Print

Income Tax Department extends date for filing ITRs from July 31 to Sep 15

The Income Tax Department on Tuesday extended the due date for filing income tax returns for FY 2024-25 (AY 2025-26) from July 31 to September 15.

“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) announced in a statement on Tuesday.

This extension is expected to address concerns raised by stakeholders and provide adequate time for compliance, thereby ensuring the integrity and accuracy of the return filing process, the statement added.

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 May 31—are expected to begin reflecting in early June, effectively limiting the filing window without such an extension.

Accordingly, to facilitate a smooth and convenient filing experience for taxpayers, the due date for filing ITRs, originally July 31, has been extended to September 15. A formal notification to this effect will be issued separately, the statement said.

The CBDT notified income tax return forms ITR-1 and ITR-4 for FY 2024-25 and AY 2025-26 on April 30. Returns for income earned during the financial year from April 1, 2024, to March 31, 2025, must be filed using the new forms.

A major change in the ITR forms this year is that ITR-1 (SAHAJ) can now be used to report long-term capital gains (LTCG) under Section 112A, provided the LTCG does not exceed ₹1.25 lakh and the assessee has no capital losses to carry forward or set off.

Earlier, ITR-1 did not include provisions to report capital gains tax. This year, taxpayers who have long-term capital gains from the sale of listed equity shares and equity-oriented mutual funds can file their returns using ITR-1.

However, ITR-1 cannot be used by taxpayers who have capital gains from the sale of house property or short-term capital gains from listed equity and equity mutual funds.

The notification also stipulates that taxpayers who opted out of the new income tax regime in AY 2024–25 must declare and indicate whether they wish to continue or reverse that selection.

Those opting out of the new regime for the first time in AY 2025–26 are required to furnish the acknowledgement details of Form 10-IEA.

Additionally, there must be clarification regarding the late filing of Form 10-IEA.

IANS

RELATED ARTICLES

42 mins ago | Fairfax Financial Holdings

Cabinet approves Rs 52,878 crore sale of 60.72% stake in IDBI Bank to Fairfax entity

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved Canada-based Fairfax Financial Holdings Ltd. as the strategic buyer for a 60.72% stake in IDBI Bank for approximately ₹52,878.08 crore. The transaction comprises the sale of a ...

1 hour ago | Annual Meetings

Nirmala Sitharaman to Attend IMF-World Bank Annual Meetings in Bangkok

Union Finance and Corporate Affairs Minister Nirmala Sitharaman will visit Bangkok, Thailand, from October 14 to 18 to participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, along with meetings of G20 an...

1 hour ago | Benchmark equity indices ended lower

Sensex falls, Nifty slips below 22,650 as pharma, healthcare stocks drag

Benchmark equity indices ended lower on Wednesday, weighed down by losses in pharma and healthcare stocks, even as gains in information technology shares limited the decline. The Sensex declined 251.89 points, or 0.34 per cent, to close at 72,781.8...