Smart Money Journal: Your Guide to Smart Finance & Investing

Filing your income tax return is an important responsibility that ensures you stay compliant with Indian tax laws . The Income Tax Department has made the process easier with online filing portals and e-filing systems , making it more convenient for taxpayers to file their returns. In this post, we'll provide a step-by-step guide on how to file your ITR for FY 2025-26 while covering the recent changes and new provisions. Step 1: Gather Your Documents Before you start filing, make sure you have all the necessary documents in place: Form 16 : Issued by your employer, detailing your salary and taxes deducted. Bank Statements : For details on interest income or other earnings. Form 26AS : A summary of taxes already paid or deducted. Investment Details : For claiming deductions under Section 80C, 80D, etc. TDS Certificates : If you are receiving income from sources like rent, freelance work, or professional services. Capital Gains Details : If you’ve sold property, shares,...

Tax season can be stressful, but with the right strategies, you can make the most of your tax deductions and reduce your tax liability . Here's everything you need to know about the latest ITR returns and tax-saving methods to save more money in the financial year 2025-26. 1️⃣ Key Updates in ITR Forms for FY 2025-26 The government has introduced updated ITR forms for FY 2025-26, which include improvements to the process for both individuals and businesses. Here are the key highlights: ITR 1 (Sahaj) : Simplified for individuals earning up to ₹50 lakh from salary, pension, and other sources. No need to declare capital gains or business income. ITR 2 : For those with income from more than one house property, capital gains, or foreign income. It’s ideal for salaried individuals with multiple income sources . ITR 3 : For individuals and HUFs with business or profession income . ITR 4 (Sugam) : Simplified for small businesses or professionals opting for the presumptive...