Income Tax Returns (ITRs) for the Financial Year 2025-26 (A.Y. 2026-27)

The Income Tax Department has started accepting Income Tax Returns for A.Y. 2026-27 (i.e., F.Y. 2025-26) and has enabled filing of ITR-1 and ITR-4.

ITR-1 is mainly applicable for taxpayers having income from Salary, One House Property, Interest, and other income under the head “Income from Other Sources”.

If you have income under the head “PGBP” (Profits and Gains from Business or Profession), then you are not eligible to file ITR-1 and are required to file the respective ITR form as per the applicable provisions of the Income Tax Act.

If you have income under the head “PGBP” (Profits and Gains from Business or Profession), are eligible for the presumptive taxation scheme, are not required to get your books of accounts audited, and are not a Company, LLP, Partnership Firm, Trust, or AOP, then you may file your business/professional income tax return using ITR-4, subject to prescribed conditions.

Comments

Post a Comment

Popular posts from this blog

Form 26QB (New Form 141)

Image
  It’s No Longer Form 26QB — Know All About New Form No. 141  [ For Property Purchase TDS Compliance ] The Income Tax Department has now shifted TDS compliance for purchase of immovable property from old Form 26QB to the newly introduced Form No. 141 on the Income Tax e-filing portal. This is not merely a change of form number or portal. The new reporting mechanism introduces a considerably more detailed compliance structure, especially in cases involving multiple buyers, multiple sellers, co-owned properties and instalment-based payment arrangements. While the earlier Form 26QB mechanism was comparatively simple for straightforward transactions, the new Form No. 141 framework attempts to bring centralized reporting, structured transaction mapping and better allocation reporting. At the same time, several practical filing concerns are also being experienced by taxpayers and professionals during the initial implementation phase. In this article, we discuss the important changes...
Read more
Image
  TDS Is Not Simply TDS … It Is TEDIOUS ! If You Ignore It, It Can Become Costly… 🚨 TDS Is Not Simply “TDS”... It Is Actually “TEDIOUS”! If you do not take TDS compliance seriously, it may become one of the costliest mistakes in your business. Most businesses think TDS is just about deducting tax and depositing it. But practically, TDS compliance is a complete chain of responsibilities. And if even one step is ignored, delayed, or incorrectly handled, the consequences may include: ✔ Interest ✔ Late fees ✔ Penalties ✔ Notices from the Income Tax Department ✔ Disallowance of expenses ✔ “Assessee in Default” status ✔ Even prosecution in serious cases 🔴 1. Deduct TDS on Time... Otherwise????? Many taxpayers fail at the very first stage itself. TDS is required to be deducted at the time of: payment, or credit to the party account, whichever is earlier (subject to applicable provisions). Failure to deduct TDS may result in: ⚠ Interest liability ⚠ Penalty proceedings ⚠ Disallowance of...
Read more
Image
  Section 44AD – Presumptive Taxation Scheme under Income Tax Act Complete Practical Guide for Small Businesses For small businesses, maintaining regular books of account, preparing financial statements, and complying with audit requirements can often become time-consuming as well as costly. To reduce such compliance burden, the Income-tax Act provides a simplified taxation mechanism under Section 44AD, popularly known as the presumptive taxation scheme. The scheme allows eligible taxpayers to declare income at prescribed rates without maintaining detailed books of account. Due to comparatively simpler compliance requirements, Section 44AD has become one of the most widely used provisions among small businesses. Under the proposed Income-tax Act, 2025, the presumptive taxation provisions contained under Sections 44AD, 44ADA and 44AE are proposed to be broadly consolidated under Section 58 with simplified drafting structure. What is Section 44AD? Presumptive Income = 8 % × Turno...
Read more