The Central Board of Direct Taxes (CBDT) has increased the due date for submission of Income Tax Returns (ITR) for the FY 2024–25 (AY 2025–26) from July 31, 2025, to September 15, 2025.
Why Was the Deadline Extended?
The expansion was necessitated by the delay in releasing the official notice for the ITR forms and the accompanying utilities needed for submission of returns. This move is designed to offer taxpayers extra time to meet their tax obligations without subjecting them to penalties.
Revised ITR Filing Checklist for FY 2024–25
To facilitate seamless filing, taxpayers need to prepare the following:
- Form 16 and Form 16A: These are released by employers and financial institutions and contain the details of tax deducted at source (TDS).
- Annual Information Statement (AIS) and Form 26AS: These reports collate your financial transactions and TDS information.
- Bank Statements and Passbooks: Required for reporting interest income and cross-checking transactions.
- Investment Proofs: Documents pertaining to deductions under sections such as 80C, 80D, etc.
- Statements of Capital Gains: Information about income or losses from asset sales.
- Statements of Loans: Information on house loans, education loans, etc., to be used for claiming deductions.
- Business Income Information: For self-employed individuals, income and expenditure details.
- Sources of Other Income: Details about rental income, dividends, etc.
Important Considerations
- Wait for Complete Information: Tax professionals recommend waiting until June 15, 2025, to file returns since essential documents such as Form 16 and AIS are usually provided by this time. Filing before getting them may result in errors.
- Verify Pre-filled Data: Make sure all pre-filled data in the ITR forms is correct and as per your records.
- Select the Right ITR Form: Select the right ITR form according to your sources of income and category.
- E-Verification: Post-filing, follow the e-verification process within the specified time to authenticate your
Late Filing Penalties
Late filing of your ITR after the extended due date of September 15, 2025, might incur penalties: - ₹5,000: In case filed after the due date but on or before December 31, 2025.
- ₹10,000: In case filed after December 31, 2025.
- ₹1,000: If your overall income is not more than ₹5 lakh.
Final Thoughts
The extension offers a great chance to get everything in order and file correct returns. Use this time to collect required information, seek advice from tax experts if necessary, and steer clear of last-minute troubles.