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Business Standard
2 days ago
- Business
- Business Standard
Why a Karnataka vegetable vendor got a ₹29 lakh GST notice for UPI sales
So what if you're not a registered GST taxpayer? The taxman might still be tracking you. Just ask the vegetable seller from Haveri, Karnataka, who received a GST notice demanding ₹29 lakh in taxes. The vendor, Shankargouda Hadimani, is not a registered GST taxpayer and has been running his small shop near the Municipal High School grounds for the past four years, Deccan Herald reported. Shankargouda mostly accepted payments through UPI and other digital wallets. According to the GST officials, his total digital transactions over four years added up to ₹1.63 crore, triggering a GST demand, the news report said. The notice from officials said, 'You have done transactions worth ₹1.63 crore in the last four years, for which, you have to pay GST of ₹29 lakh.' The tax notice has left Shankargouda in distress. He has now stopped accepting UPI payments altogether. Explaining his situation, he said, 'I procure vegetables from the farmers and sell the produce at the small shop I own near Municipal High School grounds. Nowadays, customers favour UPI payments. I promptly file I-T returns every year. I have records for the same. The GST officials have served a tax demand of ₹29 lakh. How can I pay such a huge amount?' Do vegetables attract GST? In India, fresh and unprocessed vegetables are exempt from GST, meaning they attract a 0 per cent tax rate. This exemption covers fresh, chilled, or unprocessed vegetables, whether sold by farmers or retailers. However, processed vegetables — such as those that are frozen, preserved, packaged, or labelled — may attract GST rates of 5 per cent or higher depending on the item and its preparation. For example, dried, pre-packaged, and labelled vegetables usually attract 5 per cent GST, while further processed products can face rates as high as 12 per cent. Small vendors in India must file an Income Tax Return (ITR) if their annual income exceeds the basic exemption limit of ₹2.5 lakh. Most small vendors, especially those with business income under ₹50 lakh and opting for the presumptive taxation scheme, should use ITR-4 (Sugam). Under this scheme, vendors can simply declare a fixed percentage of their turnover as profit, easing compliance. ITRs can be filed online through the Income Tax Department portal. For FY 24-25, the last date to file ITR is September 15, 2025, unless account audit is required.
Hindustan Times
24-06-2025
- 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).
India Today
03-06-2025
- Business
- India Today
ITR filing made easy: Here's a simple step-by-step guide to file income tax return
Filing your income tax return (ITR) might seem overwhelming at first, but with the right steps, it's actually quite straightforward—especially when done online. And here's a bit of relief for crores of taxpayers as the Income Tax Department has extended the last date to file ITR for AY 2025-26 from July 31 to September 15, 2025, for those not requiring an audit. That means you now have 45 extra days to file your return without facing any late make the process smoother, the tax department has released updated ITR utilities for ITR-1 (Sahaj) and ITR-4 (Sugam). These are user-friendly tools designed to help you fill in and submit your return online with THESE KEY DOCUMENTS FIRSTBefore starting your income tax return, ensure you have key documents in hand. These include Form 16 from your employer, Form 26AS, the Annual Information Statement (AIS) and Tax Information Statement (TIS) from the income tax portal, and your bank statements. Interest certificates from banks or post offices are also essential. Together, these help confirm your total income and taxes already THE RIGHT ITR FORMThe Income Tax Department has released seven ITR forms (ITR-1 to ITR-7) for FY 2024– individuals fall under ITR-1 to ITR-4, depending on how they earn, whether through salary, business, or other let's walk through the simple steps to file your ITR TO FILE ITR ONLINE: STEP-BY-STEPadvertisementTo file your ITR online, start by visiting the official income tax e-filing portal and logging in with your PAN and password. Once logged in, go to the 'e-File' tab and click on 'File Income Tax Return'. Choose the appropriate assessment year, AY 2025-26, for income earned in FY 2024-25, and select the 'Online' filing choose your filing status. Most taxpayers will select 'Individual'. Then, pick the correct ITR form based on your income type. You'll also need to mention the reason for filing your return, such as having taxable income above the exemption limit or meeting certain other and validate all the pre-filled information shown on the portal, including your personal details, bank information, and income everything looks correct, e-verify your return within 30 days. You can do this through Aadhaar OTP, Net Banking, EVC, or by posting a signed copy of ITR-V to the CPC in accurate and timely ITR filing not only keeps you tax-compliant but also helps in quicker refunds and smoother financial planning. Take advantage of the new deadline and updated portal to file Reel
India Today
20-05-2025
- Business
- India Today
ITR-1 Sahaj vs ITR-4 Sugam: Which ITR form should you use?
Filing your income tax return can be confusing, especially when it comes to choosing the right form. Two forms that often leave people puzzled are ITR-1, also known as Sahaj, and ITR-4, also known as Sugam. Both are for people earning up to Rs 50 lakh, but they are meant for different types of article will help you understand the difference between ITR-1 and ITR-4 clearly and help you decide which one suits you IS ITR-1 (SAHAJ)?'ITR-1 is designed for resident individuals whose total income does not exceed Rs 50 lakh. This form is suitable for those earning income from a salary or pension, income from one house property, and income from other sources such as interest,' stated CA Shefalii this form isn't allowed if the person has capital gains (other than certain long-term capital gains exempt under Section 112A), business or professional income, agricultural income over Rs 5,000, multiple house properties, or any foreign income or assets, pointed out CA (Dr) Suresh IS ITR-4 (SUGAM)?If you earn through freelancing, run a small business, or practice a profession like medicine, consultancy, or retail, ITR-4 might be for you. This form is designed for those opting for the presumptive taxation scheme, where income is declared at a fixed rate instead of maintaining detailed also known as Sugam, is applicable to taxpayers, Hindu Undivided Families (HUFs), and firms (other than LLPs) whose total income does not exceed Rs. 50 lakhs and who opt to declare income under the presumptive taxation scheme under sections 44AD, 44ADA, 44AE of the IT Act,' said CA ITR-4 is valid for those earning up to Rs 50 lakh from presumptive business or professional income, plus additional income from salary, pension, a single house property, and other sources, stated CA DO ITR-1 AND ITR-4 DIFFER?The main difference between the two forms lies in the type of income they cover. ITR-1 is for straightforward income from salary or pension, while ITR-4 is suitable if you're into small business or freelance work and are using the presumptive taxation scheme. If you have business or professional income, ITR-1 won't work for you—you'll need ITR-4 instead, as mentioned above. Credit: CA Shefalii Mundra NEW UPDATE: LTCG UNDER SECTION 112ABoth forms now allow reporting of long-term capital gains (LTCG) under Section 112A up to Rs 1.25 lakh. According to CA Mundra, this change benefits those who have LTCG from stocks or mutual funds but otherwise meet the Sahaj or Sugam criteria, making tax filing smoother without needing to shift to ITR-2 or choosing between ITR-1 and ITR-4 depends on how you earn your money. Picking the correct form helps avoid delays, errors, and notices from the tax department. So take a few minutes to understand your income sources and file smartly.
Time of India
30-04-2025
- Business
- Time of India
I-T Department notifies ITR forms 1, 4 for AY 2025-26
Live Events The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1. Earlier, such persons were required to file the notification, individuals, HUFs, firms having income up to Rs 50 lakh and those having earnings from business and profession in the 2024-25 fiscal (April-March) can start filing I-T returns for the income earned in the financial year. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium can be filed by a resident individual having annual income 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 can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs)) having total annual income up to Rs 50 lakh and income from business and is filed by individuals and HUFs not having income from profits and gains in business or profession."The Central Board of Direct Taxes (CBDT) has introduced significant changes to the Income Tax Return (ITR) forms for Assessment Year (AY) 2025-26, particularly benefiting salaried taxpayers with long-term capital gains (LTCG) from equity shares and mutual funds."With the latest amendments, individuals can now utilize the simpler ITR-1 (Sahaj) or ITR-4 (Sugam) forms if their LTCG under Section 112A does not exceed Rs 1.25 lakh and they have no capital losses to carry forward or set off," said Sandeep Sehgal, Partner-Tax, AKM Global, a tax and consulting further noted that "this change streamlines the tax filing process, making it more accessible and less burdensome for small investors and salaried individuals, thereby encouraging timely and accurate compliance".
