Latest news with #LimitedLiabilityPartnership
Mint
6 days ago
- Business
- Mint
ITR-1 to ITR-5: Find out which income tax form you would need as you file your return
As the income tax return (ITR) filing season is back, taxpayers are busy arranging their documents to be able to file their return on time i.e., before Sept 15, 2025. Among other things, taxpayers are meant to use the correct income tax return filing form and file their return accordingly. Here, we give a lowdown on the key income tax forms and which taxpayers must use as they file their tax returns. ITR1 (Sahaj): This income tax form is primarily used by the taxpayers whose income is lower than ₹ 50 lakh during the financial year and income comes mainly from salary, one house property, family pension income, agricultural income, long term capital gain and other sources, including savings accounts, interest from deposits, interest from income tax refund, any other interest income. But one should make sure that it is not filed by an individual whose total income exceeds ₹ 50 lakh, is a director in a company, is an NRI or has income from more than one house property. ITR 2: Now if you are not eligible to file ITR-1, you can file your return using ITR-2 if you 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 or commission or remuneration received from a partnership firm. But make sure you do not file ITR-2 if your income includes income from profit and gains from business or profession and has income in form of interest, salary, bonus or commission. ITR 3: This tax return form is meant to be used by taxpayers or HUF who has income under the head ― profits or gains of business or profession and who is not eligible to file Form ITR-1 (Sahaj), ITR-2 or ITR-4 (Sugam). In other words, all freelancers, self-employed persons can file tax returns under ITR-3. ITR 4 (Sugam): This tax return form is meant to be filed by someone whose income does not exceed ₹ 50 lakh during the FY. The main income from business and profession is computed on a presumptive basis under sections 44AD, 44ADA or 44AE and long-term capital gain under section 112A not exceeding Rs.1.25 lakhs. But make sure you do not filed return with ITR-4 if you are a resident but not ordinarily resident or non-resident Indian, has income exceeding ₹ 50 lakh, short term capital gains, long term capital gains under section 112A exceeding ₹ 1.25 lakh, has agricultural income in excess of ₹ 5,000 or has income from more than one house property or is a director in a company. ITR 5: This tax return filing form is to be filed by firm and Limited Liability Partnership (LLP), Association of Persons (AOP) and Body of Individuals (BOI) (which also include trusts like private trust/ private discretionary trust / gratuity trust / PF Trust which are not eligible to file Form ITR-7), Artificial juridical person referred to in section 2(31)(vii), Local Authority and societies. For all personal finance updates, visit here
Mint
18-07-2025
- Business
- Mint
Income Tax: ITR-2 enabled for filing return through online mode
The income tax (I-T) department has now enabled ITR-2 for filing returns through online mode with pre-filled data at the e-filing portal. ITR-2 is meant for the individuals who want to file their Income Tax returns (ITR) of income from sources such as salary, pension, capital gains, and other sources. Meanwhile, taxpayers who earn from business or profession are supposed to use ITR-3. 'In online mode, most details are auto filled, it is more user friendly. When someone opts for the excel utility, one can simply download it and fill at their leisure. Excel has been around for a longer period and the department has continued it whereas the online version is more user-friendly,' says CA Chirag Chauhan, a Mumbai-based chartered accountant. On July 11, income tax department released the excel utilities of ITR-2 and ITR-3 for AY 2025-26. Prior to that, excel utilities of only ITR-1 and ITR-4 were released. When taxpayers file their tax return through excel utility, they must generate a JSON file and upload it to the portal whereas the online utility is considered more user-friendly and convenient by taxpayers. ITR-1: It is meant for resident individuals with a total income of up to ₹ 50 lakh. ITR-2: It can be used by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj). ITR-3: This is meant for individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of accounts. ITR-4: It can be filed by a Resident Individual/ HUF/ Firm (other than LLP) who has income not exceeding ₹ 50 lakh during the FY, income from business and profession computed on a presumptive basis u/s 44AD, 44ADA or 44AE, income from salary/pension, one house property, agricultural income (up to ₹ 5,000) and other sources. ITR-5: This income tax form can be used to file ITR by a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), and Artificial Juridical Person (AJP). For all personal finance updates, visit here
India Today
04-06-2025
- Business
- India Today
ITR-1, ITR-4 filing begins for AY 2025–26: Are you eligible?
The Income Tax Department of India has announced that taxpayers can now file their returns online using ITR-1 and ITR-4 forms for the assessment year 2025-26 through the e-filing portal. This means you can log in to the income tax e-filing portal and submit your return directly with key details already filled in for you. advertisementThis move follows the department's release of the Excel versions of these forms last week. Moreover, the deadline for filing these returns has been extended to September 15, 2025, providing taxpayers more time to adjust to the latest changes in the forms and portal upgrades. This extension eases the pressure during the peak filing season, which typically culminates at the end of you're planning to file your return, it's important to know which form suits your income type and CAN FILE ITR-1? ITR-1, also known as the Sahaj form, is designed for Indian resident individuals whose total income does not exceed Rs 50 lakh in the financial year. This form covers income from salary, one house property, family pension income, and agricultural income up to Rs 5, also includes interest income from savings accounts, deposits, income tax refunds, and enhanced should not use ITR-1?However, if you earn from a business, have capital gains, own more than one house, or receive income from activities like lottery winnings or horse racing, then ITR-1 isn't for you. It also can't be used if your income is taxed at special rates under sections like 115BBDA or CAN FILE ITR-4?For those who qualify, ITR-4 can be filed by Resident Individuals, Hindu Undivided Families (HUFs), or firms, excluding Limited Liability Partnership (LLPs), with income not exceeding Rs 50 form is ideal if your income comes from business or professional activity under presumptive taxation schemes such as 44AD, 44ADA, or 44AE. You can also report salary, pension, interest income, family pension, or agricultural income up to Rs 5,000 cannot file ITR-4?But not everyone can use ITR-4. If you are an NRI, a resident but not ordinarily resident, a director in a company, or have income from more than one property, you'll need to use a different also ineligible if you've held unlisted shares, deferred tax on ESOPs from a startup, or earned income from sources like lotteries or horse taxpayers prepare to file their returns, it is crucial to choose the appropriate form to ensure compliance with the tax regulations. The use of prefilled forms and utilities is expected to simplify the process, reducing the likelihood of Reel
Mint
30-05-2025
- Business
- Mint
Attention taxpayers! Excel Utility for ITR-1 and ITR-4 enabled — check details here
The Income-Tax (I-T) Department has on May 30 made available for taxpayers the facility of Excel Utility for ITR-1 and ITR-4 for AY2025-26. In a post on social media platform X, the I-T Dept said, 'Attention taxpayers! The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers.' As on date, the I-T Dept notified income tax return (ITR) forms 1, 2, 3, 4 and 5. These forms are meant to be used for filing income tax returns (ITR) for FY 2024-25 / AY 2025-26. On April 29, the department notified ITR-1 (sahaj) and ITR-4 (sugam). This was followed by notifying the ITR form 3 on April 30. Later, ITR forms 5 and 2 were notified on May 1 and May 3, respectively. ITR-1: This form is meant for resident individuals with a total income of up to ₹ 50 lakh. 50 lakh. ITR-2: ITR-2 can be filed by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj). ITR-3: The ITR-3 form is meant for individuals and HUFs engaged in business or profession requiring the maintenance of elaborate books of accounts. ITR-4: ITR-4 can be filed by a Resident Individual/ HUF/ Firm (other than LLP) who has income not exceeding ₹ 50 lakh during the FY, income from business and profession computed on a presumptive basis u/s 44AD, 44ADA or 44AE, income from salary/pension, one house property, agricultural income (up to ₹ 5,000) and other sources. 50 lakh during the FY, income from business and profession computed on a presumptive basis u/s 44AD, 44ADA or 44AE, income from salary/pension, one house property, agricultural income (up to 5,000) and other sources. ITR-5: This income tax form can be used to file ITR by a firm, Limited Liability Partnership (LLP), Association of Persons (AOP), Body of Individuals (BOI), and Artificial Juridical Person (AJP). The I-T Dept on May 27 said it has extended the ITR filing due date for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. The decision was made after a delay in issuing the notification of ITR forms. In a statement, the Central Board of Direct Taxes (CBDT) said that in view of the extensive changes introduced in the notified ITRs, and considering the time required for system readiness and rollout of ITR utilities for AY 2025-26, the due date for filing returns has been extended.
&w=3840&q=100)
Business Standard
12-05-2025
- Business
- Business Standard
Income Tax dept notifies all 7 ITR forms for assessment year 2025-26
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11. One important change has been introduced in ITR-1 and 4, which was notified on April 29, relating to the reporting of capital gain income from listed equities. Now, salaried individuals and those under the presumptive taxation scheme, having long-term capital gains (LTCG) of up to Rs 1.25 lakh in a financial year, will be able to file ITR-1 and ITR-4, respectively. Earlier, such persons/entities were required to file ITR-2. Under the I-T law, LTCG of up to Rs 1.25 lakh from sale of listed shares and mutual funds is exempt from tax. Gains exceeding Rs 1.25 lakh/ annum are subject to 12.5 per cent tax. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. One change which has been introduced in ITR forms 2, 3, 5, 6 and 7 pertains to rationalisation of capital gains tax. In Schedule Capital Gains of the ITR, capital gains must now be split based on whether they arose before or after July 23, 2024. In the Budget presented on July 24, 2024, the government had proposed to lower long-term capital gains tax on real estate to 12.5 per cent without indexation benefit, from 20 per cent with indexation. Indexation benefit allows taxpayers to arrive at the cost price of the property after adjusting for inflation. With this, individuals or HUFs who purchased houses before July 23, 2024, can opt to pay Long Term Capital Gain (LTCG) tax under the new scheme at the rate of 12.5 per cent without indexation or claim the indexation benefit and pay 20 per cent tax. Also, in ITR-3, which is filed by individuals and HUFs having income from profits and gains of business or profession, the threshold for reporting assets and liabilities under 'Schedule AL' has been raised from Rs 50 lakh to Rs 1 crore, thus reducing the disclosure burden on middle-income taxpayers. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income of up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having a total annual income of up to Rs 50 lakh and income from business and profession. ITR-2 is filed by individuals and HUFs not having income from profits and gains in business or profession, but having income from capital gains. ITR-5 is filed by firms and Limited Liability Partnership and Cooperative Societies. ITR-6 is filed by companies registered under the Companies Act. ITR-7 is filed by trusts and charitable institutions. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
