The CBDT had at the end of May last month extended the last date for filing income tax returns in ITR-1 and ITR-4 from July 31 to September 15.
The Income Tax Department has provided Excel facility for ITR-1 and ITR-4 for Assessment Year 2025-26, so that taxpayers can file their income tax returns. The Income Tax Department had shared information related to this on its social media platform. With the availability of these facilities, taxpayers can start filing their Income Tax Return (ITR) for the income generated in 2024-25. Let us tell you that ITR filing has started from May 30 for the financial year 2024-25 and assessment year 2025-26.
Which taxpayers have to file ITR-1 and ITR-4
At the end of May last month, the CBDT had extended the last date for filing income tax returns in ITR-1 and ITR-4 from July 31 to September 15. ITR-1 and ITR-4 forms are filled by individuals, HUFs and entities whose annual income is up to Rs 50 lakh and who do not have to get their accounts audited. Individuals who have long term capital gains of up to Rs 1.25 lakh from listed shares can show this income in ITR-1 and ITR-4. Earlier, they had to also fill ITR-2 form.
The ITR-U form was notified by the IT department
Let us tell you that the Income Tax Department has recently notified the ITR-U form allowing taxpayers to file updated returns for four years from the end of the assessment year. The Finance Act, 2025 had extended the deadline for filing updated returns (ITR-U) form from 24 months to 48 months from the end of the relevant assessment year. This change has been made keeping in mind the same provision.
How much extra tax has to be paid for ITR-U form
According to the notification of the Income Tax Department, 25 percent and 50 percent extra tax will have to be paid for ITR-U form filed within 12 months and 24 months from the end of the respective assessment year, respectively. At the same time, for ITR-U filed within 36 months and 48 months, the taxpayer will have to pay 60 percent and 70 percent extra tax respectively. In the last three years, about 90 lakh such returns have been filed. In this way, additional revenue of Rs 8500 crore was collected from taxpayers.
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