New Delhi, Oct 29 (NationPress) The Central Board of Direct Taxes (CBDT) has announced an extension for the submission of Return of Income for taxpayers under sub-Section (1) of Section 139 of the Income Tax Act, 1961 for the Assessment Year 2025-26. The new deadline has been pushed from October 31 to December 10, as confirmed by an official statement released on Wednesday.

Additionally, the ‘specified date’ for submitting the audit report required under the Income Tax Act for the Previous Year 2024-25 (Assessment Year 2025-26) for specific assessees is also affected. Originally due on September 30, 2025, this date is now extended to October 31, 2025, and further to November 10, 2025.

A formal notification regarding this change will be issued separately, according to the statement.

Sub-section (1) of Section 139 outlines the requirements for both mandatory and voluntary filing of Income Tax Returns (ITR) in India. This applies to individuals, Hindu undivided families (HUFs), companies, firms, and Indian residents with foreign assets.

For individuals, filing is required if their total income exceeds the maximum amount not chargeable to tax during the financial year. For the Assessment Year 2025-26, this threshold stands at above Rs 3 lakh (under the new tax regime) or Rs 2.5 lakh (under the old tax regime) for those under 60. For individuals aged between 60 to 80 years, the limit is Rs 3 lakh (old regime), while for those above 80 years, it is Rs 5 lakh (old regime).

All companies and firms, including LLPs, are mandated to file regardless of profit or loss.

Indian residents with foreign assets or financial interests abroad, or those with signing authority in foreign accounts, must file a return irrespective of their income.

Other entities, such as Associations of Persons (AOP), Bodies of Individuals (BOI), or Artificial Juridical Persons, must file if their total income surpasses the basic exemption limit.

High-value transactions can also necessitate ITR filing, even if total income is under the taxable threshold. These transactions include depositing Rs 1 crore or more in current bank accounts, depositing Rs 50 lakh or more in savings accounts, spending over Rs 2 lakh on foreign travel, and incurring electricity expenses exceeding Rs 1 lakh.

Entities with a gross business turnover above Rs 60 lakh, or professional receipts exceeding Rs 10 lakh, are also required to file an ITR.