ITR Filing 2025: It is important for the taxpayer to choose the right form for himself. There are different forms for different types of taxpayers. Forms 1 and 4 are for small and medium taxpayers. The Income Tax Department notified these forms on April 29.
ITR Filing 2025: The deadline for filing Income Tax Return (ITR) is coming closer. Every year 31st July is the last date for filing Income Tax Return. The Income Tax Department has notified all the ITR forms. Major changes have been made in some ITR forms. It will be easier for taxpayers to know about these changes in advance. Let us know what things you have to keep in mind while filing returns.
Choose the right form for yourself
First of all, it is important for the taxpayer to choose the right form for himself. There are different forms for different types of taxpayers. Forms 1 and 4 are for small and medium taxpayers. The Income Tax Department notified these forms on April 29. ITR Form 7 is for trusts and charitable institutions. The department notified them on May 11. If taxpayers are facing difficulty in choosing the right form for themselves, then they can seek advice from a tax expert.
Changes have been made in some forms
This time the Income Tax Department has made a big change in ITR 1 and ITR 4 in the matter of reporting capital gains. Now salaried individuals and taxpayers who come under the presumptive taxation scheme and whose long term capital gains are up to Rs 1.25 lakh will be able to use ITR 1 and ITR 4 respectively. Earlier such taxpayers had to use ITR 2.
Check which regime is beneficial between the new and the old
The Income Tax Department has given the individual taxpayers the option to use either the new or the old regime. Therefore, before filing ITR, you need to check which regime will be beneficial for you. Employers already ask the employed people which regime they will use. However, they can change their regime at the time of return filing. This means that if a working person has previously told his employer that he will use the old regime. But later he finds out that the new regime is beneficial for him, then he can change the regime at the time of ITR filing.
Be sure to tell about every income, big or small
While filing returns, it is important for taxpayers to disclose every small and big income. Many taxpayers think that it is not necessary to disclose the interest received from savings account in the bank because the amount is not big. But experts say that it is important to disclose the interest you receive on the money deposited in the savings account in the income tax return. If you do not do this, you may face problems later.
Most Read Articles:
- Old ITR file download: Why is old ITR needed, what is complete process to download it; Know the complete details
- Passport New Service: India started biometric e-passport service, know how to apply for e-passport
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
