Attention all taxpayers in India! The extended deadline for filing your Income Tax Return (ITR) for the financial year 2024-25 (Assessment Year 2025-26) is approaching. The original deadline was July 31, 2025. The Central Board of Direct Taxes (CBDT) has granted a helpful extension.
Mark Your Calendars: The New Deadline is September 15, 2025!
The CBDT has officially moved the due date for filing ITRs for individuals whose accounts do not require an audit from July 31, 2025, to September 15, 2025. This extension provides relief for millions of taxpayers and is due to several factors:
Revised ITR Forms: The Income Tax Department made significant changes to the ITR forms for AY 2025-26. This revision requires extra time for taxpayers and software providers.
System Readiness: The e-filing portal needed time to implement these changes and ensure the updated utilities work smoothly.
TDS Statement Reflection: Many taxpayers use Form 26AS and the Annual Information Statement (AIS) to check their income and tax credits. TDS entries, due by May 31, often take time to reflect accurately, making the extension necessary.
This extension aims to create a smoother and more accurate filing experience for everyone.
Who Needs to File an ITR?
It’s important to know if you must file an ITR, even with the extended deadline. Generally, you need to file if:
Your total income, before deductions, exceeds the basic exemption limit (which varies based on age and the tax regime you choose—old or new).
You are a company or a firm, regardless of profit or loss.
You want to claim a refund for excess tax deducted (TDS) or paid.
You have foreign income or assets outside India.
You have done specific high-value transactions, such as:
Depositing Rs.50 lakh or more in a savings account or Rs.1 crore or more in a current account.
Spending Rs.2 lakh or more on foreign travel.
Paying electricity bills over Rs.1 lakh.
Your gross total receipts from a profession exceed Rs.10 lakh, or business turnover exceeds Rs.60 lakh.
Your total TDS or TCS is Rs.25,000 or more (Rs.50,000 or more for senior citizens).
The Risks of Delaying: Consequences of Missing the Extended Deadline
While the extension is a relief, don’t make the mistake of delaying your filing. Missing the September 15, 2025, deadline can lead to penalties and disadvantages:
Late Filing Fees (Section 234F):
If your total income is up to Rs.5 lakh, a late fee of Rs.1,000 applies.
If your total income exceeds Rs.5 lakh, the penalty is Rs.5,000.
Note: No penalty is applied if your gross total income is below the basic exemption limit.
Interest on Outstanding Tax (Section 234A): If you owe any unpaid taxes, you will incur an interest charge of 1% per month (or part of a month) on the outstanding amount from the due date until you file. The longer you wait, the higher your interest burden.
Loss of Certain Benefits:
No Carry Forward of Losses: You might lose the chance to carry forward some losses (like capital or business losses, excluding house property losses) to offset against future income, which could raise your tax bill in the future.
No Option for Old Tax Regime: Missing the extended deadline means you must be taxed under the New Tax Regime. If you had significant deductions or exemptions under the old regime, you would miss out on those benefits.
Delayed Refunds: If you are eligible for a refund, filing your ITR late will slow down the processing and issuance of your refund. The Income Tax Department will not pay interest on late refunds if you file your return after the due date.
Higher Scrutiny Risk: Late filings might flag your return for more scrutiny by the Income Tax Department.
Essential Steps for a Smooth Filing Process:
To ensure a hassle-free filing experience, gather and review these important documents:
PAN Card and Aadhaar Card: Make sure your PAN is linked to Aadhaar.
Form 16/16A: Provided by your employer (Form 16) or other deductors (Form 16A) for TDS details.
Form 26AS and Annual Information Statement (AIS)/Taxpayer Information Summary (TIS): These give an overview of your financial transactions and tax credits. Check all entries carefully.
Bank Statements and Interest Certificates: For income from savings accounts and fixed deposits.
Investment Proofs: Receipts for tax-saving investments under Section 80C (PPF, ELSS, life insurance premiums, etc.) and any other deductions you plan to claim (like medical expenses under 80D, education loan interest under 80E, HRA proofs).
Capital Gains Statements: If you have income from selling shares, mutual funds, or property.
Financial Statements (for Business/Profession): Profit and loss account, balance sheet, GST returns (if applicable).
Remember: You do not need to attach these documents to your e-filed return, but keep them for future reference or if requested by the tax authorities.
Don’t Delay—File Early!
The extended deadline of September 15, 2025, offers useful extra time. However, it is not a reason to procrastinate. Filing early allows you to:
Avoid last-minute rushes and possible technical issues on the e-filing portal.
Fix any errors in your Form 26AS or AIS ahead of time.
Get your tax refund processed more quickly if you qualify.
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