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Time of India
a day ago
- Business
- Time of India
ITR filing FY 2024-25: ITR-2 online filing now live on Income Tax portal; check details
ITR filing: The Income Tax Return (ITR) filing deadline for FY 2024-25, assessment year 2025-26 is September 15, 2025. ITR filing FY 2024-25: The Income Tax Department has opened the online e-filing of ITR-2 on the Income Tax Portal The online submission system for Form ITR-2 was opened on July 18, 2025. This development allows various categories of taxpayers, including those with salaries, taxable capital gains, and cryptocurrency earnings, to submit their income tax returns through the e-filing ITR portal using ITR-2. Last week the Income Tax Department had released Excel Utilities for ITR-2 and ITR-3. The Income Tax Return (ITR) filing deadline for FY 2024-25, assessment year 2025-26 is September 15, 2025. The Income Tax Department announced on X (formerly Twitter): "Kind Attention Taxpayers!Income Tax Return Form of ITR-2 is now enabled for filing through online mode with pre-filled data at the e-filing portal. Visit: Who Should File ITR-2? For Assessment Year 2025-26 (Financial Year 2024-25), ITR-2 filing requirements apply to specific categories of taxpayers. Also Read | ITR filing FY 2024-25: New versus old income tax regime - what helps you save more tax? Check calculations before filing return Abhishek Soni, chartered accountant and co-founder of Tax2Win told ET, ITR-2 is applicable for individuals or HUF (Hindu Undivided Family) receiving income from: * Salary or pension earnings * Revenue from one or multiple house properties * Additional income sources, including lottery winnings, horse racing proceeds, or specially taxed income * Holders of unlisted equity shares during the financial year * Company directors * Individuals classified as Resident (ROR/RNOR) or non-resident * Profits from capital gains transactions * Earnings from overseas assets or foreign sources * Agricultural proceeds exceeding Rs 5,000/- * Income subject to clubbing provisions * Persons with financial interests in foreign assets, including signing authority for overseas accounts * Those seeking to carry forward or bring forward losses from house property * Cases where tax deduction falls under Section 194N The ITR-2 form has undergone several significant modifications for FY 2024-25 (AY 2025-26). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo The Schedule-Capital Gain has been divided so that it can segregate gains that have been made before and after July 23, 2024. For share buybacks that have been done after October 1, 2024, capital losses are now permissible when the corresponding dividend income is declared under income from other sources. Also, the threshold for reporting assets and liabilities has been increased. It requires disclosure only when total income is above Rs 1 crore. The form now requires detailed information for various deductions, including those under sections 80C and 10(13A). Additionally, taxpayers must now specify the TDS section code whilst filling the Schedule-TDS portion. Also Read | Income Tax Return: What is Form 16? Top things taxpayers should check in this document before filing ITR Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Upturn
08-07-2025
- Business
- Business Upturn
Ashapura Minechem settles tax dispute, restores Rs 259 crore in losses for future set-off
By Aditya Bhagchandani Published on July 8, 2025, 19:29 IST Ashapura Minechem Limited announced that it has successfully resolved a long-standing income tax dispute, resulting in the restoration of ₹259.20 crore in business and depreciation losses for future utilization. In a regulatory filing on July 8, 2025, the company informed that it received an order from the Deputy Commissioner of Income Tax (DCIT), dated June 27, 2025, which was uploaded on the Income Tax Portal and received by email on July 7, 2025. Key details: The dispute pertained to Assessment Year 2019–20 , where the Centralized Processing Center (CPC) had made an adjustment under Section 143(1)(a) of the Income Tax Act, disallowing ₹259.20 crore. Following directions from the Income Tax Appellate Tribunal (ITAT), Mumbai , the Assessing Officer re-examined the case and concluded that the adjustment was not in accordance with law. As a result, the company's total income for the year was computed as nil , and the losses previously disallowed have now been restored . The restored losses of ₹259.20 crore will now be available to offset against future profits of the company. Additionally, Ashapura Minechem confirmed that it has settled all other pending direct tax litigations under the Vivad se Vishwas 2024 scheme and has received Form 4 in all such cases. 'It is pertinent to note that as on date, the Company is free of all Income Tax related litigations,' the company stated in the filing. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Economic Times
27-05-2025
- Business
- Economic Times
ITR filing last date extended from July 31, 2025, for FY 2024-25 (AY 2025-26): Check the new date here
The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. The decision was made after a delay in issuing the notification of income tax return forms. Further, the income tax department is yet to issue the utilities to file the income tax return. The Income Tax Department announced this via a post on X (formerly known as Twitter). As per the post, "Kind Attention Taxpayers! CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025. 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." — IncomeTaxIndia (@IncomeTaxIndia) Chartered Accountant Ashish Niraj, Partner A S N & Company, says, 'This extension is a welcome step as today on 27th May 2028, till 5 PM, ITR is not available to be filed on the Income Tax Portal. Even AIS is not getting fetched properly in many cases. Now, as the Income Tax Department is taking time to enable the filing of Income Tax Return on the portal, this extension will give relief to professionals and taxpayers both." The ITR filing of July 31, 2025, applies to most general categories of taxpayers. This includes most salaried employees and all those taxpayers whose accounts are not required to be audited. Salaried employee will get 46 days extra to file their income tax returns. A penalty of up to Rs 5,000 will be applicable if the ITR is not filed by the last date. Also read: Taxpayers should avoid filing ITR before June 15 The Central Board of Direct Taxes (CBDT) has clarified the reasons for extending this due date. As per CBDT, "The notified ITRs for AY 2025-26 have undergone structural and content revisions aimed at simplifying compliance, enhancing transparency, and enabling accurate reporting. These changes have necessitated additional time for system development, integration, and testing of the corresponding utilities. Furthermore, credits arising from TDS statements, due for filing by 31st May 2025, are expected to begin reflecting in early June, limiting the effective window for return filing in the absence of such extension." The tax department further said, "In view of the extensive changes introduced in the notified ITRs and considering the time required for system readiness and roll-out of Income Tax Return (ITR) uilities for Assessment Year (AY) 2025-26, the Central Board of Direct Taxes (CBDT) has decided to extend the due date for filing returns.""Accordingly, to facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing of ITRs, originally due on 31st July 2025, is extended to 15th September 2025. A formal notification to this effect is being issued separately. 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," said the CBDT in the post on X.
