The Institute of Chartered Accountants of India (ICAI), through its Direct Taxes Committee (DTC), has issued an extensive “Checklist for Preparation of ITR Forms” aimed at equipping tax professionals and taxpayers with the latest guidance for Income-tax Return (ITR) filing for Assessment Year 2025–26.
Key Highlights of the Release:
- Covers ITR-1 (SAHAJ) & ITR-4 (SUGAM) with detailed applicability criteria, prerequisites, step-by-step filing instructions, and verification requirements.
- Aligned with the New ITR Forms notified by CBDT for AY 2025–26, including provisions for the New Tax Regime as default and opting out provisions under section 115BAC(6).
- Includes comprehensive checklists for every section of the return – from Personal Information to Tax Computation – ensuring accuracy and compliance.
- Clarifies eligibility and ineligibility for filing specific ITR forms, preventing incorrect form usage and consequent notices.
- Explains new reporting obligations under the seventh proviso to section 139(1), including disclosure for high-value transactions like foreign travel, high electricity consumption, or large deposits.
Due Date Extensions Announced:
- For AY 2025–26, the due date for non-audit cases filing ITR-1 or ITR-4 has been extended to 15 September 2025.
Why It Matters:
With frequent amendments to the Income-tax Act, evolving reporting requirements, and enhanced compliance monitoring, this checklist is set to become a critical tool for Chartered Accountants and taxpayers alike, enabling error-free, timely, and legally compliant return filing.
Quote from ICAI President:
“This checklist reflects ICAI’s continued commitment to enhancing tax compliance readiness among professionals and taxpayers, ensuring they are fully updated on procedural and legislative changes.”
Access & Availability:
The checklist is part of a larger ICAI initiative to release form-specific guidance and will be available through ICAI’s official portal and publications wing.
The Checklist can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2025/08/ICAI-Checklist-for-Preparation-of-ITR-Forms-ITR-1-ITR-4.pdf
