Tue May 27 05:50:00 UTC 2025: ## Income Tax Forms Released, But E-Filing Delayed; Olectra Greentech Stock Plummets

**New Delhi:** The Income Tax Department has officially released all seven Income Tax Return (ITR) forms for the financial year 2025-26, including the new ITR-U form which allows taxpayers to update returns for up to 48 months. However, taxpayers are unable to submit their returns at this time due to a delay in the launch of the e-filing utilities.

The department confirmed the availability of forms ITR-1 through ITR-7 and ITR-V. The new ITR-U, launched on May 19th, offers taxpayers an opportunity to rectify or file belated returns within a four-year timeframe as per the latest Finance Act.

The e-filing utility, available last year in Online, Offline (Java/JSON), and Excel formats, allows taxpayers to electronically submit their returns. While tax professionals typically utilize the JSON and Excel tools, the online utility is favored by individual taxpayers for its ease of use and pre-filled financial information.

“While the forms are now available for download and review, taxpayers will need to exercise patience as the e-filing utilities are not yet operational,” stated a source within the department. The delay prevents taxpayers from uploading and submitting completed forms through the official income tax website.

The Income Tax Department has not provided an official explanation for the delay, but sources speculate that the recent changes incorporated into the ITR forms may be contributing to the delay.

While some have wondered whether the July 31, 2025 deadline for filing ITR will be extended, experts suggest this is unlikely. The department still has time to prepare the utilities, considering that the peak filing season is usually in June and July. The deadline applies to taxpayers not requiring an audit of their accounts. Failure to meet the deadline could result in penalties.

**In other news:** Shares of Olectra Greentech experienced a sharp decline of 14% following the cancellation of a Rs 10,000 crore electric bus supply tender by the Maharashtra Transport Minister. The cancellation was attributed to the company’s failure to meet contractual obligations. This news comes despite the company reporting a strong Q4 performance, with a 39% increase in net profit and a 55% jump in revenue.

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