Has the Income Tax Dept really extended the ITR filing date from July 31 to September 15?
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Synopsis
In a significant move, the Income Tax Department has postponed the ITR filing deadline for FY 2024-25 to September 15, allowing taxpayers more time to adapt to recent changes. This extension addresses critical compliance issues and aims to streamline the filing process, ensuring accuracy and integrity in tax submissions.
Key Takeaways
- The ITR filing deadline has been extended to September 15.
- Changes in ITR forms aim to enhance compliance and transparency.
- ITR-1 can now accommodate long-term capital gains reporting.
- Taxpayers must be aware of the implications of opting out of the new tax regime.
- System readiness and stakeholder concerns were key factors in the extension decision.
New Delhi, May 27 (NationPress) The Income Tax Department has announced a new deadline for the submission of income tax returns for the financial year 2024-25 (assessment year 2025-26), extending it from July 31 to September 15.
The Central Board of Direct Taxes (CBDT) made this decision to allow more time for taxpayers in light of significant alterations made to the updated income tax return forms and the necessary time for system readiness and deployment of the ITR utilities for AY 2025-26, as stated in an official release.
This extension aims to address stakeholders' concerns and provide sufficient time for compliance, which is essential for maintaining the integrity and accuracy of the filing process, according to the statement.
The revised ITRs for AY 2025-26 have been overhauled in terms of structure and content, simplifying compliance, increasing transparency, and ensuring precise reporting. These modifications require additional time for system development, integration, and testing of the related utilities. Additionally, the credits from TDS statements, which must be submitted by May 31, are expected to be visible in early June, thereby limiting the practical timeframe for filing returns without this extension, the statement added.
To ensure a seamless and user-friendly filing process for taxpayers, the due date for ITR submissions has been officially extended from July 31 to September 15. A formal notification on this change will be issued separately, according to the statement.
The CBDT had previously published the income tax return forms ITR-1 and ITR-4 for FY 2024-25 and AY 2025-26 on April 30.
Taxpayers must use these new forms to file returns for income generated between April 1, 2024, and March 31, 2025.
A notable update in this year’s ITR forms allows ITR-1 (SAHAJ) to be utilized for declaring long-term capital gains (LTCG) under section 112A, provided the LTCG does not exceed Rs 1.25 lakh, and the taxpayer has no capital gains losses to offset.
Previously, ITR-1 did not permit reporting of capital gains tax. This year, taxpayers with long-term capital gains from selling listed equity shares and equity-oriented mutual funds can file their tax returns using ITR-1.
However, ITR-1 cannot be utilized by those who have capital gains from selling real estate or short-term capital gains from listed equity and equity mutual funds.
The notification also requires that income tax assesses who opted out of the new income tax regime in AY 2024-25 must declare and choose whether to continue or revert their selection.
Those opting out of the new tax regime for the first time in AY 2025-26 are required to provide their Form 10-IEA acknowledgment details.
Furthermore, clarifications regarding the late filing of Form 10-IEA are also necessary.
Point of View
This extension by the Income Tax Department reflects a commitment to taxpayer support and adaptability in an evolving tax landscape. It underscores the importance of compliance and the need for clarity amidst changing regulations, ensuring that citizens can fulfill their obligations without unnecessary stress.
NationPress
13/06/2025
Frequently Asked Questions
Why was the deadline for filing ITRs extended?
The deadline was extended to accommodate extensive changes in the notified ITRs and to ensure system readiness for the new utilities required for filing.
What is the new deadline for filing ITRs?
The new deadline for filing income tax returns is September 15, extended from the original date of July 31.
What are the major changes in ITR forms for FY 2024-25?
The ITR forms have been revised to simplify compliance, enhance transparency, and facilitate accurate reporting, including provisions for long-term capital gains.
Who can use ITR-1 this year?
Taxpayers with long-term capital gains under Rs 1.25 lakh can file ITR-1, provided they have no losses to carry forward.
What is required for those opting out of the new tax regime?
Taxpayers who opted out must declare their choice to either continue or revert their selection and provide Form 10-IEA acknowledgment details.
