ITR AY 2025-26: Early tax filers affected as ITR-2, ITR-3 utilities remain unavailable for current tax filing season

 

ITR AY 2025-26: Early tax filers affected as ITR-2, ITR-3 utilities remain unavailable for current tax filing season

Notification of the Income Tax Department releasing the utilities of ITR-2 and ITR-3 forms has caused a lot of trouble to taxpayers this filing time. This deferment implies that salaried professionals, High Net Worth Individuals (HNIs) and freelances who otherwise accommodate themselves through these types will have to wait to submit their returns.

Since the deadline to submit is on September 15, 2025, this delay makes scheduling of submission harder to those who prefer to submit earlier and beat the last-minute problems. The delay has brought about issues about compliance and possibility of increase stress levels towards the deadline. It is also expected that the taxpayers should be patient and carry out their vigil to ensure that this period is used well.

The person or Hindu Undivided Family (HUF), who do not receive income in business or profession, but in salary, capital gain, having multiple house property or receiving income abroad, is categorized under ITR-2. It also fits in case of clubbing of the earnings of a spouse or minor child provided they come under these categories.

ITR-3 on the other hand is appropriate to the individuals and HUFs involved in business or profession like legal, medical or accountancy professions and obtains actual business profits as an income. These forms have been part of making taxpayers report their income correctly and pay taxes as required. It is important to know the difference between both forms to file and be compliant.

The lag in publishing such forms presents a problem to those concerned, because filling in the wrong form may result in processing delay, as well as disrupters tax authority notices. This scenario brings in the significance of taking the right form so that the filing process becomes smooth. As people rush to meet their tax submission deadline, it is crucial that they remain up to date and keep checking up on any developments lest they are caught unawares. Taxpayers are more under siege than ever, because they are faced with complexities of the tax system, without the common set of tools with which to operate it.

The Excel utility can be used to file ITR-1 and ITR-4 through the I-T Department, which was revealed on the official handle of the department on X (Twitter) (formerly Twitter) on May 30 on Assessment Year (AY) 2025-26.

“Attention taxpayers! The post read, the ITR-1 and ITR-4 excel utility of AY 2025-26 is enabled and has been made available to taxpayers.

As of now, ITR 1 to 5 are notified by I-T Department to file returns of the Financial Year (FY) 2024-25 (AY 2025-26). ITR-1(Sahaj)(ITR-4(Sugam)) were notified on 29 th April and ITR-3 on 30 th April. ITR-5 and ITR-2 have been then introduced on May 1 and May 3 respectively.

The I-T department announced extension in filing ITR to May 27. AY 2025-26, an extension is made to the original due date of July 31, 2025, and the new due date is changed to September 15, 2025.

The Central Board of Direct Taxes (CBDT) in a statement gave out an explanation on the extension and said this was prompted by the major restructuring that the ITR forms have undergone and the time it would take to adjust such systems and corresponding filing utilities.

PNB Rakshak Plus Scheme Assistance: PSU bank provides 17 crore; other important developments to look at

 

PNB Rakshak Plus Scheme Assistance: PSU bank provides 17 crore; other important developments to look at

PNB Rakshak Plus Scheme: Rakshak Plus Scheme designed by PNB offers financial protection in the form of personal accident insurance cover of 1 crore in case of death, permanent total disability and covers air accident, death at 1.5 crore Ron the lending institution said.

PNB Rakshak Plus Scheme: The state owned Punjab National Bank (PNB) last week (June 18), said it has till June 11 this year provided 17.02 crores to the families of 26 deceased defence and paramilitary personnel under its flagship Rakshak Plus Scheme.

This reinstates the stand of the bank on how it supports the courageous soldiers defending India the bank said in an official statement.

These 26 recipients included the families of such operations as Birli Gali, which offered the ultimate sacrifice to serve the nation.

The scheme, which is referred to as Rakshak Plus Scheme by the PNB, covers the financial protection in the form of personal accident cover of 1 crore in case of death, permanent total disability and air accident cover of 1.5 crore in case of death, the lender stated.

The plan has partial disability coverage and comprehensive benefits that revolve around the demands of the people in uniform, it said.

PNB CGM (BARM) Binay Gupta stated, we must in good faith be there with the families of our martyrs. Unlike the mere budget financing by the Rakshak Plus Scheme, PNB has a lot to give the brave hearts out there; a token of our admiration and further strengthening of their great sacrifices.

According to the bank owing to its dedication to celebrate the national heroes, the lender indicated that PNB remains committed in extending the much-needed finances at the appropriate time to the late kin.

PNB: Recent updates

Punjab National Bank announced last week that it sold the full stake (21 percent) it held in India SME Asset Reconstruction Company Limited (ISARC) to another company for the amount of 34 crores.

PNB had said in a regulatory filing, in March the Reserve Bank of India (RBI) had given its go-ahead to an asset reconstruction company called a change of sponsor and equity raise by Authum Investment and Infrastructure Ltd.

The bank completed the sale of a 20.90% stake on Tuesday, it said.

The share sale involved the asset reconstruction company selling the twin 2.09 crore shares of the company at 16.29 per share to total 34.04 crore.

The bank had entered into a definitive agreement to sell its entire stake in ISARC in May.

By the end of the financial year March 31, 2025, ISARC had generated a net profit of 19.79 crore of rupees with a total income of 36.4 crore of rupees.

Before the sale of the stake, ISARC was under the sponsorship of the SIDBI, Bank of Baroda, the Punjab National Bank and Sidbi Venture Capital Ltd.

The lender stated that it was hoping to achieve a huge recovery of more than 16,000 crore in May, 2025 and is aiming at maintaining slippages of less than 1 percent in the ongoing fiscal year in order to maintain profitability, the top official of the second biggest state-owned lender in the country said.

The bank recorded a total recovery of 4 733 crore in the fourth quarter and 14 336 crore annualized in the financial year 25, whereas the overall slippage ratio was at 0.73 percent in the last financial year.

PNB Q4 FY25 Results

The PSU lender reported a 52% rise in net profit at ₹4,567 crore for March quarter FY25 (Q4 FY25).

The lender had earned a net profit of ₹3,010 crore in the year-ago period.

Throughout the quarter, the total revenue of the bank rose to 36,705 crore versus 32,361 crore in the previous year, according to a reporting filed by PNB.

The interest income increased to 31,989 crore composed to 28,113 crore in the fourth quarter of the earlier finance year.

The bank stock has recorded almost a 2 percent rise in the past 30 days and 0.7 percent in the last 6 months. Over 18 percent, during the last 12 months, the share price has been lowered.