There is an important update for those who file income tax returns annually. The Income Tax Department has officially begun the process of filing income tax returns for the financial year 2025-26 (AY 2026-27). Sharing this information on social media handles, the department stated that the excel utility for ITR-1 and ITR-4 forms has been activated on the e-filing portal. This move by the Income Tax Department aims to save taxpayers from a last-minute rush. By taking action now, taxpayers can file their returns before the July 31, 2026, deadline. According to information from the Income Tax Department, eligible taxpayers can download the relevant forms from the official portal. The department stated that both excel utility and online filing options are available for AY 2026-27.
Reduces the margin of error
Taxpayers can prepare an Excel sheet offline and upload it to the portal as per their convenience. This process will prove to be very helpful for those who want to file their returns after reconciling their income, investment, and tax deduction details. This method also reduces the margin for error.
Who can file ITR-1 ‘Sahaj’?
Different income tax return forms are determined by income source and category. ITR-1, also known as ‘Sahaj’, is for individuals with an annual income of Rs 50 lakh or less. This includes salary, pension, house rent, and interest income. It can also be filed by individuals with income from agriculture or those who have long-term capital gains of up to Rs 1.25 lakh under Section 112A.
Who can file ITR-4 ‘Sugam’?
ITR-4, or the “Sugam” form, is designed for Hindu Undivided Families (HUFs) and firms (excluding LLPs) with a total income of up to Rs 50 lakh per annum. This form is specifically for those who avail the presumptive tax scheme under sections 44AD, 44ADA, and 44AE. The department has advised taxpayers to verify all their income documents with the details provided on the portal before filing the form.
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