Income Tax return filing for FY 2025-26 begins: ITR-1 and ITR-4 forms now available

An Income Tax Return is a form used by taxpayers to report their income, deductions, and tax liability to the Income Tax Department.

Income Tax return filing for FY 2025-26 begins

New Delhi: The Income Tax Department has officially launched the Income Tax Return (ITR) filing season for the Assessment Year 2026-27 (Financial Year 2025-26).

As part of this rollout, the Department has released Excel utilities for ITR-1 and ITR-4, providing taxpayers with a convenient offline option to prepare and submit their returns.

Simplified Filing Process with Offline Utilities

An Income Tax Return is a form used by taxpayers to report their income, deductions, and tax liability to the Income Tax Department. The newly released Excel utilities aim to make the filing process smoother:

• Taxpayers can download the utilities from the official e-filing portal.
• They can enter income and tax details offline and accurately calculate their tax liability.
• Once completed, a JSON file can be generated for uploading on the e-filing portal for submission and verification.

This initiative encourages salaried employees, pensioners, small business owners, and professionals to start filing early, helping them avoid last-minute technical glitches and the typical rush before the July 31 deadline.

Who Should Use ITR-1?

The ITR-1 form is designed for resident individuals with a total annual income of up to ₹50 lakh. Eligible taxpayers include those with income from:

• Salary or pension
• Up to two house properties
• Other sources such as bank interest
• Agricultural income up to Rs5,000
• Additionally, individuals with long-term capital gains of up to Rs1.25 lakh under Section 112A are eligible to use this form.

Who Should Use ITR-4?

The ITR-4 form caters to resident individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) with total income up to ₹50 lakh who opt for presumptive taxation schemes under Sections 44AD, 44ADA, or 44AE. Like ITR-1, taxpayers with long-term capital gains up to ₹1.25 lakh under Section 112A can also use ITR-4.

With the release of these utilities, taxpayers have an excellent opportunity to file their returns well ahead of the July 31 deadline, ensuring a smoother, hassle-free filing experience.