Filing Income Tax Returns for Assessment Year 2025-26: A Breakdown
Income Tax Submissions 2025: Who Are the Individuals Required to File Their Tax Returns by July 31st?
Who's in the Hot Seat?
Get ready, taxpayers! The Income Tax Department has rolled out the forms for filing returns for the upcoming Assessment Year 2025-26. Here's who needs to get cracking by July 31:
- Average Joes and Janes with a simple income structure
- Those taking advantage of lower tax rates or claiming various exemptions
- Salaried folk and pensioners
But remember, corporate-assessees, audited individuals, specific partners, spouses, and those required to furnish a report under section 92E are off the hook until October 31.
Seven Forms, Seven Functions: Choose Wisely
With seven forms at your disposal, it's essential to select the one that best suits your situation. Here's a rundown of each form and who should use them:
- ITR-1 (Sahaj): This form is for resident individuals with a maximum annual income of Rs 50 lakh. They should report income from salaries, a single property, interests, and agricultural income (up to Rs 5,000).
- ITR-4 (Sugam): Primarily used for the presumptive taxation scheme by individuals with business income. However, the exact criteria for ITR-4 weren't detailed in the search results. We recommend double-checking with the official Income Tax Department guidelines or consulting a tax advisor.
- ITR-2: This form covers individuals and HUFs with income from capital gains but no business or professional income.
- ITR-5: This form is for firms, LLPs, and cooperative societies.
- ITR-6: Designed for companies registered under the Companies Act.
- ITR-7: Trusts and charitable institutions file using this form.
Filing made Easy
Worried about the process? Don't be! Check out our step-by-step guide to filing ITR-1 (Sahaj) online, tailored for salaried individuals and pensioners. Remember, knowledge is power, and knowing the ins and outs of filing your tax return will guarantee a smooth experience!
[Embedded step-by-step guide here if available]
Stay Tuned!
For more detailed information on income tax, check out our selection of explainer articles, FAQs, business owner guides, news, and app recommendations. We've got you covered!
Sources:- [1] PF Desk. (2022, March 14). ITR-1 Form Sahaj simplified for salaried individuals, pensioners: How to file tax return online - Step-by-step guide. Retrieved from [URL for the article]- [2] PF Desk. (2022, March 14). ITR-1 Form Sahaj simplified for salaried individuals, pensioners: Who should file ITR-1 and its eligibility criteria. Retrieved from [URL for the article]- [3] PF Desk. (2022, March 14). Who can file ITR-1 (Sahaj) form for Assessment Year 2022-23 and its eligible income sources. Retrieved from [URL for the article]- [4] Livemint. (2022, June 29). Individual income tax return: Who needs to fileForm 1/ITR-1 for Assessment Year 2022-23 (AY 2023-24). Retrieved from [URL for the article]- [5] Income Tax India. (n.d.). Income Tax Return. Retrieved from [URL for the Income Tax website]
In the realm of finance and business, the Defi sector and the traditional market have become intertwined, offering innovative platforms for investors. For instance, salaried individuals and pensioners who are familiarizing themselves with the market might consider investing in DeFi to diversify their investment portfolio. Similarly, those venturing into business may find DeFi a promising avenue for finance beyond the traditional market structures.
