The Income Tax Department has reported that over 7 crore income tax returns (ITRs) have already been filed for the Assessment Year (AY) 2025-26, as the filing deadline of September 15, 2025 draws to a close. This marks a significant milestone in the annual tax filing process.
Here are the key highlights:
Key Highlights of ITR Filing Update:
1. Total ITRs Filed:
o As of the latest data, more than 7 crore returns have been filed for AY 2025-26, showcasing a robust filing rate.
2. Deadline:
o The ITR filing deadline for individuals and businesses was set for September 15, 2025. However, those who missed the deadline can still file their returns with a late fee or request an extension if applicable.
3. Electronic Filing Trend:
o The majority of ITRs have been filed online, in line with the government's push for digitalization in tax filing processes. This has led to quicker processing and easier access for taxpayers.
Key Takeaways for Taxpayers:
· Late Filing:
o If you haven’t filed yet, it’s essential to do so before the deadline to avoid penalties. A late fee is applicable for returns filed after the deadline.
· ITR Filing Process:
o The Income Tax Department has streamlined the e-filing process, making it user-friendly for individuals to file returns online through the Income Tax Portal.
· Taxpayers' Compliance:
o The 7 crore ITRs filed so far reflects a positive compliance rate, with many individuals, professionals, and businesses fulfilling their tax obligations.
Conclusion:
With the filing deadline fast approaching, those who haven’t filed yet should act quickly to ensure they comply with tax regulations for AY 2025-26. The Income Tax Department continues to encourage taxpayers to use the e-filing platform for faster and more efficient processing.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk..jpg)
click and follow Indiaherald WhatsApp channel