ITR Filing Deadline: What You Need to Know
In a significant move aimed at easing the tax compliance process for taxpayers, the Central Board of Direct Taxes (CBDT) has officially extended the deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26). The new due date is now September 15, 2025, up from the previously set deadline of July 31, 2025.
Why Was the Deadline Extended?
The extension comes in light of several key factors:
- Revised ITR Forms: This year, the ITR forms underwent significant revisions, incorporating changes introduced in the 2025 Union Budget. These modifications necessitated additional time for taxpayers to familiarize themselves with the new formats.
- System Readiness: The Income Tax Department required extra time to ensure that the e-filing portal and associated utilities were updated and functioning smoothly to accommodate the new forms.
- TDS Credit Reflections: Tax Deducted at Source (TDS) credits, which are crucial for accurate filing, were expected to start reflecting in early June, providing taxpayers with a limited window to file their returns without errors.
Who Does This Affect?
The extension primarily benefits:
- Salaried Individuals: Those employed in the formal sector who receive a salary and are not required to get their accounts audited.
- Small Businesses and Professionals: Entities whose accounts are not subject to audit requirements.
It’s important to note that this extension does not apply to taxpayers whose accounts are required to be audited, such as companies and certain professionals.
What Should Taxpayers Do Now?
To make the most of this extension:
- Review the New ITR Forms: Familiarize yourself with the revised forms to ensure accurate and timely filing.
- Gather Necessary Documents: Collect all relevant documents, including Form 16, bank statements, and proof of deductions, to facilitate smooth filing.
- Monitor TDS Credits: Keep an eye on your TDS credits to ensure they are accurately reflected before filing.
- File Early: Avoid the last-minute rush by filing your return well before the new deadline.
Conclusion
The CBDT’s decision to extend the ITR filing deadline provides taxpayers with additional time to comply with the new requirements, ensuring accurate and hassle-free submissions. By taking proactive steps now, you can navigate the filing process smoothly and avoid potential penalties.
For more detailed information and updates, visit the official Income Tax Department website.