Income Tax Return Breaking: ITR Forms released for AY 25-26:

The Central Board of Direct Taxes (CBDT) has released Income Tax Return Forms (ITR Forms) for the Financial Year 2024-25 (Assessment Year 2025-26). The department has notified 2 forms, i.e., ITR-1 and ITR-4 on 29th April 2025. These 2 forms will come into force on 1st April 2025. Every taxpayer should submit his ITR on or before the due date. The applicability of ITR forms varies based on the taxpayer's source of income, the total amount of income earned, and the taxpayer's category (person, HUF, firm, etc.). ITR-1 (SAHAJ) can be filed by resident individuals having a total income upto Rs. 50 lakh and having income from Salaries, one house property and income from other sources. Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form-3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income upto Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individuals, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form-5. Due Date to Filinf ITR Last year, the due date for filing ITR for FY24 without late fees was July 31. Taxpayers could still file belated returns until December 31, but with a penalty. For the assessment year 2025-26, it's expected that the deadline will be similar, with the initial due date falling at the end of July 2025.