ITR FILING CHANGES
New ITR Utility: Is landlord’s PAN card needed for claiming HRA while filing income tax return?
Rent HRA: The income tax department has released new excel and online utilities for ITR-1 and ITR-4. However, in the new excel utilities taxpayers who want to claim rent HRA tax exemption need to give some additional details like place of work, saalry, etc. Question is do you need to give PAN of the landlord? Answer is yes, but when? Read to know more.
ITR filing for AY 2025-26: 7 prominent changes in ITR excel utilities for FY 2024-25, which taxpayers including salaried should know
The income tax department has introduced enhanced validation rules in the ITR filing utility for FY 2024-25 (AY 2025-26), primarily affecting salaried individuals and those claiming deductions under the old tax regime. Taxpayers must now provide detailed information for HRA, Section 80C, 80D, 80E, 80EE/80EEA, 80EEB, and 80DDB claims, aiming to curb false claims and expedite ITR processing.
Form 16 changes: Higher standard deduction for these taxpayers, and other changes in Form 16 for FY 2024-25 (AY 2025-26)
Form 16 TDS Certificates ITR filing: Due to the income tax changes made in the FY 2024-25 (AY 2025-26), Form 16 will show certain changes this year. It will primarily show the following three changes for certain taxpayers. Read on to know more about the changes and how they will impact ITR filing for salaried employees.
Fraud beneficiaries of Ladki Bahin Yojana beware: Maharashtra govt to cross-check income tax data; check who is eligible to get Rs 1,500 per month
The Maharashtra government can now access Income Tax Return data to identify fraudulent beneficiaries of the Ladki Bahin Yojana. This move, enabled by a central government notification, aims to tighten screening and ensure only eligible women from economically weaker backgrounds receive the financial assistance of Rs. 1500 or more per month.
Filing ITR for FY2024-25? Mistakes in HRA claims, capital gains tax calculation are among 7 errors to avoid
Taxpayers stand to benefit from a 45-day extension for filing returns due to significant ITR form changes in Budget 2024. However, errors can crop up despite online filing improvements, ranging from incorrect forms to misreporting income. Avoiding these mistakes, like neglecting AIS/Form 26AS reconciliation or HRA claim errors, is crucial to prevent penalties and ensure accurate tax computation.
Saturday bank holiday: Are banks open or closed today, May 31, 2025?
Confusion often arises regarding bank holidays, particularly concerning the fifth Saturday of a month. According to RBI guidelines, banks operate on the first, third, and fifth Saturdays unless a public holiday intervenes. Digital banking options like Net Banking and UPI provide continuous access to financial services, even during holidays.
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ITR filing 2025: Excel utilities for ITR 1 and 4 for FY 2024-25 (AY 2025-26) released by Income Tax dept; Check who can file
The Income Tax Department has released the Excel utility versions of ITR Forms 1 and 4 for AY 2025-26, enabling taxpayers to prepare for FY 2024-25 filings. A key change in ITR-1 now invalidates filings for certain TDS sections, directing taxpayers with income from sources like online games or crypto to use other appropriate forms.
EPFO 3.0 roll out, free Aadhaar update, Form 16 for ITR filing: 7 money changes in June 2025; check details here
June 2025 brings significant financial changes, including the EPFO 3.0 launch for simplified PF withdrawals and revised credit card policies from HDFC, Axis, and Kotak Mahindra Bank. Taxpayers should note the TDS certificate deadline, while individuals have until June 14 to update Aadhaar details for free.
ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26): Check the new date here
ITR filing 2025 deadline extended: The CBDT has extended the due date to file income tax return from July 31, 2025, to September 15, 2025, for FY 2024-25 (AY 2025-26). Read to know who will benefit from the new deadline and why the Income Tax Department extended the due date.
Taxpayers should avoid filing ITR before June 15: Here's why
ITR filing 2025: The tax department has recently notified the ITR forms for filing tax return for FY 2024-25 (AY 2025-26). However, certain reasons ask taxpayers to file their income tax return after June 15. Check the reasons and what can happen if you file ITR before June 15. The last date to file ITR for certain taxpayers is July 31, 2025, for FY 2024-25 (AY 2025-26).
ITR for UAE NRIs: Submit returns by July 31 to avoid penalties
Indian expatriates in the UAE must file their Income Tax Returns (ITR) for the financial year 2024-25 by July 31, 2025. Recent changes include increased capital gains tax rates, affecting investors in listed shares and securities. Filing is crucial for claiming refunds, avoiding penalties, and carrying forward losses.
Make the best of income tax gains: Revise your salary structure for better tax saving and simpler tax filing
This can be done by eliminating the deductible allowances, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA) under the old regime, and adding reimbursement components to reduce the documentation requirements for both the employer and employee.
CBDT notifies ITR-U: Know who can file updated return, penalty, last date to file
ITR-U Updated Return: The income tax department has notified the new ITR-U form. This tax form is used by taxpayers who are eligible to file an updated return. The new ITR-U form is notified as Budget 2025 amended the rules regarding filing an updated return. Check the new rules for filing an updated return using the new ITR-U form.
9 changes in ITR-1, ITR-2, ITR-3, ITR-4 you need to know for FY 2024-25 (AY 2025-26) income tax return filing
Income tax return forms 2025-26: The income tax department has notified the ITR forms for the FY 2024-25 (AY 2025-26). The utilities to file the tax return are yet to be released. However, this year, ITR forms come with the changes that were announced in the Budget 2024. Know the nine changes in ITR forms 2025-26 to ease the filing.
Updated LTCG and STCG capital gains tax table by income tax department: Check the tax rates for equities, foreign currency bonds and more
The Income Tax Department has updated capital gains tax rates, differentiating between long-term (LTCG) and short-term (STCG) gains across asset classes. Effective July 23, 2024, LTCG on certain securities will be taxed at 12.5%, and STCG at 20%. Taxpayers should note that standard deductions under sections like 80C and 80D are not applicable against capital gains.
ITR filing FY24-25: ITR-3 form notified by the CBDT: Know what this means for taxpayers; Who is eligible?
ITR Filing Forms FY24-25: The CBDT has released the ITR-3 form for individuals and HUFs with business or professional income for FY 2024-25. It includes a capital gains split schedule for calculations before and after July 23, 2024, and allows reporting of capital loss on share buybacks.
Got LTCG up to Rs 1.25 lakh? How ITR filing will be easier for you for FY 2024-25
Taxpayers filing ITR for FY 2024-25 by July 31, 2025, benefit from the updated ITR-1 form, which now includes reporting of long-term capital gains from equities up to Rs 1.25 lakh. This simplifies filing for those under the new tax regime. The form also introduces detailed deduction reporting, enhancing accuracy and potentially preventing future disputes with the tax department. Read below to know more.
ITR-2 for FY2024-2025 notified by Income Tax dept: There’s good news for Rs 50 lakh to Rs 1 crore income-earners, know other changes and more
The CBDT has notified the ITR-2 form for FY2024-25, effective from April 1, 2025, which will be applicable to the majority of taxpayers, especially salaried individuals, pensioners, and those with income from multiple properties or capital gains. Key changes include raising the asset and liability reporting limit to Rs 1 crore, requiring TDS section reporting, and splitting capital gains. Read on to know more about the changes made.
Saturday bank holiday today: Are banks open or closed today on May 3, 2025?
Bank Holiday Today: In India, bank branches follow a fixed weekly schedule where they remain closed on the second and fourth Saturdays of every month. This often leads to confusion among customers wondering whether banks are open on a particular Saturday.
ITR forms 1, 4 notified for FY 2024-25 (AY 2025-26): Now report these long-term capital gains in ITR-1; check other changes
Income tax ITR forms for FY 2024-25 notified: The Central Board of Direct Taxes (CBDT) has notified some income tax return forms. The notification has been issued for ITR-1 and ITR-4 forms. There is a major change in the ITR-1 form. Read on to know what has changed in this year's ITR forms.
I-T Department notifies ITR forms 1, 4 for AY 2025-26
With 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.
To prevent TDS on FD under new tax regime can senior citizens with income up to Rs 12 lakh file Form 15H?
TDS on FD: If the interest amount in a particular bank is over Rs 1 lakh then TDS is deducted by banks. But if a senior citizen files Form 15H with the bank then he can prevent this TDS deduction if the senior citizen's income is up to Rs 12 lakh under the new income tax regime. Read below to know more about Form 15H.
ITR forms yet to be notified by Income Tax Department: Will it lead to ITR filing deadline extension?
ITR filing deadline 2025: The income tax department has not yet notified the income tax return forms. As the one month is about to pass, will the late notification of the ITR forms lead to extension of the ITR filing deadline. Read on to know what experts say about this.
TDS on Rent: How to get a refund for excess TDS deducted from house rent payments? Here’s a step-by-step guide
TDS: If you are paying rent above Rs 50,000 then you need to deduct TDS at 2% rate from October 2024. But this rate of TDS was 5% earlier, hence in this confusion if you deducted a higher TDS then you have two options- either negotiate with your landlord or seek excess TDS refund from the income tax department through the TRACES portal. Read to know more.
New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQ
TCS on luxury goods: The Income Tax Department releases some frequently asked questions (FAQs) on which are the list of specified goods on which tax collected at source (TCS) needs to be paid by the buyer to the seller. Read below to know the full list of goods on which TCS will be levied from April 22, 2025.
What happens if you do not inform your tax regime choice to your employer for TDS on salary?
Income Tax Regime: It is essential to inform your employer of your preferred tax regime on time to ensure that less tax is deducted from your salary for the 2025-26 financial year. Read on to know what will happen if you do not inform your employer of the tax regime. Which income tax regime will be applicable to your salary income for TDS purposes?
Can I switch to the old income tax regime while filing ITR?
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New Tax Bill 2025: No Nil TDS certificate for all taxpayers including NRIs; What does it mean for Indians and NRIs?
New Income Tax Bill, 2025 has removed the concept of nil TDS certificate. This means now only a lower TDS certificate is possible, so non-residents including non-resident Indians and Indian taxpayers need to file an income tax return (ITR) claim this TDS so deducted. CA Ankit Jain says deduction of TDS can become a useful tool for the government in identifying cases where income is not being properly disclosed.
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