Over 5.9 crore Income Tax Returns (ITRs) were filed for Assessment Year 2026-27 by the July 31 deadline, according to the income tax department.
The Income Tax Department has released all income tax return (ITR) forms for the assessment year 2026-27, enabling individuals, businesses, and other entities to begin filing their returns for the financial year 2025-26.
The Income Tax department has enabled online filing for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2026-27, allowing small and medium taxpayers to file returns for income earned in the 2025-26 fiscal year.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
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Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
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.
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.
However, the department has not changed ITRs significantly, considering Covid-19 crisis.
With winter holidays approaching, some Indian travellers will venture abroad. Many will be underprepared for medical and other travel-related risks. Trip disruptions, missed connections, and steep medical costs in developed countries can leave travellers exposed if they underestimate the coverage they need.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
'Exiting during corrections tends to lock in losses. Patient investors have benefited from holding through similar drawdowns in past cycles.'
The Income Tax department on Friday said it has notified I-T return forms 2, 3 and 5 for filing tax returns for assessment year 2024-25. The ITR-1, which is filed by individuals having a total income of up to Rs 50 lakh, and ITR-6 for companies were notified earlier in December 2023, and January 2024, respectively.
The department notified ITR 1-Sahaj and ITR 4-Sugam in January against the usual practice of notifying returns in April, with disclosure requirements related to cash deposits, spending on foreign travel, and electricity. The notification of the returns followed Budget announcements making income-tax return filing mandatory for certain persons even if their income was below the taxable limit.
The forms for simplified income tax returns are anything but Saral, Sahaj and Sugam: for many readers these would have a familiar ring particularly in the month of July.
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The finance ministry has introduced simpler income tax return forms 'Sahaj' and 'Sugam' aimed at reducing compliance burden on salaried persons and small businessmen.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
Guide to the new income tax return, ITR, forms Sahaj and Sugam to help you identify which ITR form to pick for filing your tax return in 2011.
Those spending over Rs 2 lakh on foreign travel, incurring more than Rs 1 lakh electricity bills, or depositing over Rs 1 crore in current account will have to mandatorily file ITR even if their total income is below the taxable limit. The last date for filing has been extended to Nov 30 from Jul 31.
Usually, the Income Tax Department notifies the ITR forms in the first week of April of the relevant assessment year. However, in contrast to the old practice, it has notified two ITR forms ITR-1 and ITR-4 for the assessment year 2020-21 in the first week of January.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
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Sahaj and Sugam, introduced last year, did not help much due to the stringent specifications for printing these forms.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The new Income Tax return forms are much simpler in many respects.
Failure to disclose any income can lead to penalties and legal issues.
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The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Unless they have capital gains or assets abroad, most individuals will need to file ITR-1 or ITR-2A.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
