Latest news with #Section234A
Hindustan Times
6 days ago
- Business
- Hindustan Times
ITR filing 2025 last date extended
The last date for the filing of Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26) has been extended. while the date for the filing of the return has been extended, the payment of any due self-assessment taxes must be finished by July 31.(Reuters) The Central Board of Direct Taxes has released a new deadline for ITR filing for non-audit cases, including salaried taxpayers. The final date to file the ITR for them has now been moved to September 15, 2025, from the earlier date July 31, 2025, according to the CBDT circular. Filing beyond this date will lead to a penalty of ₹5,000 (if income exceeds ₹5 lakh) and ₹1,000 for lower income groups under Section 234F. Belated or revised returns can be filed till December 31, 2025, and updated returns (ITR-U) can be filed till March 31, 2030. However, while the date for the filing of the return has been extended, the payment of any due self-assessment taxes must be finished by July 31. If not, penal interest under Section 234A may be accrued. The extension comes after alleged delays in the availability of updated ITR forms and e-filing facilities on the Income Tax Department's portal. Apart from this, the late reflection of TDS data in Form 26AS and AIS also led to challenges for the taxpayers, who urged for extension to ensure precise filing. The deadline extension also leads to a positive reflection on the refund interests. Taxpayers who are due refunds may get up to 33 per cent higher interest under Section 244A. This is because the interest is accrued from April 1, despite the extension. This interest is taxable and must be reported in the ITR. The Income Tax Department introduced a new Excel-based offline utility for filing the Income Tax Return-1 and Income Tax Return-4. Under this utility, taxpayers will be able to validate their returns by creating a JSON file and uploading it to the e-filing portal.
News18
14-07-2025
- Business
- News18
ITR Filing Last Date 2025: Is July 31 Deadline For Tax Filing? Check Extension Details
Tax experts confirm that with the extension of the ITR due date under Section 139(1), no interest under Section 234A will be charged if both the return and the self-assessment tax are paid on or before September 15, 2025. '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," CBDT said in the press release.
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Business Standard
27-05-2025
- Business
- Business Standard
CBDT extends ITR filing deadline to September 15 amid major changes
In a relief to taxpayers, the Central Board of Direct Taxes (CBDT) has extended the last date for filing the income-tax return (ITR) for assessment year (AY) 2025-26 from July 31 to September 15. 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.
