In such a situation, if you are preparing to file your return, then it is very important for you to know on which income sources tax has to be paid. Tax experts say that it is common for a taxpayer to have more than one income. This can be from salary, rental income or business. In such a situation, it is necessary to give information about all income in the return. You may get a notice from the Income Tax Department for hiding the income source. If the mistake is caught, you may have to pay a fine. So let us tell you on which 5 income sources tax is levied.

5 sources of income on which tax is levied

1. Income from Salary: Taxable salary includes basic salary, all allowances, perks and bonuses etc. which fall under the taxable category. Taxpayers whose monthly salary is their sole income should file their income tax return through ITR-1 form.

2. Rental Income:

If one owns a property that is rented out, the rent earned from it is taxable. Eligible taxpayers under this income section can file their ITR through ITR-1 form.

3. Capital Gains:

Long and short term capital gains, as well as profits earned from the sale of shares, mutual funds and property, are income taxable.

4. Income from Business:

Small businesses, freelancers, small agency owners and those with professional income or entrepreneurs fall into the tax slab. Taxpayers in this income category should fill the forms numbered ITR-4, ITR-5 or ITR-6 depending on their respective income categories.

5. Income from other sources:

Citizens receiving interest income of more than ₹50,000 from fixed deposits or bonds, share dividends, gifts, game shows, lucky draws, lottery prizes, etc. fall under the ‘other sources’ slab.

According to tax experts, it is necessary to give information about these 5 incomes while filing returns. If your income is outside the scope of tax, then you will not have to pay any tax. If it comes within the scope of tax, then you will have to pay tax according to the income tax slab you fall in.

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If you are thinking of filing income tax return for the financial year 2024-25 (AY 2025-26), then you must know about the changes in the rules for ITR forms ITR1, ITR2, ITR3 and ITR 4. Also, when you file the return and go to the income tax portal, you will have to wait for the release of e-utilities for filing ITR. At the same time, today we are giving you information about the changes made for ITR form which will help you in filing returns for the financial year 2024-25 (AY 2025-26).

To simplify the income tax return, the Finance Ministry has provided 5 forms for filing tax returns, which are used according to the income. All the new rules that we are telling you about are related to these forms.

ITR 1 and ITR 4 tax eligibility increased

The new rules are related to equity and equity mutual funds, in which if the tax payer earns a profit of Rs 1.25 lakh in long term investment, then he will have to use ITR 1 and ITR 4 forms to file income tax return. Let us tell you that earlier ITR 2 and ITR 3 were used for this and the tax benefit was only Rs 1 lakh instead of Rs 1.25 lakh.

Aadhaar enrollment ID will not be valid

Till now, Aadhaar Enrolment ID was used along with PAN card for filing income tax returns in case of not having Aadhaar card, but now it has been made mandatory to have Aadhaar number for filing tax returns. For this, the column of Aadhaar Enrolment ID has been removed in ITR 1, ITR 2, ITR 3 and ITR 5.

New tax regime for small business

The government had introduced the new tax regime in the budget last year to benefit small businesses. Also, changes cannot be made between the old and new tax regimes repeatedly. According to the Income Tax rules, taxpayers with business income have the option to switch from the old tax regime to the new tax regime once in a lifetime. However, a form has to be submitted to the tax department for this switching.

Last year ITR-4 simply asked whether the taxpayer has opted out of the new tax regime. If yes, the taxpayer has to provide the date and acknowledgement number of Form 10-IEA, if applicable. However, for FY 2024-25 (AY 2025-26), ITR-4 has a more detailed disclosure. It now seeks confirmation of the previous filing of Form 10-IEA and asks whether the taxpayer wishes to continue to opt out of the new tax regime in the current year.”

Sections 206AB and 206CCA removed

To make compliance easier, sections 206 AB and 206CCA have been completely removed. Due to which tax deductors and tax collectors will face fewer problems.

Increase in exemption under section 87A

The Finance Minister has increased the exemption under section 87A from Rs 25,000 to Rs 60,000 in the budget presented in February. This exemption ensures that no income tax will have to be paid on annual income up to Rs 12 lakh.

Changes in TDS rules

The TDS limit (TDS Limit Change) has been increased in many sections from April 1, 2025, which will provide great relief to small taxpayers. The TDS limit on interest income for senior citizens will increase to Rs 1 lakh.

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The last date to file income tax return is coming. There will be many people who have not yet filed the return. 31st July is the last date to file ITR. Those who do not file ITR on time, action is taken against them by the Income Tax Department.

That’s why you should also file income tax return as soon as possible. You may face many problems after the last date to file income tax. Because the server gets down at the last moment. Along with this, the possibility of making many mistakes also increases.

Avoid These Mistakes While Filing Returns ( ITR Filing Checklist)

• If you are employed then you must have Form 16. Which is given to you by the company. In this form, you have complete information about the tax levied on your salary.
• It is also necessary to check Form 26AS before filing the return. Which contains all the information. If there is any wrong information then it may take 7 to 10 days to get it corrected. That’s why start the process of filing income tax return well in advance.
• You will also need the Annual Information Statement. That’s why prepare it beforehand.
• If you have invested in any stock or mutual fund, then information about capital gain has to be taken.
• You have to give information about all the sources of your income. Like earning from interest somewhere, investing in crypto, its information or other earnings. You have to give all the details.
• While filing income tax return, if you have given half incomplete information or have not mentioned any income, then you may have to face problems for that too.
• Do not file income tax return in haste. After filling the form, it is necessary to read it several times.

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Explain that after filing ITR, TDS refund of different people is also made, which is usually received by the income tax payer within 15-20 days after filling the ITR. However, in some cases it also happens that you fill the ITR but the refund does not come. It is very easy to check the refund status. Here you can get the status of TDS refund through Online Status of TDS Refund.

You can check refund status like this

ITR TDS Refund: For the financial year 2021-22, most people have filled ITR ie Income Tax Return. Although the last date for filing income tax return is 31 July 2022, but after this date, those who have filed ITR, those people will have to file ITR with penalty. Explain that after filing ITR, TDS refund of different people is also made, which is usually received by the income tax payer within 15-20 days after filling the ITR. However, in some cases it also happens that you fill the ITR but the refund does not come. It is very easy to check the refund status. Here you can get the status of TDS refund through Online Status of TDS Refund. 

You can check refund status like this

Status can also be checked in this other way

• Visit https://tin.tin.nsdl.com/oltas/refundstatuslogin.html
• Enter PAN and Assessment Year in the bottom area
• Fill the captcha code and click on proceed
• After this you will see the status of your TDS refund

Government earned crores from ITR-U

Let us inform that so far more than 1 lakh people have filled the ITR-U form, due to which the central government has earned an additional amount of Rs 28 crore. This is the new ITR form, which is called ITR-Updated. 

Taxpayers who feel the need to make some changes in their ITR, they fill the ITR-U form (ITR-Updated). Lakhs of taxpayers have filed ITR-U in this financial year, due to which the government has earned a lot of money. Let us tell you that this ITR-U form was announced in the budget this year. 

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