Income Tax Due Date Extended to September 15: Updated Timeline for FY 2024–25

The Income Tax due date for Financial Year (FY) 2024–25 has been extended to September 15, 2025. This extension offers taxpayers additional time to file their returns, providing a chance to avoid late fees and penalties. It allows individuals, businesses, and professionals to gather necessary documents, review their tax liabilities, and ensure accurate submissions. With this extra time, taxpayers can ensure their tax filings are complete, error-free, and compliant with the latest regulations. Whether you need to collect investment proofs, verify income details, or seek expert assistance, the new deadline offers more flexibility. This extension is particularly beneficial for those facing time constraints or complex filing situations. It gives everyone a bit more breathing room, allowing for a thorough review and avoiding last-minute rushes. Take full advantage of the new deadline and file on time to ensure smooth tax compliance for FY 2024–25.

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Table of Contents

• Income Tax Due Date Extension for FY 2024–25

• What Does This Extension Mean for Taxpayers?

• How to File Your Taxes Before the New Deadline

• The Importance of Timely Income Tax Filing

• TaxBuddy: Your Ally in Meeting Deadlines and Filing Taxes

• Conclusion

• FAQs

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Income Tax Due Date Extension for FY 2024–25

The Income Tax Department has officially extended the due date for filing income tax returns for the Financial Year 2024–25 to September 15, 2025. This extension applies to all taxpayers, offering an important opportunity to ensure that tax filings are accurate and timely. For many, this extension comes as a much-needed relief, providing more time to complete the filing process without the fear of incurring late fees or penalties.

Taxpayers now have the flexibility to gather documents, review financial information, and ensure their tax returns reflect the correct details. This extended deadline gives additional time to resolve any outstanding issues related to tax filing, particularly for those with complex tax situations. It’s crucial to use this time wisely to ensure that tax returns are filed with complete accuracy, as timely filing plays a significant role in avoiding costly penalties.

With this new timeline, there’s no need for last-minute rushing, giving taxpayers the chance to carefully verify their data and avoid common mistakes.

What Does This Extension Mean for Taxpayers?

The extension to September 15, 2025 brings several benefits to taxpayers:

• Organize and Gather Necessary Documents: Taxpayers now have more time to gather essential documents, such as Form 16, income statements, investment proofs, and other necessary records. Having all documents organized ensures a smooth filing process and reduces the chances of errors.
  

• Review and Confirm Tax Liabilities: With the extension, taxpayers can carefully review their tax liabilities. This extra time allows you to recheck deductions, exemptions, and income calculations, ensuring you don’t miss out on any eligible savings.
  

• Avoid Penalties for Late Filing: The deadline extension means taxpayers can file their returns without facing late submission penalties, as long as they meet the new deadline. This provides peace of mind, knowing you won’t incur additional charges.
  

• Leverage Online Filing Platforms: Online tax filing tools like TaxBuddy make the filing process much easier by pre-filling your data, ensuring your returns are accurate and quickly processed. This extension allows you to use these tools at your convenience.

Taxpayers now have a window of opportunity to carefully manage their filing, ensuring they meet the new deadline without rushing.

How to File Your Taxes Before the New Deadline

To make the most of the extended deadline, follow these steps to file your taxes efficiently:

• Prepare Financial Documents: Ensure all your financial documents are gathered. This includes your salary slips, bank statements, Form 16, proof of deductions, investment details, and any other necessary documents related to your income.
  

• Choose the Correct ITR Form: Depending on your sources of income, choose the appropriate Income Tax Return (ITR) form. For instance, ITR 1 is suitable for salaried individuals with income up to ₹50 lakh, whereas ITR 4 is for those with business income under the presumptive taxation scheme.
  

• Fill Out Your Returns: Once all your documents are organized, fill out your returns accurately. Tools like TaxBuddy help streamline this process by pre-filling much of your data, saving you time and ensuring accuracy.
  

• Submit Your Tax Return Early: Don’t wait until the last minute. Filing your returns early not only reduces the chances of errors but also gives you more time to address any potential issues or make corrections if necessary.
  

• Utilize TaxBuddy for Assistance: TaxBuddy’s platform provides guidance through each step of the filing process. If you need professional assistance, TaxBuddy offers expert support to ensure that your returns are filed accurately and on time.

By following these steps, you can confidently file your returns well before the new due date, ensuring a smooth process.

The Importance of Timely Income Tax Filing

Filing taxes on time is crucial for several reasons, and with the extended deadline, it’s an excellent opportunity to ensure compliance and avoid potential issues:

• Avoid Late Fees: The government imposes penalties for late filings, so adhering to the new deadline helps you avoid additional costs and ensures you won’t be charged for late submissions.
  

• Ensure Accurate Tax Calculations: Filing your return on time ensures that your tax calculations are accurate. It allows you to claim all eligible deductions and exemptions, which can reduce your overall tax liability and increase potential refunds.
  

• Maintain Good Standing with the Tax Department: Consistent, timely filing is crucial to maintaining a good relationship with the Income Tax Department. Failure to file on time could lead to unnecessary audits or increased scrutiny in future filings.
  

• Claim Refunds Promptly: Filing early helps ensure that any refunds due to you are processed sooner, aiding in better financial planning. Delays in filing can push back refund processing times.

With the extra time now available, it’s easier than ever to file your taxes without the stress of rushing at the last minute.

TaxBuddy: Your Ally in Meeting Deadlines and Filing Taxes

TaxBuddy is designed to make the tax filing process simpler, faster, and more efficient. Whether you're filing on your own or seeking professional assistance, TaxBuddy provides the tools necessary to ensure that your tax returns are filed correctly and on time. Key features of TaxBuddy include:

• Prefilled Data: TaxBuddy automatically imports your financial data, reducing manual entry and ensuring accuracy.
  

• Expert Assistance: For those who need extra support, TaxBuddy offers expert assistance to help navigate complex filings and avoid errors.
  

• User-Friendly Interface: With a clean, intuitive interface, TaxBuddy makes it easy for anyone to file their taxes, regardless of their experience level.
  

• Timely Reminders: TaxBuddy ensures that you never miss an important deadline, sending reminders and notifications as the new filing deadline approaches.

Using TaxBuddy helps streamline your filing process and ensures that your return is filed accurately and on time, even with the extended deadline.

Conclusion

For anyone looking for assistance in tax filing, it is highly recommended to download the TaxBuddy mobile app for a simplified, secure, and hassle-free experience. TaxBuddy’s platform guides you through the entire process, ensuring timely, accurate filing, and offers expert support if needed.

By using TaxBuddy, you can stay organized, avoid mistakes, and meet the extended tax filing deadline without stress, ensuring a smooth and compliant filing experience.

Frequently Aske Question (FAQs)

Can I file my ITR if I missed the earlier deadline?

Yes, if you missed the earlier deadline for filing your Income Tax Return, the recent extension gives you additional time to submit your returns without facing penalties. As long as you file your return by the extended deadline of September 15, 2025, you will not incur any late fees or penalties. However, it's important to note that if you delay filing after the new deadline, penalties may apply. Therefore, it's advisable to file your returns as soon as possible within the extended timeline to avoid any further complications or charges.

Does the extension of the due date affect tax penalties?

While the Income Tax due date has been extended, it’s important to note that late penalties may still apply for returns filed after the new deadline of September 15, 2025. The extension only provides additional time to file your returns without incurring penalties, but it doesn’t eliminate the requirement for timely filing beyond the new date. Therefore, it is crucial to meet the new deadline to avoid interest or penalty charges. Timely filing ensures that you remain in good standing with the tax authorities.

How do I calculate my tax liabilities?

TaxBuddy simplifies the process of calculating your tax liabilities. The platform automatically computes your tax based on your income, deductions, exemptions, and applicable tax laws. After you enter your financial details, TaxBuddy ensures that all tax calculations are made accurately, considering factors like your income tax slab, eligible deductions under sections like 80C, and applicable exemptions. This automated process reduces the risk of errors and ensures you pay the correct amount of tax. Additionally, TaxBuddy helps identify potential tax-saving opportunities and provides detailed breakdowns of how your tax liabilities are calculated.

Can TaxBuddy help with filing an ITR for multiple income sources?

Yes, TaxBuddy can assist with filing your ITR if you have multiple income sources. Whether you have income from your salary, business, capital gains, or interest, TaxBuddy’s platform helps you report all income sources in one place. The system automatically pre-fills information, identifies all eligible deductions, and ensures accurate reporting across various income categories. This feature makes it particularly useful for individuals with complex financial portfolios, as it ensures compliance while making the filing process more streamlined and efficient.

Are there any new tax regulations for FY 2024–25?

TaxBuddy stays updated with the latest tax regulations for the financial year 2024–25 to ensure your returns are filed in compliance with current rules. This includes the updated tax slabs, deductions, and exemptions available under the new tax regime. TaxBuddy also integrates new features like prefilled data and changes to tax forms, ensuring that the filing process is as efficient and accurate as possible. Whether you’re filing under the old tax regime or the new one, TaxBuddy keeps you informed of any regulatory updates that may impact your tax filing.

Can I file my taxes using a mobile app?

Yes, you can file your taxes using the TaxBuddy mobile app. The app provides a convenient, user-friendly interface for filing your returns on the go. With pre-filled forms, real-time status updates, and seamless integration of your financial data, TaxBuddy’s mobile app allows you to file your tax returns from anywhere, at any time. This option is perfect for taxpayers who want a simple and fast way to file their returns without being tied to a desktop computer.

How long does it take to file taxes through TaxBuddy?

Filing taxes through TaxBuddy is quick and efficient. The process can be completed in just a few minutes, especially with prefilled forms and automated data entry. TaxBuddy reduces the time required for filing by automatically importing data from documents like Form 16 and bank statements. This streamlined approach minimizes manual work and ensures that your filing is done accurately. For individuals with simple returns, the entire process can be completed in under 20 minutes, making TaxBuddy one of the fastest platforms for tax filing.

Is there a limit on the number of tax returns I can file with TaxBuddy?

No, there is no limit to the number of tax returns you can file with TaxBuddy. Whether you need to file a single return or multiple returns, TaxBuddy allows you to manage them all under the same account. This flexibility is especially useful for individuals or businesses with multiple income streams or complex tax situations. TaxBuddy ensures that all returns are processed efficiently, regardless of the number, providing you with a hassle-free filing experience.

Can I file my ITR if I have capital gains from listed shares?

Yes, you can file your ITR if you have capital gains from listed shares. TaxBuddy simplifies the process by providing prefilled forms, including the details of long-term and short-term capital gains from listed shares. For long-term capital gains (LTCG) from listed shares, TaxBuddy ensures that the gains are reported under Section 112A, which allows an exemption up to ₹1.25 lakh. For short-term capital gains (STCG), TaxBuddy calculates the applicable tax based on the holding period and tax rates. Whether your capital gains are long-term or short-term, TaxBuddy ensures your filings are accurate and compliant with the Income Tax Act.

What if I have income from more than one source of business?

If you have income from more than one business, you can still file your ITR using the appropriate form based on your income type. For individuals with business income under the presumptive taxation scheme, ITR 4 is suitable. However, if your business income is not under the presumptive scheme, you may need to file ITR 3 instead. TaxBuddy helps guide you through the process, ensuring all sources of income, including multiple businesses, are accurately reported. With its intelligent platform, you can file returns for complex income situations without any hassle.

Can I change my tax regime after filing my return?

Once you file your tax return, the regime selection (old or new tax regime) generally cannot be changed unless you are filing a revised return. If you realize after filing that you’ve chosen the wrong tax regime, TaxBuddy allows you to file a revised return. The revised return can be filed within the given time frame (usually before the end of the assessment year) to correct any errors, including the tax regime. It’s important to review your tax liability thoroughly before filing to avoid this situation. TaxBuddy makes this process easy by showing you the best tax regime choice based on your income and deductions.

What happens if I miss the new deadline of September 15, 2025?

If you miss the extended deadline of September 15, 2025, and fail to file your return, you may be subject to penalties and interest. The late fee under Section 234F of the Income Tax Act can apply if the return is filed after the due date. Additionally, if you are entitled to a refund, the delay might cause a longer processing time. TaxBuddy recommends filing as early as possible to avoid last-minute issues. It also helps you stay on top of deadlines by sending reminders, so you don’t miss any important dates and can file without facing penalties.