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ITR Filing Deadline For FY 2024-25: The Income Tax Department on Tuesday introduced an extension of the due date for submitting source of revenue tax returns for the monetary 12 months 2024-25 (evaluate 12 months 2025-26) from July 31 to September 15. The Central Board of Direct Taxes (CBDT) said that the transfer goals to deal with stakeholder considerations and make allowance taxpayers enough time to agree to the revised submitting necessities, making sure correct and error-free submissions.
According to an legitimate commentary, “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 gone through structural and content material revisions geared toward simplifying compliance, improving transparency, and enabling correct reporting. These adjustments have necessitated time beyond regulation for machine construction, integration, and checking out of the corresponding utilities.
Adding additional, credit coming up from TDS statements, due for submitting via May 31, are anticipated to start reflecting in early June, restricting the efficient window for go back submitting within the absence of such extension, the commentary stated.
Accordingly, to facilitate a clean and handy submitting enjoy for taxpayers, it’s been determined that the due date for submitting of ITRs, firstly due on July 31, is prolonged to September 15. A proper notification to this impact is being issued one after the other, the commentary added.
CBDT Cites New Form Changes
The CBDT has notified the source of revenue tax go back paperwork ITR-1 and ITR-4 for the monetary 12 months 2024-25 and the evaluate 12 months 2025-26 on April 30. The returns for earning earned all over the monetary 12 months from April 1, 2024, to March 31, 2025, should be filed the usage of the brand new paperwork.
A big exchange within the ITR paperwork this 12 months is that ITR-1 (SAHAJ) will also be filed for notifying long-term capital positive factors (LTCG) below segment 112A. This is matter to the situation that the LTCG is no more than Rs 1.25 lakh, and the source of revenue tax assessee has no loss to hold ahead or activate below the capital positive factors head.
Earlier, ITR 1 didn’t have a provision to file capital positive factors tax. This 12 months, taxpayers, who’ve long-term capital positive factors from the sale of indexed fairness stocks and equity-oriented mutual finances, can use ITR-1 to report their tax returns.
However, ITR-1 paperwork can’t be filed in circumstances of taxpayers who’ve capital positive factors from the sale of area belongings or momentary capital positive factors from indexed fairness and fairness mutual finances. (With IANS Inputs)
