Who has to file ITR by when? All 2025 deadlines explained
If you run a business, own a company, or work as a partner in a firm whose accounts need an audit, then your deadline is different. First, you must submit your audit report by September 30, 2025. After that, you have time till October 31, 2025 to file your ITR.Right now, there is no news of any extension for these audit-related deadlines, so make sure you plan well in advance.INTERNATIONAL TRANSACTIONS? YOU GET TILL NOVEMBER-ENDSome taxpayers who have international deals or certain special domestic transactions need to submit a report under Section 92E. If this applies to you, then your ITR deadline is November 30, 2025, and your audit report must be filed by October 31, 2025.Again, there is no word on any extension for these dates either, so it's better to prepare all documents early.MISSED THE DUE DATE? THERE'S A BACKUP PLANIf you somehow miss your main deadline, don't panic. You can still file a belated ITR till December 31, 2025. But remember, this comes with a penalty and you might lose some benefits, like carrying forward losses.What happens if you file late?If you file late, you may have to pay interest at 1% per month on any unpaid tax. There's also a fixed penalty.If your total income is below Rs 5 lakh, the late fee is Rs 1,000. If it's above Rs 5 lakh, you may have to pay Rs 5,000 if you file late but before December 31, 2025.So, it's always better to file on time and avoid last-minute stress. The new ITR forms are now live on the portal, and you can file online with pre-filled details to make things easier. Check your category and mark your calendar to stay on the safe side.- EndsMust Watch
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
an hour ago
- Hindustan Times
X says Sahyog portal a ‘wolf in sheep's clothing' before HC
X Corp on Friday accused the Union government of using the 'innocuously named' Sahyog portal as a 'wolf in sheep's clothing' to issue illegal content blocking orders that bypass statutory safeguards, escalating its legal challenge against what it calls an unconstitutional censorship mechanism. X says Sahyog portal a 'wolf in sheep's clothing' before HC Appearing before the Karnataka High Court, senior advocate KG Raghavan argued further on the company's core content that the government was misusing Section 79(3)(b) of the Information Technology Act and Rule 3(1)(d) of the 2021 IT Rules to circumvent due process protections upheld by the Supreme Court in the landmark Shreya Singhal case. 'It is innocuously named but it is a wolf in sheep's clothing. We are a responsible business and we will abide by the law of every country we operate in. But the question is what is the correct law?' Raghavan told Justice M Nagaprasanna. 'The same grounds of sovereignty, integrity, public order are used under Section 69A. Then why use Section 79 at all? This amounts to a dangerous circumvention of law,' he argued. The hearing represented the latest round in X's challenge to the government's directive mandating social media platforms join the Sahyog portal, a centralised system for content takedown requests that the company argues violates constitutional principles. X's core argument centres on the interpretation of Section 79 of the IT Act, which provides 'safe harbour' protection to intermediaries from legal liability for user-generated content. The platform contends this provision is a protective shield rather than an empowering mechanism for government officials to issue takedown orders. 'If your interpretation of Section 79 is accepted, then any officer in this country can decide what is lawful or not, on a purely subjective basis. This is absurd and shocking. It allows officers to be both accuser and judge,' Raghavan argued. The government has revealed that 38 intermediaries including Google, Microsoft, Amazon and Telegram have joined the portal, with Meta currently testing integration. X remains the most prominent holdout, arguing the system allows thousands of government officials to issue content blocking orders without proper judicial oversight. Raghavan emphasised that empowering multiple government officials to issue takedown notices based on their discretion erodes the statutory safe harbour protection granted to intermediaries. He maintained that Section 79 should be understood as 'a statutory right, not an exemption granted at the government's discretion.' 'The fear psychosis being created undermines constitutional rights under Articles 14 and 19,' he said, arguing that procedural safeguards under Section 69A remain the only lawful route to block online content. Friday's hearing follow one from last week dramatic moments when Solicitor General Tushar Mehta created a fake X account named 'Supreme Court of Karnataka' to demonstrate misinformation risks, only to have the platform suspend the fictional handle during the hearing itself. The government has also challenged X's legal standing to bring the case, arguing that as a foreign company not incorporated in India, it cannot claim constitutional protections under Articles 14, 19, and 21. Mehta had previously warned that any resistance to takedown orders could result in X losing its immunity from legal consequences under Indian law, including withdrawal of safe harbour protection that shields it from liability for user content. The Karnataka High Court will continue hearing the matter on July 29.
Time of India
10 hours ago
- Time of India
Influencers, F&O traders among five new professional codes in ITR 3
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: In a first, the Income Tax department has introduced five new professional codes in the Income Tax Return Form-3 (ITR3), recognising social media influencers , speculative traders, commission agents, and future and options traders as move is part of the department's efforts to capture the evolving nature of professions in the digital age with people opting for such career options, officials said."This year, we have added five new codes for professions and will continue to add more to bring them within the formal economy," a senior official told to tax officials, the number of influencers' with more than ₹20 lakh gross annual income has risen sharply in the last two years. In some cases, the annual income was more than ₹2-5 crore, higher than professionals in many other sectors. In some cases, their net worth exceeded ₹100 crore, the official said, requesting many cases, these influencers were brought under the tax scanner as they were either not filing returns or were filling wrong returns. "By assigning them proper professional code, they will be able to file returns correctly, and this will also help the field formations as they would know which bracket they would fall into," the official far, many social media influencers use to either file returns as either business income or by choosing the "Other" experts anticipate that the latest change by the tax department will usher greater accuracy in income reporting and compliance, ultimately contributing to a more streamlined tax collection process "With the ever-evolving business landscape, it is of utmost importance to enact separate codes for emerging business," said Amit Maheshwari, tax partner, AKM Global, a tax and consulting firm. "For taxpayers, it brings more clarity in choosing the right category while filing returns, especially for emerging business and specialised services that were earlier forced to choose mismatched codes."The move will not only align income disclosure with the type of profession or business activity but will also help them in improving data analytics capabilities of the department, enhance compliance monitoring, and reduce misreporting.
Hindustan Times
12 hours ago
- Hindustan Times
ITR 2025: What are the five sources of income liable for tax? Details inside
For all eligible taxpayers for FY2024-25, it is crucial to note that income tax is not just levied on salaries but on five identified sources of income, also known as five heads of income tax. Aimed towards making tax calculation easier and more structured, taxpayers must carry out this step before calculating your income tax liability.(Reuters File) Section 14 of the Income Tax Act, 1961, states that different sources of income must be grouped for tax purposes. The law divides all types of income into five specific categories. Aimed towards making tax calculation easier and more structured, taxpayers must carry out this step before calculating your income tax liability. It is also crucial to note that the ITR filing deadline for this year stands at July 31. Failing to pertain to the mentioned deadline would result in interest penalties. Five heads of income tax: 1. Income through earned salary: Taxable salary comprises basic salary, all allowances, perquisites, and bonuses, among others, which fall under the taxable bracket. Taxpayers who earning a monthly salary as their sole income should file their income tax return through the ITR-1 form. 2. Rental income from house property: If a citizen owns a property that has been rented out, or sublet, the earned rent is taxable. Taxpayers who are eligible under this income stream can file their ITR through the ITR-1 form. 3. Income through capital gains: Short and long term capital gains and those that accrue on the sale of shares, mutual funds and real estate, are an income tax eligible stream. Taxpayers with capital gains lower than ₹1.25 lakh should use ITR-1 and those with higher gains, can use ITR-2, for filing their income tax returns. 4. Income from business or profession: Self-employed individuals, freelancers, small agency owners and those with business incomes or entrepreneurs, fall under this slab. Taxpayers under this category of income stream should refer to ITR-4, ITR-5 or ITR-6 numbered forms, on the basis of their respective income categories. 5. Income through other sources: Citizens benefitting from interest income from fixed deposits or bonds, share dividends, gifts, rewards from game shows, lucky draws, lottery prizes etc. that exceed ₹50,000, belong under the slab of 'other sources'.
