ITR Filing 2025: The Central Board of Direct Taxes (CBDT) has released all Income Tax Return (ITR) forms for Assessment Year 2025–26. While the overall format remains largely unchanged, the forms incorporate important updates reflecting amendments from the Finance Act.
Overview of ITR Forms
ITR-1 (Sahaj): For resident individuals earning up to ₹50 lakh from salary, one house property, and interest income. Now includes LTCG reporting up to ₹1.25 lakh under Section 112A.
ITR-2: For individuals and HUFs with capital gains income, but no business income. Introduces:
Separate LTCG disclosure pre/post July 23, 2024.
Distinct reporting for unlisted bonds.
Disclosure of buyback proceeds (post-Oct 1, 2024).
Asset/liability reporting now mandatory for income above ₹1 crore (up from ₹50 lakh).
ITR-3: For income from business or profession. New additions:
Mandatory tax regime selection (old/new) with Form 10-IE/10-IEA.
Expanded business income, foreign asset, and transaction reporting.
High-value transaction disclosures (e.g., ₹1 crore+ cash deposits, ₹2 lakh+ foreign travel).
ITR-4 (Sugam): For presumptive taxpayers with income up to ₹50 lakh. Also allows LTCG reporting under Section 112A up to ₹1.25 lakh.
ITR-5: For firms, LLPs, and AOPs. Functions as the physical verification form for those not e-verifying online.
ITR-6: For companies under the Companies Act. Requires:
Split reporting of capital gains based on July 23, 2024.
Buyback loss claims (with declared dividend income).
New disclosures under Sections 44BBC (cruise income) and diamond trade (minimum 4% profit).
Detailed Schedule BP and TDS code entries.
ITR-7: For entities claiming exemption (charities, political parties, research bodies), notified on May 9, 2025.
ITR Filing 2025 Deadline
The deadline for most individual taxpayers not requiring audit remains July 31, 2025. Given the detailed changes, early preparation is advised to avoid last-minute issues.
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