&w=3840&q=100)
CBDT extends ITR filing deadline to September 15 amid major changes
The decision follows revisions to the structure and content of the notified ITR forms, which have provisions and several new reporting requirements introduced by the Finance Act, 2024.
'In view of the extensive changes introduced in the notified ITRs and considering the time required for system readiness and rollout of Income Tax Return (ITR) utilities for Assessment Year (AY) 2025-26, the Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing returns,' the CBDT said.
In a statement to the media on Monday, the CBDT acknowledged that credits from statements on tax deducted at source (TDS), due for filing by May 31, would begin reflecting in early June, limiting the window for return filing without an extension.
ITR-1 now includes an option to report long-term capital gains up to ~1.25 lakh.
ITRs 2, 3, 5, and 6 require more detailed disclosures under the 'Capital Gains Schedule' with reporting required for transactions before and after July 23, 2024, owing to different tax implications following the changes made last year in the tax law.
'This extension is expected to mitigate the concerns raised by stakeholders and provide adequate time for compliance, thereby ensuring the integrity and accuracy of the return filing process,' the CBDT said.
Tax experts welcomed the move, calling it a step to ease taxpayer compliance amid evolving requirements.
'The ITR forms notified for FY2024-25 incorporate enhanced reporting, such as splitting capital gains before and after July 23, 2024, following rationalisation measures in the Finance Act,' said Sonu Iyer, partner and national leader, People Advisory Services (Tax), EY India. 'This provides taxpayers adequate time to comply,' Iyer added.
Vivek Jalan, partner, Tax Connect Advisory Services LLP, said: 'Every year, TDS/TCS (tax collected at source) credits are reflected only by mid-June, leaving taxpayers just about six weeks for compliance. Extending the deadline to September 15 alleviates this hardship.'
Jalan urged the government to consider a permanent extension of the due date to August 31 under the proposed Income Tax Bill 2025, which is expected to come into effect from April 1, 2026.
While the extension offers much-needed relief to salaried individuals and small businesses not subject to audit, experts said the press release was silent on whether the due date for tax payment had also been extended and whether interest under Section 234A would apply.
'In the absence of clarification, there is a possibility that interest under Section 234A may apply if there is a tax liability and the return is filed after July 31 without full payment. To avoid this, taxpayers should pay any self-assessment tax by July 31,' said Gaurav Makhijani, associate partner, Rödl & Partner. Timely payment will avoid interest under Section 234B for shortfalls in advance tax, he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
an hour ago
- New Indian Express
CBDT chief highlights tax dept's digital transformation on 166th Income Tax Day in Odisha
BHUBANESWAR: Chairman of the Central Board of Direct Taxes (CBDT) Ravi Agrawal on Thursday highlighted the transformative journey of the Income Tax department towards greater transparency, efficiency, simplification, and digitalisation. In a video message on the occasion of the 166th Income Tax Day celebrated by the Odisha Region here, Agrawal also lauded the crucial role of taxpayers in nation-building and reaffirmed the department's vision to continue enhancing taxpayer services and streamlining processes. Principal chief commissioner of Income Tax, Odisha region, Paramita Satapathy Tripathy, said, 'Marking over a century and a half of dedicated service to the nation, the celebration highlights the department's ongoing commitment to voluntary tax compliance, taxpayer service, and nation-building.' The event featured a Chhau dance performance by the Mayur Art Group and an award ceremony honouring meritorious officers and employees for their exemplary service. Distinguished doctors from across the state were also felicitated for their decades-long contribution to society. Principal director of Income Tax (Investigation) Sandeep Goel, principal chief commissioner of Income Tax Saroj Kumar Mohapatra, and commissioner of Income Tax (Admin & TPS), Bhubaneswar, Shovan Krushna Sahu, were present.
India Today
2 hours ago
- India Today
Who has to file ITR by when? All 2025 deadlines explained
Filing your income tax return (ITR) on time is important if you want to avoid late fees and other troubles. The Income Tax Department has given some relief this year by extending the ITR filing deadline for taxpayers. But not everyone has the same due date, it depends on whether your accounts need an audit or ITR DEADLINE FOR SALARIED AND OTHERSIf you are a salaried person, or if you belong to a Hindu Undivided Family (HUF) or any other category where your accounts do not need an audit, you now have more time. The last date to file your ITR for the financial year 2024-25 (assessment year 2025-26) is now September 15, 2025 instead of July 31, government extended this deadline by 45 days because of new changes in the ITR forms and to give people enough time to file correctly using the updated HAS TO FILE BY OCTOBER 31, 2025? 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 now, there is no news of any extension for these audit-related deadlines, so make sure you plan well in 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, there is no word on any extension for these dates either, so it's better to prepare all documents 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 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 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, 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
Mint
2 hours ago
- Mint
Income tax filing FY 2024-25: Common delays, penalties, and how to avoid them
Many taxpayers delay and put off filing their income tax returns (ITRs) until the last moment. This leads to delay in refunds, avoidable stress and possibility of financial penalties. Even though over the years the process of income tax filing has become simpler, procrastination continues to complicate the process for taxpayers. Here is why delays take place and how you can avoid them this year i.e., while filing the tax returns for the financial year (FY) 2024-25. Taxpayers generally wait for the official release of updated ITR forms along with filing utilities. This usually comes after the previous financial year has ended. Important documents such as Form 16, Form 16A, annual information statements (AIS) are generally available only after mid June. In such a case, filing of tax returns before receiving the complete set of documents may result in data mismatches and incorrect income tax return calculations. Confusion around the default tax regime along with recent updates on the income tax portal have also made many salaried and first time income tax filers hesitant to start early. The income tax submission deadline has also been extended to September 15, 2025 to help taxpayers in filing taxes in a timely manner. Therefore, delays are not just due to technical difficulties. Many taxpayers feel overwhelmed and confused by the paperwork along with the fear of making submission mistakes. There's also a tendency to assume that there is always more time, until the deadline comes extremely close causing more stress. CA Ruchika Bhagat, MD, Neeraj Bhagat & Co., explains, 'Tax filing often takes a backseat due to fear of errors or the mental block associated with finances. People delay it thinking there's always more time, only to panic near the deadline. The solution lies in setting a specific date, breaking the task into smaller steps, and treating filing as a financial responsibility, not a burden.' Set a tax filing reminder: Once you have accumulated all the relevant documents from the official portals such as Form 16, Form 16A, annual information statement (AIS) post the same you should set a tax filing reminder. Set a target of one week or fifteen days within which you will compile and submit your income tax returns. Gather all tax documents early: This includes salary slips, rent receipts, bank interest proofs, Form 16 and investment details along with other similar relevant documents. This will help you in making your tax filing more smooth and seamless. Check Form 26AS and AIS online: To verify income and tax deposited at source (TDS) details match your records as provided on the income tax portal. If required write your entire tax calculation down on a sheet of paper. Compare old vs new tax regimes: To choose the one that gives you the best tax savings. For this you can also take professional guidance after discussing your individual case with a certified Chartered Accountant. Use trusted e-filing platforms: There are several prominent e-filing platforms that you can reach out to and file your tax in seamless fashion. You can also consult a CA for accurate and stress-free tax filing. The objective behind filing taxes early is to try and ensure that you receive refunds faster. Sometimes within two to three weeks. Filing on time also helps in avoiding late fees, unwanted errors and brings clarity and peace of mind. Most importantly it permits you to focus on planning your finances for the rest of the year in an efficient manner. If you miss the ITR deadline for FY 2024-25 i.e., September 15, 2025, then the income tax department may levy a penalty under Section 234F based on your income level. Income level Filing after due date but on or before 31 Dec 2025 Late filing fee (Section 234F) Up to ₹ 2.5 lakh Yes No penalty Above ₹ 2.5 lakh but up to ₹ 5 lakh Yes ₹ 1,000 Above ₹ 5 lakh Yes ₹ 5,000 Note: The above table is illustrative in nature and is open to change and amendments as per the provisions of the income tax act. For personalised legal or tax advice, please consult a qualified tax advisor or lawyer. Therefore, to ensure that you save yourself from the hassle of paying late fines, fees and filing complicated forms it is important for you to take proactive steps and ensure that your income tax return is filed within the stipulated time. Disclaimer: This article is for general information purposes only and should not be considered as professional tax advice. For personalised guidance, please consult a certified Chartered Accountant or a qualified tax advisor.
