India: If you missed crypto income in earlier ITRs, file a revised return under Section 139(8A) before the deadline. Crypto Taxation In India For ITR Filing 2025-26: Indian investors are increasingly viewing cryptocurrencies as viable investment options. In times of high volatility in the stock market, they are shifting their funds to digital assets in hopes of achieving significant returns. However, as the tax season is ongoing for ITR FY2025-26, crypto traders must report any income from the sale and profit of cryptocurrencies and other digital assets. Failure to do so can result in notices from the Income Tax Department, penalties, interest on unpaid taxes, and potential legal action. In the Union Budget of 2022, the government officially categorised digital assets, including crypto assets, as Virtual Digital Assets. The outcome of this decision was that income from the transfer of virtual digital assets such as crypto and NFTs (non-fungible tokens) will be taxed at a flat rate of 30 per cent. If crypto assets stored in your wallet are not mentioned while filing your tax return, the Income Tax Department may treat them as unexplained income under Section 69A. If you missed including cryptocurrency income in previous ITRs, file a revised return under Section 139(8A) before the deadline. Crypto Tax Filing In India If you have crypto income, you cannot use ITR-1. Most crypto investors need to use: Capital Gains: If you're holding crypto as an investment and selling it occasionally. Flat 30% tax on gains, no deduction allowed (except cost of acquisition). Include: 4% cess 1% TDS (deducted at the time of transaction on exchange) Step 4: Fill Schedule VDA in ITR In the ITR form, go to the 'Schedule – VDA" (Virtual Digital Assets). Provide: Repeat for each transaction or provide consolidated figures if allowed. Step 5: Report in Schedule FA (If using Foreign Exchanges) If you used foreign crypto exchanges (like Binance, KuCoin), fill Schedule FA (Foreign Assets). Disclose: Go to Schedule TDS and cross-check if the 1% TDS deducted by the exchange appears. If not auto-filled, manually add using Form 26AS or TDS certificate from the exchange. If you missed crypto income in earlier ITRs, file a revised return under Section 139(8A) before the deadline. Documentation And Compliance Crypto traders should prepare necessary documents, such as transaction history, wallet details, exchange reports, and TDS details, to avoid fines and further investigation by the Income Tax Department. The declaration of crypto earnings is crucial due to the ITR's separate section under Section 2(47A), categorising them as 'Virtual Digital Assets." Taxation On Virtual Digital Assets In the Union Budget of 2022, the government officially recognised digital assets, including cryptocurrencies, as Virtual Digital Assets. Consequently, income from the transfer of these assets, such as crypto and NFTs (non-fungible tokens), is taxed at a flat rate of 30 per cent. The tax rate, however, is not limited to only 30 per cent and there are other charges included in it as well. For example- if you have earned a profit of Rs 1,000 on the sale of a cryptocurrency amount, then post the deduction of 30 per cent tax, you will not get Rs 700. You will be subjected to a cess charge of 4 per cent and a 1 per cent tax deducted at source (TDS) which makes the total tax rate, i.e.- 35 per cent. Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. About the Author Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : crypto Crypto-Currency Location : New Delhi, India, India First Published: June 25, 2025, 10:22 IST News business » tax Crypto Taxes In India: Step-by-Step Guide To Report And Avoid Penalties In ITR Filing
Hindustan Times
4 days ago
- Business
- Hindustan Times
Here's how to file your ITR this year: Read stepwise guide
The Income Tax Department of India has offered an Excel-based offline utility for filing Income Tax Return-1 (Sahaj) and Income Tax Return-4 (Sugam) for the assessment year 2025-26, i.e the financial year 2024-25. 7 key points to remember when filing your Income Tax Return (ITR) this year.(REUTERS) Under this newly introduced utility, employees, pensioners, freelancers, and small business owners will be able to validate their returns by creating a JSON file, uploading to the e-filing portal, and hence, prepare their income tax returns, even without internet access. According to the official website, this year, the deadline for filing ITR has seen an extension till Sept 15, for non-audit cases-including ITR-1 and ITR-4 filers. Put across by Central Board of Direct Taxes (CBDT), this replaced the earlier window which allowed submissions only till July 31, in order to accommodate structural changes and utility rollout delays. However, the deadline for paying any self-assessment tax stands on July 31, 2025. Taxpayers should abide by this time frame to avoid interest penalties. Filing your ITR this year? Here are 7 key points to remember when filing your Income Tax Return (ITR): 1. SELECT THE SUITABLE ITR FORM Taxpayers are advised to select the suitable ITR form, based on their existing pay scales. Salaried individuals will be filing their return using ITR-1 (Sahaj), given their income is from salary, single house property, and other sources (like interest), totaling their income to not more than ₹ 50 lakh. If taxpayers' income is from capital gains, foreign income or multiple household properties, they will be using ITR-2. 2. SELECT THE APPLICABLE OPTION BETWEEN THE NEW AND OLD TAX REGIME Taxpayers will have to decide if they have to file their return under the old tax regime with exemptions and deductions or the new regime with fewer deductions and reduced slab rates. In the case of investments in schemes like the Public Provident Fund (PPF) or National Savings Certificate (NSC) for tax benefit, they will only be considered under the old regime. 3. COLLECT AND CHECK ALL RELATED DOCUMENTS Taxpayers will have to collect all necessary documents like Form 16, which is given by the employer and indicates salary and TDS (Tax Deducted at Source). Form 26AS (which shows the details of all tax credits) should be printed and checked whether it include TDS on salary, interest income etc. These details should be checked and ensured that they are reflected on Form 16. 4. USE THE NEWLY INTRODUCED OFFLINE UTILITY OR THE ONLINE PORTALS Taxpayers can use the newly introduced offline utility by following the aforementioned process or follow the previously used Tax2win and other online portals that provide simple online one-step filing options for ITR-1(Sahaj) and ITR-4 (Sugam). The online portals also pre-fill data like Form 16, ensuring a user friendly experience. 5. LOOK OUT FOR THE FILING DEADLINE AND CONSEQUENCES OF DELAY For this assessment year (2025-26), there has been an extension for the deadline for filing non-audit cases, i.e for salaried individuals filing ITR-1 and ITR-4 to Sept 15, 2025. Self-assessment tax payment deadline stands at 31 July 2025, after which taxpayers might incur interest penalties and fees based on the number of days delayed. If there is an existing delay in filing ITR for previous year(s), there is a provision to file belated returns within the past two years using ITR-U (for individuals who have not filed their returns collected in use only).
Business Standard
5 days ago
- Business
- Business Standard
Tax2win Self ITR Filing for FY 2024-25 is LIVE. File Taxes Early, Get Refund Sooner
BusinessWire India Jaipur (Rajasthan) [India], June 24: a government-authorised ERI and one of India's leading online tax filing platforms, has launched its Self ITR Filing service for Financial Year 2024-25 (Assessment Year 2025-26), supporting both ITR-1 and ITR-4 forms. Powered by an advanced AI engine and a user-friendly interface, the platform enables taxpayers to file their income tax returns quickly and accurately, within minutes. While ITR filing usually picks up around May or June, this year's deadline has been extended to 15th September 2025 (instead of the usual 31st July). With its early launch, Tax2win helps you get ahead, avoid last-minute stress, and receive refunds sooner. All recent changes in ITR forms 1 & 4, announced by the Income Tax Department -- including updates on LTCG, HRA, deductions, and income classifications -- have already been integrated, ensuring 100% compliance from day one. File for Any Type of Income - We've Got You Covered! * Salary or Pension Income - File with or without Form 16 * House Property Income - Declare rental income, home loan interest, or joint ownership * Business or Freelance Income - Ideal for self-employed professionals, consultants, and freelancers * Capital Gains - From shares, mutual funds, real estate, or F & O trading * Other Sources - FD interest, savings account interest, family pension, etc. * Crypto & Virtual Digital Assets (VDA) - Trade gains, airdrops, staking, and more * Lottery, Betting & Online Gaming Winnings - Report and file under correct tax provisions AI-Backed Simplicity: Do-It-Yourself or Get Expert Help Tax2win's Advanced AI-Powered Self-Filing Platform Tax2win's Self-ITR filing platform is built on a powerful AI engine that takes the complexity out of tax filing. It automatically selects the correct ITR form, calculates your tax liability, and recommends the most beneficial tax regime -- all in just a few clicks. Simply upload your Form 16, and our software instantly reads, extracts, and prefills your tax details -- no prior tax knowledge needed. Furthermore, you can also upload your Form 26AS, and the system will securely auto-fetch your income, deductions, TDS, advance tax, and other financial details directly from the Income Tax Department. The platform then generates your tax computation and guides you through filing in under 4 minutes -- even if it's your first time. When it comes to capital gains, Tax2win's DIY platform goes a step further. Just upload your broker statement -- whether from Zerodha, Groww, Upstox, Fisdom, or any other major broker (as listed) -- and our intelligent system will auto-read your Profit & Loss report, classify each transaction (equity, intraday, F & O, mutual funds, etc.), and compute short-term and long-term capital gains or losses with complete accuracy. Trained on extensive tax data, our machine learning models not only prefill your data but also flag missing or inconsistent entries, detect potential compliance issues, and ensure maximum accuracy. This helps minimise errors, reduce the risk of notices from the tax department, and save valuable time and effort. Prefer Expert Support? Go CA-Assisted For those who prefer expert support, Tax2win offers eCA Assisted Filing -- where an online Chartered Accountant(CA) handles everything from document review to accurate return filing. Whether you have received arrears or bonuses, or need help with tax-saving investments, the experts ensure timely and compliant filing. Tax2win also assists freelancers, consultants, and professionals with income declaration, business expense claims, and presumptive taxation. From capital gains, F & O trading, crypto income, and rental income to NRI or foreign income, the CAs cover it all -- including loss reporting and deduction planning to help you save more. Why You Should File Early * The earlier you file, the sooner you get your refund. No long wait times or processing delays. * Skip the deadline rush, server slowdowns, and the risk of errors under pressure. * Missed deadlines can lead to late fees, interest, or even legal action. Early filing keeps you safe. * Early filing gives you more time to choose the right tax regime and optimize deductions. * Be prepared for visa, loan, or higher education documentation A Word from the CEO "At Tax2win, we believe that tax filing should be simple, accessible, and stress-free. By launching DIY ITR filing early for FY 2024-25 (AY 2025-26), we're empowering taxpayers with more time, better tools, and greater control over their returns. Powered by an AI engine and intuitive interface, even first-time filers can complete their ITR quickly, accurately, and confidently on the Tax2win DIY portal -- and get their refunds faster." -- Abhishek Soni, CEO & Co-founder, Tax2win Start ITR Filing Today! Visit to file your ITR for FY 2024-25 and grab exclusive early-filing offers. For support, call +91-9116684439 or email: support@ (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
Business Upturn
5 days ago
- Business
- Business Upturn
Tax2win Self ITR Filing for FY 2024–25 is LIVE. File Taxes Early, Get Refund Sooner
By Business Wire India Published on June 24, 2025, 14:21 IST Jaipur, Rajasthan, India: a government-authorised ERI and one of India's leading online tax filing platforms, has launched its Self ITR Filing service for Financial Year 2024–25 (Assessment Year 2025–26), supporting both ITR-1 and ITR-4 forms. Powered by an advanced AI engine and a user-friendly interface, the platform enables taxpayers to file their income tax returns quickly and accurately, within minutes. While ITR filing usually picks up around May or June, this year's deadline has been extended to 15th September 2025 (instead of the usual 31st July). With its early launch, Tax2win helps you get ahead, avoid last-minute stress, and receive refunds sooner. All recent changes in ITR forms 1 & 4, announced by the Income Tax Department — including updates on LTCG, HRA, deductions, and income classifications — have already been integrated, ensuring 100% compliance from day one. File for Any Type of Income – We've Got You Covered! Salary or Pension Income – File with or without Form 16 – File with or without Form 16 House Property Income – Declare rental income, home loan interest, or joint ownership – Declare rental income, home loan interest, or joint ownership Business or Freelance Income – Ideal for self-employed professionals, consultants, and freelancers – Ideal for self-employed professionals, consultants, and freelancers Capital Gains – From shares, mutual funds, real estate, or F&O trading – From shares, mutual funds, real estate, or F&O trading Other Sources – FD interest, savings account interest, family pension, etc. – FD interest, savings account interest, family pension, etc. Crypto & Virtual Digital Assets (VDA) – Trade gains, airdrops, staking, and more – Trade gains, airdrops, staking, and more Lottery, Betting & Online Gaming Winnings – Report and file under correct tax provisions AI-Backed Simplicity: Do-It-Yourself or Get Expert Help Tax2win's Advanced AI-Powered Self-Filing Platform Tax2win's Self-ITR filing platform is built on a powerful AI engine that takes the complexity out of tax filing. It automatically selects the correct ITR form, calculates your tax liability, and recommends the most beneficial tax regime — all in just a few clicks. Simply upload your Form 16, and our software instantly reads, extracts, and prefills your tax details — no prior tax knowledge needed. Furthermore, you can also upload your Form 26AS, and the system will securely auto-fetch your income, deductions, TDS, advance tax, and other financial details directly from the Income Tax Department. The platform then generates your tax computation and guides you through filing in under 4 minutes — even if it's your first time. When it comes to capital gains, Tax2win's DIY platform goes a step further. Just upload your broker statement — whether from Zerodha, Groww, Upstox, Fisdom, or any other major broker (as listed) — and our intelligent system will auto-read your Profit & Loss report, classify each transaction (equity, intraday, F&O, mutual funds, etc.), and compute short-term and long-term capital gains or losses with complete accuracy. Trained on extensive tax data, our machine learning models not only prefill your data but also flag missing or inconsistent entries, detect potential compliance issues, and ensure maximum accuracy. This helps minimise errors, reduce the risk of notices from the tax department, and save valuable time and effort. Prefer Expert Support? Go CA-Assisted For those who prefer expert support, Tax2win offers eCA Assisted Filing — where an online Chartered Accountant(CA) handles everything from document review to accurate return filing. Whether you have received arrears or bonuses, or need help with tax-saving investments, the experts ensure timely and compliant filing. Tax2win also assists freelancers, consultants, and professionals with income declaration, business expense claims, and presumptive taxation. From capital gains, F&O trading, crypto income, and rental income to NRI or foreign income, the CAs cover it all — including loss reporting and deduction planning to help you save more. Why You Should File Early The earlier you file, the sooner you get your refund. No long wait times or processing delays. Skip the deadline rush, server slowdowns, and the risk of errors under pressure. Missed deadlines can lead to late fees, interest, or even legal action. Early filing keeps you safe. Early filing gives you more time to choose the right tax regime and optimize deductions. Be prepared for visa, loan, or higher education documentation A Word from the CEO 'At Tax2win, we believe that tax filing should be simple, accessible, and stress-free. By launching DIY ITR filing early for FY 2024–25 (AY 2025–26), we're empowering taxpayers with more time, better tools, and greater control over their returns. Powered by an AI engine and intuitive interface, even first-time filers can complete their ITR quickly, accurately, and confidently on the Tax2win DIY portal — and get their refunds faster.' — Abhishek Soni, CEO & Co-founder, Tax2win Start ITR Filing Today! Visit to file your ITR for FY 2024-25 and grab exclusive early-filing offers. For support, call +91-9116684439 or email: [email protected] Disclaimer: The above press release comes to you under an arrangement with Business Wire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash Business Wire India, established in 2002, India's premier media distribution company ensures guaranteed media coverage through its network of 30+ cities and top news agencies.
India Today
5 days ago
- Business
- India Today
How to file ITR for FY 2024-25: Step-by-step guide for salaried individuals
The Income Tax Department has launched an offline utility for filing ITR-1 (Sahaj) and ITR-4 (Sugam) in an Excel format for AY 2025-26 (FY 2024-25). The utility allows employees, pensioners, freelancers, and small business owners to prepare their returns offline or without internet access. It allows them to validate their returns and create a JSON file to upload to the e-filing CBDT has allowed several exceptions for the filing of ITRs for non-audit cases (read ITR-1 or ITR-4), which means that the normal filing deadline of July 31, 2025, has been extended to September 15, 2025, due to the change in the structure and the delays in the launch of the utility. It should be noted that even though the time to file the returns has been extended, the self-assessment tax must still be paid by July 31, 2025, as any tax not paid would incur a simple guide to help salaried individuals file their ITR correctly and on time, with key points to remember for a hassle-free experience. 1. SELECT THE RIGHT ITR FORMIt is vital to ensure you select the right ITR form. Most salaried individuals would be able to file their return using ITR-1 (Sahaj) only if their income is from salary, one house property, and other sources (like interest), and their total income is not more than Rs 50 If you have income from capital gains or foreign income or more than one household property, you will have to use ITR-2. If you file the return using the wrong form, it will invalidate your return, and you will have to file again.2. CHOOSE BETWEEN OLD AND NEW TAX REGIMESYou have to decide if you want to file your return using the old tax regime with exemptions and deductions or the new tax regime with reduced slab rates with fewer deductions. The old regime may be more tax-efficient if you are receiving a House Rent Allowance (HRA). Moreover, if you make investments in schemes like the PPF or NSC for the tax benefit, they will only be considered under the old regime. Inform your employer if you have chosen to opt for the old regime, as the new regime is selected by default.3. COLLECT AND CHECK YOUR DOCUMENTSYou need to collect documents such as Form 16, which is given by your employer and indicates your Salary and TDS (Tax Deducted at Source). Print your Form 26AS (which shows the details of all your tax credits) and see if the tax credits include TDS on your salary, interest income, and so on, and check and ensure they are reflected on your Form 16 from your employer, which shows your salary and TDS (Tax Deducted at Source). Also, check Form 26AS to verify all tax credits, including TDS on salary, interest income, and other sources. Ensuring these details match avoids discrepancies that can delay USE OF AN OFFLINE UTILITY OR USE OF ONLINE PORTALSThe Income Tax Department provides you with an offline utility (Excel-based) for filing ITR-1 and ITR-4 for FY 2024-25 to help you prepare your return offline and upload the JSON file at a later time. Alternatively, Tax2win and other online portals provide simple online one-step filing options for ITR-1 and ITR-4. For example, it also pre-fills data like Form 16 information and investment information, so you have a friendly user experience.5. MIND THE DEADLINE AND IMPLICATIONS OF LATE FILINGFor the present assessment year, the long-cherished deadline that has been established for "non-audit" cases (for example, a salaried person), is now mentioned as September 15, 2025, as far as the Income Tax Department is concerned. That said, if you make a self-assessment tax payment after 31 July 2025, you may incur interest penalties and fees based on the number of days returns are allowed to be filed with fees paid, and late refunds issued. If you have neglected to file for the preceding year(s), you have the option to file belated returns within the past two years using ITR-U (for individuals who have not filed their returns collected in use only).Filing your Income Tax Return correctly and on time is essential for financial discipline and legal compliance. By choosing the right form, selecting the appropriate tax regime, verifying your documents, using available tools, and respecting deadlines, salaried individuals can make the process smooth and hassle-free. Stay informed, plan your taxes wisely, and file with confidence this year.- Ends
