ITR-1, ITR-2, ITR-3 or ITR-4: Which form applies to your income for ITR filing FY 2024-25 (AY 2025-26)?

ITR-1, ITR-2, ITR-3: The Income Tax Department has released software utilities for ITR-1, ITR-2, ITR-3 and ITR-4, enabling income tax return filing for FY 2024-25 (AY 2025-26). This year, the ITR forms underwent various changes due to amendments made to the Income Tax Act in FY 2024-25. Check which ITR form applies to your income.

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ITR-2 and ITR-3 excel utility released by Income Tax Department; Taxpayers with capital gains, crypto, other incomes can now file ITR

The Income Tax Department has released excel utilities for ITR-2 and ITR-3, enabling taxpayers with capital gains and crypto income to file returns for FY 2024-25 (AY 2025-26). Key updates include a capital gain split, share buyback loss allowance, and a raised asset/liability reporting limit to ₹1 crore.

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Income Tax: Changing these details on e-Filing website? Here's are the ways you can e-verify it

The Income-Tax Department emphasizes updating contact details on the e-Filing portal. This ensures secure communication. A new e-verification step is now mandatory. Taxpayers can use Aadhaar OTP or other methods. The process involves logging in, editing contact details, and e-verifying. Confirmation messages will be sent upon successful update. Keep the Transaction ID for future use.

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Can your HRA tax exemption claim get rejected despite submitting all proofs?

Salaried individuals claiming HRA tax exemption should ensure accuracy and compliance, as discrepancies can lead to rejection. Tax officers may dispute claims if rent receipts are deemed fake, landlord's PAN is missing, or transactions lack verifiable proof. Maintaining thorough documentation, including rent agreements and bank statements, is crucial to substantiate the genuineness of HRA claims and avoid potential scrutiny. Read more.

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NRIs' filing ITR in India should know these four income tax-related changes

NRI ITR filing changes: This year, income tax return filing will see changes due to the Income Tax Act amendments made via Budget 2024. Here are four changes that an NRI should know to ensure they are able to file their tax return properly.

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Sold equities and want to pay less capital gains tax by using Securities Transaction Tax (STT)? Find out if you are eligible to do so

Intraday stock traders can lower their capital gains tax by adding Securities Transaction Tax (STT) in their acquisition cost, unlike regular investors. This reduces net capital gains. But equity investors taking delivery of securites can't add STT to their cost of acquisition and doing so can trigger income tax notices. Read below to know more about capital gains tax on equities.

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Made a political donation? Income Tax Dept launches Tax Assist to help you respond to an income tax notice

The Income Tax Department is scrutinizing deductions claimed under Section 80GGC for political donations, prompting notices to taxpayers. A new portal facility assists in responding to these notices, emphasizing the need for valid donation receipts. Taxpayers can withdraw incorrect claims by filing an updated return, but ignoring notices may result in penalties.

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NPS tax benefits will be available under UPS: Central govt employees under UPS will get these income tax benefits

UPS tax benefits: The Finance Ministry has also extended the NPS tax benefits to UPS. Many central government employees were hesitant to switch to UPS because the tax benefit details of UPS were not clear. The press release issued by the government provides much-needed relief to the central government employees.

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ITR scrutiny notice: Income Tax Department looks at these parameters while selecting ITRs for scrutiny

The Income Tax Department provides guidelines for Income Tax Return (ITR) scrutiny. These guidelines ensure transparency in sending income tax scrutiny notices. The Central Board of Direct Taxes issues circulars outlining criteria for mandatory selection of ITRs. The latest circular was issued for Financial Year 2025-26. Taxpayers should note the latest ITR scrutiny guidelines.

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Will LTCG exemption on equity, equity mutual funds be Rs 1 lakh or Rs 1.25 lakh while filing ITR for FY 2024-25 (AY 2025-26)?

LTCG Equity Exemption for ITR Filing: The capital gains rules were amended effective July 23, 2024. The new capital rules have created confusion among those who sold listed equity and equity mutual funds throughout the year, especially because the LTCG equity exemption limit was hiked to Rs 1.25 lakh from Rs 1 lakh earlier.

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ITR filing for salaried employees is easier with these sources of income: Here's how

By now, most salaried individuals would have received their Form 16-a crucial document that summarizes salary earned, deductions claimed, and TDS deducted during the financial year. For salaried taxpayers, this remains the most essential document for accurate filing of their ITRs.

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Cost Inflation Index (CII) for FY 2025-26 (AY 2026-27) notified by Income Tax Department: Know its applicability for LTCG tax calculation

The Income Tax Department has announced the Cost Inflation Index for fiscal year 2025-26. This index helps calculate long-term capital gains on asset sales.

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Don’t forget to claim these five deductions for reducing your income tax liability for AY 2025-26 under old tax regime

The deadline for submitting ITR for FY 2024-25 is September 15, 2025 and this means eligible taxpayers should claim eligible certain tax deductions under the old tax regime. Some common tax deductions are available under sections 80D, 80C, 80TTA, 80TTB. These include health insurance premiums, EPF, PPF, ELSS, and savings account interest. Read below to know more.

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