Income Tax Filing 2025: The Income Tax Department has released the ITR-5 Excel Utility for Assessment Year (AY) 2024-25, enabling eligible entities to file their annual income tax returns with updated reporting features.
ITR-5 is designated for entities other than individuals, Hindu Undivided Families (HUFs), companies, and those required to file ITR-7.
Eligible filers include:
Individual taxpayers, HUFs, companies, and entities under ITR-7 provisions are not permitted to use this form.
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).
Filing can be done online through the Income Tax Department’s e-filing portal using a digital signature or verification code. Offline submission is also available. No supporting documents are required, but tax credits must match Form 26AS.
Transfer pricing audit: 30 November 2025 Before filing, taxpayers must ensure portal registration, bank account validation for refunds, updated digital signatures, and submission of applicable statutory forms.
