Latest news with #ITR-2
Mint
3 days ago
- Business
- Mint
Income Tax: File your ITR and pay tax on e-pay portal via THESE 31 banks. A step-by-step guide
As the last date to file income tax return (ITR) on Sept 15 looms closer, taxpayers can file their tax returns using ITR-1 or ITR-4. Notably, excel utilities of other income tax forms have yet not been released including the ones for ITR-2 and ITR-3. To be able to file their income tax return via any of the forms released so far, taxpayers can visit e-filing portal and follow the due process as listed below. I. As you log in to your account and click submit return, you need to first choose the assessment year i.e., 2025-26 for filing the return of FY 2024-25. II. Then the system will ask you to choose the category of taxpayer i.e., individual or HUF. III. In the next step, you will have to choose the tax form which you need to choose based on the category of source of income. For salaried employees, it is ITR-1 and for persons with business and profession, it is ITR-4. It is worth mentioning that you will have to wait for a few more days if your income bracket aligns with any other tax form i.e., ITR-2 or ITR-3. As of now, taxpayers can choose between these two tax forms only IV. As soon as click this, the system will tell that the new tax regime is the default regime. Therefore, it is advisable to compare the tax computation on tax calculator before proceeding. You can read this article to know more about this. If your tax liability is lower in the old tax regime then you are recommended to opt for it. And if your tax liability is higher in old tax regime, then you can obviously opt for the new tax regime. The system also cautions taxpayers by telling them that the list of significant exemptions and deductions which are not available under the new tax regime are HRA, LTA, deductions under section 80C, 80D, 80U, 80E, 80G, 80TTA, 80TTB and other chapter VIA deductions. V. Suppose you are a salaried employee and total income up to ₹ 50 lakh; you need to choose ITR-1 to file your tax return. Now, you need to validate your returns breakup, confirm your return summary and finally, you can verify your return and submit the return. VI. If your tax liability is more than the tax already paid, you can pay tax through any of the 31 banks available at e-pay tax service. Income tax department recently updated the list. Now the latest list of banks includes Axis Bank, Bandhan Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India and City Union of Bank, among others. Two new banks added to the list in 2025 are Tamilnad Mercantile Bank (w.e.f. March 5) and Yes Bank (June 27). For all personal finance updates, visit here
India Today
23-06-2025
- Business
- India Today
ITR filing deadline extended to September 15, 2025, check details
The income tax return (ITR) filing season for the assessment year 2025-26 has begun. However, many taxpayers are struggling. The ITR-1 and ITR-4 utilities have been made available by the Income Tax Department, but the key ITR-2 and ITR-3 offline utilities are still missing. So this gap is particularly alarming for individuals who will have other complicated sources of income that cannot be captured in simpler forms, such as those who have capital gains, multiple properties, or business last date for those taxpayers to file their ITR is September 15, 2025, and they are patiently waiting for the utilities to be released so they won't be late in ONE TO FILE: ITR-2 or ITR-3?Individuals and Hindu Undivided Families (HUFs) must select ITR-2 or ITR-3, depending on the sources of income. ITR-2 is for taxpayers with capital gains, more than one house, property, foreign assets or foreign income, or agricultural income above Rs 5,000. Those using ITR-2 also do not wish to claim business or professional income. It includes taxpayers with salary, capital gains, rent, lottery winnings, income from a foreign asset, etc. In contrast, if you are an individual or HUF with business or professional income, or is a partner in a partnership, you should use an ITR-3. ITR-3 encompasses all items of income in ITR-2, plus income derived from any business or professional short, if you have a complex income (such as capital gains or foreign income) but no business or professional income, use ITR-2. If you have business or professional income or are a partner in a firm, use ITR-3. If your income situation is less complicated, for example, only a salary, one house property, and you have a total income of below Rs 50 lakh, you may use ITR-1 or TO FILE YOUR ITR ONLINE: STEP-BY-STEPIf you want to file your Income Tax Return (ITR) for the financial year 2024-25 (Assessment Year 2025-26), follow the step-by-step guide below:Log in to the Income Tax PortalVisit the official Income Tax website at and log in using your user ID, which is your PAN to the 'e-File' SectionOnce logged in, click on the 'e-File' tab, then select 'Income Tax Returns' followed by 'File Income Tax Return'.Choose the Correct Assessment YearSince you are filing for FY 2024-25, select 'Assessment Year 2025-26'.Select Your Filing StatusChoose your filing category based on your situation—Individual, HUF (Hindu Undivided Family), or the Correct ITR FormPick the appropriate ITR form based on your sources of example, use ITR-1 if you have only a salary and one house property. Use ITR-2 if you have capital gains or foreign income, but no business income. Use ITR-3 if you have income from a business or the Reason for Filing ITRYou will be asked why you are filing your ITR. Common reasons include:Your total income exceeds the basic exemption are required to file under specific tax want to claim a refund or carry forward lossesVerify and Submit the DetailsMost of your personal information, such as PAN, Aadhaar, name, date of birth, and bank details will be pre-filled. Check everything in your income details, exemptions, deductions (under sections like 80C, 80D, etc.), and ensure that tax liability is correctly any tax is payable, make the payment online through the tax payment system.E-Verify Your ITRThe final and crucial step is to verify your return. It is mandatory to complete e-verification within 30 days of filing, or else your return will be treated as not can verify your ITR through the following methods:Aadhaar OTPE-Verification Code (EVC)Net bankingOr by sending a signed physical copy of ITR-V to the Central Processing Centre (CPC), BengaluruOnce verified, you will receive an acknowledgement from the Income Tax Department. Make sure to keep this for your offline utilities for ITR-2 and ITR-3 are not available at this time, but taxpayers can file via the online portal. Be sure to select the form, gather all the documents, and file the taxes ahead of the final deadline to avoid penalties.
Mint
23-06-2025
- Business
- Mint
Income Tax: What are ITR-2, ITR-3 and who should use them while filing their return?
Income Tax: Although taxpayers have a little less than three months before they can file their income tax return (ITR) prior to Sept 15, there are a few tax forms (ITR-2 and ITR-3) whose online utilities have yet not been enabled. The good news, however, is that income tax (I-T) department has already enabled the excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam). But if your income source demands that you file your return using ITR-2 or ITR-3 then you have no choice but to wait for a little longer. Lately, a number of taxpayers have urged the department to release their online utilities. Let us know more about these tax forms. The income tax return form number 2 (ITR-2) can be filed by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj). Taxpayers who do not have income from profits 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 and commission or remuneration, by whatever name called, due to, or received by them from a partnership firm. It can be filed by those who want the income of another person, such as a spouse or a minor child, to be clubbed with their income if the income to be clubbed falls in any of the above categories. ITR-2 cannot be filed by any individual or HUF, whose total income for the year includes income from profit and gains from business or profession, and also who has income in the nature of interest, salary, bonus and commission or remuneration, by whatever name called, due to, or received by him from a partnership firm. The income tax return form number 3 (ITR-3) is meant for individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of accounts. This category includes working professionals such as doctors, advocates and CAs, whose income is calculated based on actual profits. Sahaj refers to income tax return form number 1 (ITR-1). The excel utility of this form has already been enabled. This form is meant for resident individuals with a total income of up to ₹ 50 lakh. The sources of income include salary or pension, income from one house property (excluding cases where loss is brought forward), income from other sources (like interest from savings accounts, fixed deposits) and agricultural income (up to ₹ 5,000). It is noteworthy that tax payer is not eligible if someone is a company director and invested in unlisted equity shares during previous year, have income from business or profession, or resident having foreign assets or foreign income or more capital gains than permitted threshold with LTCG under section 112A more than ₹ 1.25 lakh or having carried forward/ brought forward losses. For all personal finance updates, visit here
Mint
20-06-2025
- Business
- Mint
Income Tax: Why are taxpayers urging department to release excel utilities of ITR-2 and ITR-3?
Barring ITR-1 and ITR-4, the income tax department has yet not released the excel utilities of other income tax forms. Although the last date to file income tax return is still three months away after it was deferred to Sept 15, taxpayers are still looking forward to the release of excel utilities of tax forms. Read here to know which income tax form you need to file while filing your income tax return ITR). Some taxpayers have expressed their discomfort on social media. One user Raisaar, for instance, wrote on X platform demanding the ITR-2 and ITR-3 to be enabled. In the same post, one Vishwa Sivan also urged the department to release the ITR-2's excel utility. Screenshot of a user's post on X Another user Sarath said that the tax department should first release form 2 before anything else such as telling taxpayers how to validate bank account. Screenshot of a user's post on X Another user Niteen Nihal Dwivedi also asked when will ITR2 and ITR2 start in reference to excel utilities. Screenshot of a user's post on X Meanwhile, it is vital to mention here that CBDT had notified income tax return filing forms (ITR-1 and ITR-4) via notification dated April 29, 2025. Those who are not aware, ITR-1 (also known as Sahaj) is meant for the individuals who are residents (other than not ordinarily resident) earning an income upto ₹ 50 lakh and having Income from Salaries, one house property, other sources, long-term capital gains under section 112A up to Rs. 1.25 lakh, and agricultural income up to Rs. 5000. ITR-4, also known as SUGAM, is essentially meant for the Individuals, HUFs and Firms (other than LLP) being a resident having total income upto ₹ fifty lakh and who have an income from business and profession computed under sections 44AD, 44ADA or 44AE, and having long-term capital gains as per provisions of section 112A upto ₹ 1.25 lakh. For all personal finance updates, visit here
Mint
16-06-2025
- Business
- Mint
ITR 2025: Salaried taxpayers must be aware of these 7 key points before filing their income tax return
ITR 2025: The income tax return (ITR) filing season is back and taxpayers are busy arranging documents for filing of their return. Here, we list out top 7 things that salaried taxpayers should be aware of as they go through the maze. These key points include the reasons which influence the choice of income tax regime, documents they need to procure, and tax return forms to submit. For instance, if a salaried taxpayer has accured capital gain income on account of stock market trading then s/he needs to file return via ITR-2 instead of ITR-1. Let is understand this in more detail here. 1. Choosing tax regime: Taxpayers can choose the tax regime based on their investment history and their income level. However, they are supposed to inform their employer if they want to opt for the old tax regime. Else by default, new tax regime will be selected. 2. Form 16: One document that salaried taxpayers must procure from their employer is form 16 which shows the payment of TDS on behalf of employees paid by the employer. 3. Cross referencing information via 26AS: Taxpayer can cross verify the TDS information given on form 16 with that on form 26AS. It is a statement that provides details of any amount deducted as TDS or TCS from various sources of income of a taxpayer including salary and interest on savings & FDs. 4. Investment Vs tax saving: Just because you are not entitled to claim deduction on account of investing in certain tax saving instruments, it does not mean that you should not invest in those instruments. There could still be a strong case for investing in financial instruments for the purpose of wealth creation with or without tax saving. These instruments could include PPF, SSY, KVP and NSC, among others. 5. HRA exemption: If you are entiled to claim significant exemption on account of HRA, you can file your tax return under the old tax regime. On the other hand, if you are not entiled to it, you – as a salaried taxpayer – may file your return under the new tax regime. 6. Investments in stocks: If salaried taxpayers are investing in stocks then they can file their income tax return (ITR) via ITR-2. 7. Income through house property: If a salaried taxpayer has income from one house property, they can file ITR-1 but if they have income from more than one house property, then they need to file ITR-2. For all personal finance updates, visit here
