Shivam Saha - Tax Consultant

For any tax-related services or other professional assistance, please do not hesitate to contact me.

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Mark the date for C’ming days…..

Simplified ITR Filing for AY 2025-26

• The Income Tax Department has released simplified ITR Forms 1 and 4 for the assessment year 2025-26, applicable to individuals and entities with annual income up to ₹50 lakh.

• A key change allows individuals with long-term capital gains (LTCG) up to ₹1.25 lakh to use the simpler ITR-1 (Sahaj) form instead of the more complex ITR-2.

• ITR Form 1 is for resident individuals with income from salary, house property, other sources, and agricultural income (up to ₹5,000), now including LTCG up to ₹1.25 lakh.

• ITR Form 4 (Sugam) is for individuals, HUFs, and firms (excluding LLPs) with income up to ₹50 lakh, including income from business and profession.

Here are the changes and guidelines related to reporting supplies in Table 3.2 of GSTR-3B starting from the April 2025 tax period:

1. Auto-populated values in Table 3.2 for inter-state supplies will be non-editable.

2. To rectify incorrect auto-populated values, amend through Form GSTR-1A or GSTR-1/IFF for subsequent tax periods.

3. Ensure accurate reporting in Table 3.2 by correctly reporting inter-state supplies in GSTR-1, GSTR-1A, or IFF.

4. Amendments to GSTR-1 through Form GSTR-1A can be made till the filing of GSTR-3B.

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Ah, a very happy start to the Financial Year 2025-26 to you too! May this fiscal year bring prosperity and growth. Are there any specific financial topics or information you'd like to discuss as we embark on this new financial journey?

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Shivam Saha
098639 16477