The government of India has made some changes to income tax forms that people need to fill out while filing their income tax returns. The new forms (ITR-1, 2, 3, 4, 5, 6 and 7) will be used for the assessment year 2025-26.
The IT department has not enabled the offline utility for MAC and Windows platforms. The assessee can’t e-file ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7 for the AY 2025-26. Let’s have a deeper look at the Income Tax Return ITR Form.
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ITR 1 Form is filed by taxpayers and individuals who are residents with a total Income of up to INR 50 lakhs when the Income is from Salaries, One House Property, Other Sources (Interest, dividend, etc.), and Agricultural Income up to INR 5 thousand.
ITR 1 SAHAJ Form is not for Non-ordinary residents, or for an individual who is either a Director in a company or has made an investment in Unlisted Equity Shares.
The ITR-2 is filed by individuals or HUF who are earning income other than income from “Profits and Gains from Business or Profession and Individuals who are not eligible to file the ITR-1 Form”.
The ITR-3 Form can be filed by those Individuals and Hindu Undivided Families having income from Proprietary business or from carrying out his/her profession and who are not eligible to file ITR 1, ITR 2 or ITR 4.
ITR 4 Sugam Form is for taxpayers who have opted for the presumptive income scheme under Section 44AD, Section 44ADA, and Section 44AE of the Income Tax Act.
Note: If the turnover of the business is more than Rs 2 crores, then the taxpayer will have to file ITR-3.
ITR 5 Form is meant for firms, LLP, AOP (Association of persons) and BOI (Body of Individuals), Artificial Juridical Person (AJP), co-operative society, Estate of deceased, Estate of insolvent, Business trust and investment fund, subject to some conditions.
ITR 6 is a tax return form for all companies that are not claiming the exemption u/s 11 (Income from property held for charitable or religious purposes). The 31st of October is the due date for filing the ITR 6 for AY 2025-26.
ITR 7 Form is meant for all Charitable /Religious trusts u/s 139 (4A), Political party u/s 139 (4B), Scientific research institutions u/s 139 (4C), University or Colleges or Institutions or Khadi and Village industries u/s 139 (4D) that require the exemptions. There are different sections divided into categories, namely:
- Under Section 139 (4A)- if they earn from a charitable /religious trust
- Under Section 139 (4B)- if they earn from a political party
- Under Section 139 (4C)- if they earn from scientific research institutions
- Under Section 139 (4D)- if they earn from universities or colleges or institutions or khadi and village industries
Sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(via), 10A, 10AA, 12A(1)(b), 44AB, 44DA, 50B, 80-IA, 80-IB, 80-IC, 80-ID, 80JJAA, 80LA, 92E, 115JB or 115VW mandates the electronic filing on or before the date of filing the return of income.
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The software is meticulously designed, well considering all the government rules and regulations, in such a way that there is no room left for errors and the returns can be uploaded directly to the government income tax online portal.
