ITR Filing for FY 2024-25 Begins as Department Releases Forms

31 May, 2025
ITR Filing for FY 2024-25 Begins as Department Releases Forms

Winning Bizness Desk

Mumbai.The Income Tax Department has released the Excel utilities for ITR-1 and ITR-4 for the financial year 2024-25 (assessment year 2025-26), allowing taxpayers to begin filing their returns. The department made the announcement through a post on social media platform X, stating, “Attention taxpayers, the Excel utility for ITR-1 and ITR-4 is now available.”

The release of these forms is intended to simplify and streamline the process of income tax return filing. The e-filing tools are crucial for validating data, submitting returns, and integrating with the tax department’s portal systems.

Who Can File ITR-1?

ITR-1, also known as ‘Sahaj’, is designed for resident individuals with an annual income of up to Rs 50 lakh from limited sources. Eligible income sources under this form include salary, income from one house property, interest income, and agricultural income up to Rs 5,000. Additionally, long-term capital gains up to Rs 1.25 lakh under Section 112A can also be reported in this form.

This form is suitable for individuals who do not have complex financial transactions and fall under the defined income bracket. Those meeting the eligibility criteria can file returns using ITR-1 through the released utilities.

ITR-4 for Small Businesses and Professionals

ITR-4, named ‘Sugam’, is meant for resident individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who have presumptive income from business or profession. The total annual income must be below Rs 50 lakh, and income should be calculated under Sections 44AD, 44ADA, or 44AE.

This form also allows the inclusion of long-term capital gains up to Rs 1.25 lakh under Section 112A. The form is primarily used by small entrepreneurs and professionals who want to declare income on a presumptive basis.

Deadline Extended to September 15, 2025

In a relief to taxpayers, the Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for FY 2024-25 from July 31 to September 15, 2025. The delay was attributed to the late release of essential online filing tools, which weren’t available until late May. This situation had also impacted the Annual Information Statement (AIS), making it difficult for many to access accurate income details.

Experts Welcome Extension Amid Technical Delays

Chartered Accountant Anand Jain welcomed the extension, noting that taxpayers and professionals had faced issues accessing the ITR filing system even till May 27 evening. In several cases, the AIS was also not properly accessible, further complicating return preparation. The extension is expected to offer much-needed breathing space for accurate and timely filing.

Key Pointers to Summarize the Story

  • Income Tax Department has released Excel utilities for ITR-1 and ITR-4 for FY 2024-25.
  • Taxpayers can now begin filing their returns using the available offline tools.
  • ITR-1 is meant for salaried individuals with income up to Rs 50 lakh.
  • ITR-4 is for small businesses or professionals with income under Rs 50 lakh under presumptive taxation.
  • Last date to file returns has been extended from July 31 to September 15, 2025.
  • Delay was caused due to unavailability of online filing tools and access issues with AIS.
  • Late filing may attract penalties up to Rs 5,000 and interest under Section 234A on unpaid taxes.