ITR submitting FY 2024-25: ITR-6 excel utility for AY 2025-26 launched by Earnings Tax Division — right here’s what taxpayers ought to know

The Earnings Tax Division has launched the Excel utility for Earnings Tax Return (ITR) Type 6 for the evaluation 12 months 2025-26, enabling eligible corporations to file their returns for the monetary 12 months 2024-25.“Variety Consideration Taxpayers! Excel Utility of ITR-6 for AY 2025-26 is now reside and accessible for submitting.” tax division posted on X. ITR-6 is relevant to corporations apart from these claiming exemption below Part 11 of the Earnings Tax Act, which covers revenue from property held for charitable or non secular functions. Company taxpayers can now put together and submit their returns utilizing the up to date utility accessible on the e-filing portal.Earlier, the Earnings Tax Division had notified all seven revenue tax return (ITR) varieties for Evaluation Yr (AY) 2025-26. ITR-1 and ITR-4, filed by small and medium taxpayers, have been notified on April 29; ITR-7, filed by trusts and charitable establishments, was notified on Could 11. The federal government had prolonged the deadline for submitting ITRs for AY 2025-26 by people and entities not required to get their accounts audited to September 15, from July 31.One key change launched in ITR-1 and 4 allowed salaried people and people below the presumptive taxation scheme, having long-term capital positive factors (LTCG) of as much as Rs 1.25 lakh in a monetary 12 months, to file ITR-1 and ITR-4, respectively. Earlier, such taxpayers needed to file ITR-2.The notified varieties additionally mirrored adjustments to rationalise capital positive factors tax. In Schedule Capital Beneficial properties, positive factors now needed to be cut up primarily based on whether or not they arose earlier than or after July 23, 2024. The Price range introduced on July 24 proposed reducing long-term capital positive factors tax on actual property to 12.5% with out indexation profit, from 20% with indexation.For ITR-3, filed by people and HUFs with enterprise or skilled revenue, the asset and legal responsibility reporting threshold below ‘Schedule AL’ was raised from Rs 50 lakh to Rs 1 crore, decreasing disclosure necessities for middle-income taxpayers.