The Income Tax Department on Tuesday expanded the due day for declaring Indian Income Tax Returns (ITR) for the Assessment Year (AY) 2025-26 to September 15, from the earlier due date of July 31.
The expansion relates to people, Hindu Undivided Families (HUFs), and entities that do not require to obtain their accounts investigated. They can currently submit their income tax return for revenue gained in the 2024ââ 25 (AprilââMarch) by September 15.
In a declaration, the Central Board of Direct Taxes (CBDT) claimed the expansion was required to prepare the Income Tax systems to integrate modifications in ITR kinds and to present the upgraded energies.
This year, ITR kinds for AY 2025ââ 26 were alerted in late April and very early May, unlike the previous yearâs technique of informing them in January/February
âTo facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing ITR, originally due on July 31, is extended to September 15, 2025,â the CBDT claimed.
The alerted ITRs for AY 2025ââ 26 have âundergone structural and content revisionsâ focused on streamlining conformity, boosting openness, and making it possible for precise coverage. These modifications have actually required extra time for system advancement, assimilation, and screening of the equivalent energies, it included.
According to PTI, the federal government alerted Income Tax Return Forms 1 and 4ââ submitted by people, HUFs, and entities with overall revenue as much as Rs 50 lakh a year and that do not need their accounts to be investigatedââ on April 29 for the analysis year 2025ââ 26.
Now, entities with long-lasting funding gains (LTCG) of as much as Rs 1.25 lakh from detailed equities can reveal such revenue in ITR 1 and 4. Earlier, they were needed to submit ITR-2.
Furthermore, credit reports emerging from TDS declarations, due for declaring by May 31, are anticipated to start mirroring in very early Juneââ restricting the reliable home window for return declaring without such an expansion, the declaration claimed.
Meanwhile, the federal government has actually additionally presented specific modifications in the type pertaining to reductions declared under areas 80C, 80GG, and others. A drop-down food selection has actually been given in the energy for tax obligation filers to make choices. Additionally, assessees will certainly currently need to provide section-wise information in the ITR pertaining to TDS reductions.
Under the Income Tax Act, LTCG of as much as Rs 1.25 lakh from the sale of detailed shares and shared funds is excluded from tax obligation. Gains surpassing Rs 1.25 lakh per year go through a 12.5& 37 tax obligation.
Typically, ITR kinds are alerted prior to completion of the , mainly around January orFebruary This time, nonetheless, the ITR kinds and the declaring energy were postponed, as earnings division authorities were busied with the brand-new Income Tax Bill, which was presented in Parliament in February.
(With inputs from PTI)
