Hey,
ITR filing for AY 2025–26 has begun already, but not for everyone.
ITR-1 and ITR-4 utilities are now live on the Income Tax portal. So, if you’re a salaried individual with simple income sources or a small business under presumptive taxation, you can start filing right away.
But if you need to file ITR-2 or ITR-3 for capital gains, F&O trading, multiple properties, or foreign income, you’ll have to wait a little longer. The utilities for ITR-2 and ITR-3 forms haven’t been released yet and are expected to be out over the next couple of weeks.
Due date extended: The deadline to file your ITR has been extended to 15th September 2025. So even if your form isn’t live yet, there’s enough time to prepare.
Also, before you start filing your return, there are some important updates for AY 2025-26 that might affect you.
What’s new in ITR forms for AY 2025-26?
1. LTCG allowed in ITR-1 and ITR-4
If you have long-term capital gains up to ₹1.25L (under Section 112A), you can now report them in ITR-1 or ITR-4. No need to shift to ITR-2/3 just for that.
2. Capital gains reporting now needs sale date
In ITR-2 and ITR-3, you’ll now need to mention whether the asset was sold before or on/after 23rd July 2024, as capital gains tax rules were revised in Budget 2024.
3. Buyback proceeds now taxable
Share buybacks are no longer tax-free. You’ll need to report them under ‘Income from Other Sources’, but you can also claim the cost of acquisition as a capital loss.
We’ve broken down these changes and a few more in our recent posts, you can check them out:
Changes in ITR-1 & ITR-4
Changes in ITR-2 & ITR-3
Until then, get your Form 16, Form 26AS, AIS and other documents in order, and keep an eye out. We’ll share updates as soon as the utilities go live.
Here’s a video on most asked questions related to ITR filing in AY 2025-26
