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June 15, 2025

ITR 4 or Sugam

The current ITR-4 applies to individuals and HUFs, Partnership firms (other than LLPs), which are residents and whose total income includes: Total income not exceeding Rs. 50 lakh Business income according to the presumptive income scheme under section 44AD or 44AE Professional income according to presumptive income scheme under section 44ADA Income from salary or pension Income from one house property (excluding the amount of brought forward loss or loss to be carried forward) Income from other sources (excluding income from lottery and race-horses ) Long-term capital gains income u/s 112A up to Rs. 1.25 lakhs (having no brought-forward or carry-forward capital loss) Please note that any individual earning income from the above-mentioned sources as a freelancer can also opt for the presumptive taxation scheme if their gross receipts are not more than Rs. 50 lakhs. A presumptive income scheme under sections 44AD, 44AE, and 44ADA is when an individual or an entity opts to derive its income on a presumptive basis, i.e. when the income is presumed at a minimum rate based on a percentage of gross receipts / gross turnover or based on ownership of commercial vehicles. However, if the business turnover exceeds Rs 2 crore, the taxpayer will have to file ITR-3.

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June 15, 2025

ITR-2

ITR-2 is for the use of an individual or a Hindu Undivided Family (HUF) whose total income for the AY 2025-26 includes: Income from Salary/Pension Income from House Property Income from Other Sources (including Winnings from Lottery and Income from Horse Races) If you are an Individual Director in a company If you have had investments in unlisted equity shares at any time during the financial year Being a Resident-not-Ordinarily Resident (RNOR) and Non-Resident Income from Capital Gains Having any foreign income Agricultural income more than Rs 5,000 Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India If tax has been deducted under Section 194N If in case payment or deduction of tax has been deferred on ESOP If you have any brought forward loss or loss needs to be carried forward under any income head Further, in a case where the income of another person like one’s spouse, child etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. The total income can be more than Rs 50 Lakhs. Who Cannot Use ITR-2? This Return form should not be used by an individual whose total income for the AY 2025-26 includes Income from Business or Profession. For declaring these types of Income, you may have to use ITR-3 or ITR-4. Go through our comprehensive guide on ITR-2 to know how to fill out the ITR-2 form.

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June 14, 2025

ITR-1 OR SAHAJ

This Return Form is for a resident individual whose total income for the AY 2025-26 includes: Total income not exceeding Rs. 50 lakh Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from previous years); or Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Long-term capital gains income u/s 112A up to Rs. 1.25 lakhs (having no brought-forward or carry-forward capital loss) Agricultural income up to Rs 5,000. Who Cannot Use ITR-1 Form? Total income exceeding Rs 50 lakh Agricultural income exceeding Rs 5000 If you have taxable capital gains If you have income from business or profession Having income from more than one house property If you are a Director in a company If you have investments in unlisted equity shares at any time during the financial year Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India If you are a Resident-not-Ordinarily Resident (RNOR) and Non-Resident Having any foreign income If tax has been deducted under Section 194N If in case payment or deduction of tax has been deferred on ESOP If you have any brought forward loss or loss needs to be carried forward under any income head Still, do you have any doubts about ITR-1 in your mind? contact to Delhi GST & Tax Experts comprehensive guide on ITR-1 to get answers to all your questions.

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June 13, 2025

Benefits of Income Tax Return (ITR) Filing

Income Tax Return (ITR) filing is a form in which you declare your income details, taxes payable on other income, deductions & exemptions for a particular financial year. As per the tax laws, individuals with taxable income or income above the basic exemption limit have to mandatorily file an ITR every year before the due date. Under Section 234F of the IT Act, not filing ITR before the due date can attract a penalty of up to INR 5,000 and result in other severe consequences. Filing an ITR helps you to claim for tax deductions, thus reducing your tax outgo & growing your savings. But apart from this, there are additional income tax return filing benefits. Take a look- Benefits of ITR 1. Easy Loan Approval 2. Income Proof 3. Quick Visa Processing 4. Claim Tax Refund 5. Compensate for Losses 6. Presumptive Taxation Scheme 7. Avoid Penalties 8. Medical Insurance Key Takeaways: Now that you know what is the benefit of income tax return file, don't forget to file your tax returns on time Even if your annual income is below the basic exemption limit, you can still file ITR to experience a host of benefits Apart from knowing ITR benefits and filing tax returns, it is also crucial for taxpayers to make tax-saving investments AU Small Finance Bank offers access to various tax-saving investments such as AU 5-Year Tax Saving Fixed Deposit, Life Insurance & others, thus allowing customers to reduce their tax burdens and grow their savings

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June 12, 2025

E-file your income tax return (ITR) online through Delhi GST & Tax Experts quickly at lowest pric…

E-file your income tax return (ITR) online through Delhi GST & Tax Experts quickly at lowest price. Get support from income tax experts for ITR filing. Consequences of Not Filing by the Due Date Prosecution The income tax officer can initiate proceedings for prosecution if the person willfully fails to file a return even after issuing notices. The imprisonment can be for a term of three months to two years with a fine. If the tax you owe to the income tax department is higher, the prosecution period may extend to seven years. Penalty Further, the income tax officer may impose a penalty of up to 50% of the tax due in case of underreporting income. Apart from the penalty levied by the IT department, there are other consequences that a taxpayer may face for late filing of returns: Unable to set off losses Losses incurred (other than house property loss) are not allowed to be carried forward to subsequent years. You cannot set off these losses against future gains if the return has not been filed within the due date. However, if there are losses under house property, carrying forward losses is permitted. Interest in the delay of filing the return Apart from the penalty for late filing, interest will be charged under Section 234A at 1% per month or part thereof on tax due until the payment of taxes. The interest calculation under the said section will start from the date falling immediately after the due date, i.e. 31 July 2025 for FY 2024-25.

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June 11, 2025

Which ITR to File?

The following infographic will help you find out which type of income tax return is applicable to you for FY 2024-25. ITR-1 OR SAHAJ This Return Form is for a resident individual whose total income for the AY 2025-26 includes: Total income not exceeding Rs. 50 lakh Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from previous years); or Income from Other Sources (excluding Winning from Lottery and Income from Race Horses) Long-term capital gains income u/s 112A up to Rs. 1.25 lakhs (having no brought-forward or carry-forward capital loss) Agricultural income up to Rs 5,000. Who Cannot Use ITR-1 Form? Total income exceeding Rs 50 lakh Agricultural income exceeding Rs 5000 If you have taxable capital gains If you have income from business or profession Having income from more than one house property If you are a Director in a company If you have investments in unlisted equity shares at any time during the financial year Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India If you are a Resident-not-Ordinarily Resident (RNOR) and Non-Resident Having any foreign income If tax has been deducted under Section 194N If in case payment or deduction of tax has been deferred on ESOP If you have any brought forward loss or loss needs to be carried forward under any income head

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June 11, 2025

Which ITR Should I File? Types of ITR Forms for FY 2024-25 (AY 2025-26)

ITR stands for Income Tax Return. The Central Board of Direct Taxes (CBDT) releases all the ITR forms and specifies the procedures to be followed. Taxpayers have to opt for the appropriate ITR based on their income and source of income. This article provides an in-depth understanding of the definition of ITR and the types of ITR forms. Read this article to know which ITR form is most suitable for you. Latest Update The Central Board of Direct Taxes has enabled e-filing of Forms ITR-1 (SAHAJ) and ITR-4 (SUGAM) thus starting the tax filing season for AY 2025-26. The incomes earned between April 1, 2024 and March 31, 2025 will be reported using these forms. What is ITR? Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department. The department has notified 7 forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned, and the category of the taxpayer like individuals, HUF, company, etc. Which ITR to File? The following infographic will help you find out which type of income tax return is appl

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June 11, 2025

This is to inform you that the due date for Advance Income Tax for the FIRST Quarter of FY 2025-2…

This is to inform you that the due date for Advance Income Tax for the FIRST Quarter of FY 2025-26 (AY 2026-27), in case of CORPORATE & EVEN NON- CORPORATE ASSESSEES, is 15th June 2025 (Sun), which is 10 days from now. Kindly deposit the same accordingly in order to avoid payment of interest on late deposit. 1. Advance Income Tax Provisions come in place in case your total estimated tax- liability NET OF TDS is expected to exceed Rs.10,000/- for the year. But no advance tax liability for resident senior citizens (of the age of 60 years or above at any time during the relevant financial year), in case there's no income under the head "Profit & Gains from Business or Profession". 2. Amount to be deposited NOW should cover 15% of your Annual Tax Liability (after TDS), as per the following table : Due Date of Installment Amount Payable On or before 15th June 15% of Advance Tax On or before 15th September 45% of Advance Tax On or before 15th December 75% of Advance Tax On or before 15th March 100% of Advance Tax 3. Also, MAT rate for AY 2026-27 is 15% (In case you've not opted to new regime till now). 4. Presumptive Taxation: In respect of assessees whose businesses are eligible for calculating net profit @8% on gross receipts/ turnover (provided total turnover doesn't exceed Rs.2.0* Crores) u/s 44AD of the Income Tax Act, they are required to pay 100% of the tax due on such income, on or before 15th March 2026.

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