Latest news with #IT)Department
Indian Express
04-07-2025
- Business
- Indian Express
ITR Filling FY 2024-25: How to File ITR Online Step by Step Guide
ITR Filing FY2024-25: The Income Tax (IT) Department has extended the deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 by over a month. Usually, the due date for filing ITR is July 31. However, this year, the last date has been extended to September 15, 2025. In a statement issued on May 27, 2025, the Central Board of Direct Taxes (CBDT) said, 'This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. This ensures a smoother and more accurate filing experience for everyone. Formal notification will follow.' Thus, the taxpayers who have not yet filed their returns are advised to make use of this extended window and complete the process at the earliest. Here's how you can file your ITR on time and avoid last-minute hassles. (With inputs from
NDTV
01-06-2025
- Business
- NDTV
How To File ITR If You Have Multiple Incomes? Simplified Steps
The Income Tax (IT) Department has started the process to file the income tax return (ITR) for the financial year 2024-25, corresponding to the assessment year 2025-26. While filing ITR is relatively easier for individuals with only one source of income, those with multiple streams may have a hard time keeping up with the regulations. As the ITR filing window is open, here is how taxpayers with income from multiple sources should go about their business: Gather all documents: This should be 101, but gathering all the documents is the first step. Collect the relevant salary slips, rental agreements, investment receipts and Form 26 AS. The latter is important for Tax Deducted at Source (TDS) and tax Collected at Source (TCS) claims during the financial year. Correct forms: Once the documents have been collected, the next step is to choose the correct ITR form. ITR 3 and ITR 4 are the two forms meant for taxpayers with income from business and other professions. Meanwhile, ITR-4 is for taxpayers who opt for presumptive business income. Assess total income to calculate tax: Income and tax calculation involves determining earnings from each source and aggregating them to determine your total taxable income. Various income sources may carry different tax implications. Deductions and exemptions: Make sure to consider potential deductions and exemptions that could lower your tax burden. The deductions will largely depend on the tax regime (old or new) you may have opted for. ITR deadline extended Earlier this week, the Income Tax Department extended the date to file the ITR to September 15 from the earlier deadline of July 31 to enable a smoother filing experience for taxpayers. ITR filing: Key deadlines to remember Individuals and non-audit cases: September 15, 2025 Audited Accounts (business or professionals): October 31, 2025 Taxpayers requiring transfer pricing cases (Form 3CEB): November 30, 2025 Belated or revised return: December 31, 2025 Failure to file the ITR may result in a notice from the Income Tax Department. If your reply is not accepted, it could lead to a penalty or in some cases, imprisonment.
