The Central Board of Direct Taxes (CBDT) has announced a relief for taxpayers: the deadline to file Income Tax Returns (ITR) for FY 2024-25 (AY 2025-26) has been extended. Here’s everything you need to know:

1. ⏳ New Deadline for ITR Filing

· Original deadline: October 31, 2025

· Extended deadline: December 10, 2025

· This gives taxpayers an additional 40 days to file their returns without facing penalties.

2. ✅ Who Can Benefit from the Extension?

· Individuals who have missed the october 31 deadline.

· Taxpayers with complex returns needing more time to gather documents.

· Those who were waiting for Form 16, bank statements, or other proofs before filing.

⚠️ Note: The extension may not apply to certain corporate or audit-required filings, so check the specific category applicable to your status.

3. 💰 Late Filing Penalty Considerations

· Filing after october 31 but before december 10:

o No penalty for most individual taxpayers.

o Filing after december 10 may attract penalties under Section 234F.

· Interest on tax due (if any) will continue to apply even during the extension period.

4. 🧾 Tips for Filing ITR Now

1. Collect all documents: Form 16/16A, bank statements, investment proofs, TDS certificates.

2. Use pre-filled ITR forms on the Income Tax e-filing portal.

3. Double-check deductions and exemptions to avoid errors.

4. Pay any tax due before filing to avoid additional interest.

5. ⚡ Key Takeaways

· The extended deadline reduces stress for taxpayers and allows proper filing.

· Individuals and small taxpayers can avoid penalties if filed by december 10.

· This extension is a one-time relief and should not be postponed further.

 

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.

For more interesting updates wa click and follow Indiaherald WhatsApp channel

Find out more:

Tax

Balasahana Suresh

02/11/2025 10:28 AM