Tax dept extends ITR filing due date for AY26 to Sep 15
New Delhi, May 27 (PTI): The Income Tax department on Tuesday extended the due date for filing ITRs for Assessment Year 2025-26 by individuals and entities who do not have to get their accounts audited to September 15.
The extension from the current deadline of July 31, was on account of "structural and content revisions" in the income tax return (ITR) forms, which was notified in late April and early May. The changes made in the ITR form for AY 2025-26 also need modifications to be made in return filing utilities and the back-end system.
"To facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing ITR, originally due on July 31, is extended to September 15, 2025," the CBDT said.
The extension applies to individuals, HUFs and entities who do not need to get their accounts audited. They can now file their tax return for income earned in the 2024-25 (April-March) fiscal by September 15.
In a statement, the Central Board of Direct Taxes (CBDT) said the extension was necessitated to prepare Income Tax systems to incorporate changes in ITR forms and roll out the utilities.
The notified ITRs for AY2025-26 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, it added.
Furthermore, 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 an extension, the statement said.
EY India Partner and National Leader, People Advisory Services-Tax, Sonu Iyer said, "The ITR forms notified for the FY 2024-25 (AY 2025-26) incorporate the amendments introduced by the Finance Act 2024 and have enhanced reporting requirements relating to deductions being claimed, the requirement to report TDS section codes, provide the bifurcation of capital gains for pre and post-July 23, 2024, etc".
Finance Act 2024 has rationalised capital gains taxation on specific transactions on or after July 23, 2024.
"Given the requirements of these new ITR forms, the e-filing utility (both online and offline) needs to be updated by the government. Therefore, it is a very welcome move from the government to extend the ITR filing deadline, allowing taxpayers the time required to comply with these enhanced reporting requirements and legislative changes," Iyer said.
AKM Global Partner- Tax Sandeep Sehgal said, "This extension comes against the backdrop of some significant structural changes introduced in the ITR forms this year, which have delayed the release of the corresponding return preparation utilities- typically made available in early April in the earlier years".
"Given the complexity and increased reporting requirements in the revised ITR forms, including more granular disclosures of capital gains, foreign income, and asset ownership, the extension offers much-needed relief to taxpayers."
The government, on April 29, notified the income tax return forms 1 and 4, filed by individuals, HUFs and entities with total income up to Rs 50 lakh a year and who do not have to get their accounts audited.
Now, entities with long-term capital gains of up to Rs 1.25 lakh from listed equities can show such income in ITR 1 and 4. Earlier, they were required to file ITR-2.
The government has also made certain changes in the form, with regard to deductions claimed under 80C, 80GG and other sections and has provided a drop-down menu in the utility for tax filers to select from.
Also, assessees will have to furnish in the ITR section-wise details with regard to TDS deductions.
Under the I-T law, LTCG of up to Rs 1.25 lakh from the sale of listed shares and mutual funds are exempt from tax. Gains exceeding Rs 1.25 lakh per annum are subject to 12.5 per cent tax.
Usually, the ITR forms are notified before the end of the fiscal, mostly around January/February. This time, however, the ITR forms and the filing utility got delayed as revenue department officials were preoccupied with the new Income Tax Bill, which was introduced in Parliament in February.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Two injuries, one DNF, a DQ as India end messy World Relays campaign
Gaborone (Botswana) (PTI): Amoj Jacob and Ragul Kumar got injured during the men's 4x400m and 4x100 races respectively as India ended their World Athletics Relays campaign in disappointment on the second day of competitions here on Sunday.
The Indian camp had high hopes of making the 2027 World Championships in the men's 4x400m relay but the team did not finish (DNF) the race as Jacob suffered cramps and pulled out of the race after taking the baton from the first leg runner Dharamveer Choudhary. Rajesh Ramesh and Vishal TK were to run in the third and fourth legs.
Those teams which could not qualify for the 2027 Beijing World Championships by reaching the final round of each of the six relay events on Saturday were given another chance in the second qualification round on Sunday.
The top two teams in each of the two heats (in all six relay events) booked the Beijing ticket on Sunday.
India will now have to try and qualify for the World Championships through the Top Lists of the World Athletics, which is a long and tedious process.
In the men's 4x100m race, third leg runner Ragul Kumar fell down the track after failing to hand over the baton inside the exchange zone to fourth leg runner Gurindervir Singh, which clearly showed the lack of coordination among the runners.
Harsh Santosh Raut and Animesh Kujur ran the first two legs.
The Indian quartet was disqualified and Kumar was seen being taken away from the Field of Play with the help of the volunteers.
It was a comedy of errors in the case of the women's 4x100m race, which saw the baton being dropped during an exchange between first leg runner Tamanna and second runner Nithya Gandhe, though the Indians finished the race in 53.09 seconds.
Gandhe started running quite a distance, but after realising that the baton was not in her hand, she turned and ran back to pick it up.
The only silver-lining for the Indian contingent was the national record time in the mixed 4x100m relay race, though the quartet of Ragul Kumar, Nithya Gandhe, Animesh Kujur and Sneha SS finished sixth in heat number two with a time of 41.35 seconds, bettering the previous national mark of 42.30 seconds set in March in Chandigarh.
The mixed 4x400m relay quartet of Theerthesh P Shetty, Kumari Saloni, Nihal William and Rashdeep Kaur ended at fifth in heat number one with a time of 3 minutes and 19.40 seconds.
On Saturday, all the five Indian relay teams had failed to make it to the respective final rounds and thus missed out on the 2027 World Championships berths.
