ITR filing FY 2024-25: ITR-6 excel utility for AY 2025-26 released by Income Tax Department — here’s what taxpayers should know

The Income Tax Department has released the Excel utility for Income Tax Return (ITR) Form 6 for the evaluation yr 2025-26, enabling eligible corporations to file their returns for the monetary yr 2024-25.“Kind Attention Taxpayers! Excel Utility of ITR-6 for AY 2025-26 is now live and available for filing.” tax division posted on X. ITR-6 is relevant to corporations apart from these claiming exemption beneath Section 11 of the Income Tax Act, which covers revenue from property held for charitable or non secular functions. Corporate taxpayers can now put together and submit their returns utilizing the up to date utility obtainable on the e-filing portal.Earlier, the Income Tax Department had notified all seven revenue tax return (ITR) varieties for Assessment Year (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 May 11. The authorities had prolonged the deadline for filing 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 beneath the presumptive taxation scheme, having long-term capital positive factors (LTCG) of as much as Rs 1.25 lakh in a monetary yr, to file ITR-1 and ITR-4, respectively. Earlier, such taxpayers needed to file ITR-2.The notified varieties additionally mirrored modifications to rationalise capital positive factors tax. In Schedule Capital Gains, positive factors now needed to be cut up based mostly on whether or not they arose earlier than or after July 23, 2024. The Budget 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 beneath ‘Schedule AL’ was raised from Rs 50 lakh to Rs 1 crore, decreasing disclosure necessities for middle-income taxpayers.