In a considerable change to ease the problem on taxpayers, the Central Board of Direct Taxes (CBDT) has overextended the deadline for filing Income Tax Returns (ITRs) for the FY 2024-25. All the taxpayers, along with individuals and Hindu Undivided Families who are not subject to evaluation, now have till 15 September 2025, as contradictory to the usual 31 July deadline.
This delay is intended at providing much-needed relief amidst a series of challenges come across by taxpayers and tax professionals.
The announcement follows repeated depictions from chartered accountants and various professional bodies, who stretched concerns about the problems faced by taxpayers in meeting the July deadline. Some of the important motives behind the extension include:
Technical Portal Problems: A substantial number of users described technical issues with the income tax e-filing portal, extending from slow logins to complete failures in uploading ITR. These technical issues effect the filing processes, mostly during peak periods.
Variations in Data: Most of the taxpayers are also facing confusion due to variations between the Annual Information Statement and Form 26AS. These defects led to glitches in integrating tax credits, captivating taxpayers to dedicate additional time validating their details before submission of their returns.
Delayed Forms Submissions: The issue of updated ITR forms and filing utilities came later than expected, resulting in a shortened effective filing window for taxpayers to complete their returns.
New ICAI Reporting Setup: The overview of a reviewed reporting arrangement by the Institute of Chartered Accountants of India (ICAI) amplified the compliance burden for taxpayers, specifically those demanding assistance from professionals to navigate the updated requirements.
Despite this ITR date extension, taxpayers whose financial statement are subject to audit must still follow to the original deadline of 30 September 2025. Missing the latest deadline of 15 Sep may lead to late charges under Section 234F and interest penalties under Sections 234A, 234B, and 234C. Additionally, taxpayers may miss the ability to carry forward their losses.
Despite the fact that the extension provides extra time for filing returns, experts desire taxpayers to avoid delay. Specified the complications of tax filing and the improbability of further delays, filing initially is still the best course of action.
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Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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