Income tax department Has provided Excel facility for ITR-1 and ITR-4 for Assessment Year 2025-26, so that taxpayers will be able to file their income tax returns. The Income Tax Department shared information related to it on its social media platform. With providing these facilities, taxpayers can start filing their income tax return (ITR) for the income generated in 2024-25. Let us tell you that ITR filing has started from May 30 for FY 2024-25 and assessment year 2025-26.
Which taxpayers have to fill ITR-1 and ITR-4
The CBDT had extended the last date of filing income tax returns in ITR-1 and ITR-4 last month from 31 July to 15 September. ITR-1 and ITR-4 forms fill such individuals, HUFs and institutions, whose annual income is up to Rs 50 lakh and who do not have to audit their accounts. People who get long term capital gains up to Rs 1.25 lakh from listed shares can show this income in ITR-1 and ITR-4. Earlier, he also had to fill the ITR-2 form.
ITR-U form notified by I-T department
Let us tell you that the Income Tax Department has recently notified the ITR-U form that allowed taxpayers to file updated returns for four years from the end of the assessment year. The Finance Act, 2025 had increased the deadline for filing the updated return (ITR-U) form from the end of the relevant assessment year from 24 months to 48 months. Keeping the same provision in mind, this change has been made.
How much extra tax has to be paid for ITR-U form
According to the notification of the Income Tax Department, 25 percent and 50 percent extra tax will have to be paid for the ITR-U form filed within 12 months and 24 months from the end of the concerned assessment year. At the same time, taxpayers will have to pay 60 percent and 70 percent extra tax respectively for ITR-U filed within 36 months and 48 months. About 90 million such returns have been filed in the last three years. In this way, additional revenue of Rs 8500 crore was raised from taxpayers.
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