ITR Filing Deadline For FY 2024-25: The Income Tax Department on Tuesday announced an extension of the due date for filing income tax returns for the financial year 2024-25 (assessment year 2025-26) from July 31 to September 15. The Central Board of Direct Taxes (CBDT) stated that the move aims to address stakeholder concerns and allow taxpayers sufficient time to comply with the revised filing requirements, ensuring accurate and error-free submissions.
According to an official statement, “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 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.
Adding further, credits arising from TDS statements, due for filing by May 31, are expected to begin reflecting in early June, limiting the effective window for return filing in the absence of such extension, the statement said.
Accordingly, to facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing of ITRs, originally due on July 31, is extended to September 15. A formal notification to this effect is being issued separately, the statement added.
CBDT Cites New Form Changes
The CBDT has notified the income tax return forms ITR-1 and ITR-4 for the financial year 2024-25 and the assessment year 2025-26 on April 30. The returns for incomes earned during the financial year from April 1, 2024, to March 31, 2025, have to be filed using the new forms.
A major change in the ITR forms this year is that ITR-1 (SAHAJ) can be filed for notifying long-term capital gains (LTCG) under section 112A. This is subject to the condition that the LTCG is not more than Rs 1.25 lakh, and the income tax assessee has no loss to carry forward or set off under the capital gains head.
Earlier, ITR 1 did not have a provision 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 use ITR-1 to file their tax returns.
However, ITR-1 forms cannot be filed in cases of taxpayers who have capital gains from the sale of house property or short-term capital gains from listed equity and equity mutual funds. (With IANS Inputs)
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