Tired of High Tax Rates? File Your ITR at Your Own Price

Income Tax Filing & Tax Returns

Deadline Alert: For the Financial Year 2024–25 (Assessment Year 2025–26), the last date to file your Income Tax Return (ITR) without penalty is July 31, 2025. Missing this deadline can result in a late fee of up to ₹5,000. ClearTax+1@EconomicTimes+1

Key Updates:

• Aadhaar-PAN Linking: It's mandatory to link your PAN with Aadhaar before filing your ITR.
  
  

• Updated Returns (ITR-U): If you've missed filing or need to correct your return, you can use the ITR-U form, effective from April 1, 2025.
  
  

Choosing the Right ITR Form:

• ITR-1 (Sahaj): For salaried individuals with income up to ₹50 lakh.
  
  

• ITR-2: For individuals with income from capital gains or multiple properties.
  
  

• ITR-3: For professionals and business owners.
  
  

• ITR-4 (Sugam): For presumptive income from business or profession.Samayam Telugu+1Maharashtra Times+1
  
  

Business Tax Returns

Filing Requirements:

• Form ITR-6: Applicable for companies other than those claiming exemption under section 11.
  
  

• Form ITR-5: For LLPs and partnership firms. MYGSTRefund
  
  

Audit Compliance:

• Businesses with turnover exceeding specified limits must undergo tax audits.
  
  

Deadlines:

• Non-Audited Entities: July 31, 2025.
  
  

• Audited Entities: October 31, 2025.
  
  

NRI Tax Filing

Who Should File:

• Income Threshold: NRIs must file ITR if their income in India exceeds ₹2.5 lakh.
  
  

• Claiming Refunds: Even if income is below the threshold, filing is necessary to claim TDS refunds.
  
  

Filing Process:

1. Determine Residential Status: Based on days spent in India.
   
   

2. Reconcile Income: Use Form 26AS to match TDS and income details.
   
   

3. Select Appropriate ITR Form: Usually ITR-2 or ITR-3, depending on income sources.
   
   

Deadline: For NRIs not subject to tax audit, the due date for filing the return for AY 2025–26 is July 31, 2025. The Financial Express

Monthly & Quarterly GST Returns Filing

Monthly Filing:

• Businesses with turnover above ₹5 crore must file GSTR-1 and GSTR-3B monthly.
  
  

QRMP Scheme:

• Businesses with turnover up to ₹5 crore can opt for Quarterly Returns with Monthly Payment (QRMP).
  
  

Due Dates:

• GSTR-1: 11th of the following month.
  
  

• GSTR-3B: 20th of the following month.
  
  

• QRMP Filers: 22nd or 24th of the month following the quarter.
  
  

GST Registration

Who Needs to Register:

• Threshold: Businesses with annual turnover exceeding ₹20 lakh (₹10 lakh for NE and hill states).
  
  

• E-commerce Sellers: Mandatory registration regardless of turnover.
  
  

Registration Process:

1. Visit GST Portal: gst.gov.in 

2. Click on 'Services' > 'Registration' > 'New Registration'.
   
   

3. Fill in Details: Provide PAN, mobile number, and email.
   
   

4. Verification: Enter OTPs received on mobile and email.
   
   

5. TRN Generation: Use Temporary Reference Number (TRN) to complete the application.
   
   

❓ FAQs

Q1: What happens if I miss the ITR filing deadline?
A: You may have to pay a late fee of up to ₹5,000 and interest on the tax due.

Q2: Can NRIs claim deductions under Section 80C?
A: Yes, NRIs can claim deductions under Section 80C, subject to certain conditions.

Q3: Is GST registration mandatory for freelancers?
A: If your annual income exceeds ₹20 lakh (₹10 lakh for NE and hill states), GST registration is mandatory.

Q4: What is the QRMP scheme?
A: Quarterly Return Filing and Monthly Payment (QRMP) allows eligible taxpayers to file GSTR-1 and GSTR-3B quarterly while paying taxes monthly.

Conclusion

Staying compliant with tax regulations is crucial for individuals, businesses, and NRIs. Timely filing of returns and understanding the applicable forms and deadlines can help avoid penalties and ensure smooth financial operations. For personalized assistance, consider consulting with a tax professional or using reliable online platforms to manage your tax obligations efficiently.