New Delhi, Aug 9
The Income Tax Department on Saturday released the ITR-5 Excel Utility for Assessment Year 2024–25. This utility can be used by partnership firms, Limited Liability Partnerships (LLPs), and cooperative societies to file their annual returns.
Associations of Persons, Bodies of Individuals, artificial juridical persons, cooperative societies, societies registered under the Societies Registration Act, local authorities, and certain business trusts and investment funds are other eligible entities.
Key updates for AY 2024–25 include new sections for MSME registration and Section 80-IAC startup deductions, along with expanded reporting for emerging income categories like virtual digital assets (crypto/NFTs).
The income tax department has released Excel utilities for ITR-2 and ITR-3 for AY 2025-26. ITR-1 and ITR-4 were released earlier. In the recent budget, long-term capital gains (LTCG) tax on all financial and non-financial assets has been revised to 12.5 per cent (up from 10 per cent for equities). Short-term capital gains (STCG) tax on some assets, like equities, is now 20 per cent (up from 15 per cent).
All listed financial assets held for more than a year would be classified now as long-term assets.