Updated ITR Calendar: New Deadlines for Individuals, HUFs, and Businesses (FY 2024–25)

The Central Board of Direct Taxes (CBDT) has announced an extension for the Income Tax Return (ITR) filing deadlines for the Financial Year (FY) 2024-25 (Assessment Year 2025-26). This extension, which pushes the original deadline of July 31, 2025, to September 15, 2025, is an important development for taxpayers, businesses, and tax professionals. It provides much-needed relief for those struggling to meet the original deadline due to various challenges, including changes in ITR forms, system updates, and the need for accurate reflection of Tax Deducted at Source (TDS) credits. This extended deadline allows taxpayers more time to file their returns correctly, avoid penalties, and ensure they comply with the latest tax regulations. Let's break down the updated ITR filing deadlines, the reasons behind the extension, potential consequences for missing the deadline, and the steps to file your ITR within the updated timeframe.

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Table of Contents

Latest ITR Filing Deadlines for FY 2024-25 (AY 2025-26)

Why Were the Deadlines Extended?

Consequences of Missing the Deadline

How to File ITR with the Updated Deadlines

Conclusion

FAQs

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Latest ITR Filing Deadlines for FY 2024-25 (AY 2025-26)

The updated Income Tax Return (ITR) filing deadlines for FY 2024-25 (Assessment Year 2025-26) are as follows:

• Individuals, HUFs, AOPs, and BOIs (without audit): The new deadline for filing ITR is September 15, 2025. This applies to most salaried individuals and non-business taxpayers who do not require an audit of their financial statements.
  

• Businesses (requiring audit): For businesses that require an audit under Section 44AB of the Income Tax Act, the filing deadline has been extended to October 31, 2025. This category includes businesses whose accounts must be audited by a chartered accountant.
  

• Businesses with Transfer Pricing (International/Domestic): If your business is involved in transfer pricing, the filing deadline is November 30, 2025. This applies to companies with international or domestic transactions that need to report their transfer pricing details.
  

• Revised/Belated Returns: Taxpayers who miss the original or extended deadlines can still file a belated return by December 31, 2025. However, penalties will apply.
  

• Updated Returns: Updated returns, under Section 139(8A), can be filed until March 31, 2030, to correct any mistakes in the previously filed return.

Why Were the Deadlines Extended?

The extension of the ITR filing deadline was due to several important reasons, primarily to accommodate changes in tax filing procedures and systems:

• Revised ITR Forms: This year, the ITR forms have undergone significant revisions, making them more comprehensive and in line with the latest tax regulations. These changes required more time for taxpayers to understand and fill out the forms accurately.
  

• System Integration and Updates: The new ITR forms and tax-related utilities needed updates to the IT systems used for processing returns. These technical upgrades were essential for smooth functioning and required additional time for testing and deployment.
  

• TDS Credit Reflection: One of the primary reasons for the deadline extension is to ensure that Tax Deducted at Source (TDS) credits are accurately reflected in the system. TDS certificates, which are typically issued by May 31, take time to appear in the system and may cause delays in filing without proper reflection of TDS.
  

• Taxpayer Convenience: The extension is also aimed at providing more time for taxpayers to file returns with accuracy, reducing the number of errors and rectifications. This additional time ensures that tax filing is as accurate and efficient as possible, minimizing the need for revisions or penalty payments.

Consequences of Missing the Deadline

Failing to file your ITR by the extended deadline can lead to several negative consequences:

• Penalties and Interest: If you miss the September 15, 2025, deadline, you can still file a belated return, but you will incur penalties under Section 234F. The penalty can range from ₹1,000 to ₹5,000, depending on your total income. Additionally, interest will be charged on any unpaid taxes under Section 234A, 234B, and 234C.
  

• Delayed Refunds: If you file your return after the due date, your refund processing will be delayed. The Income Tax Department prioritizes returns filed on time, so late filers will experience a delay in receiving any refund.
  

• Loss of Tax Benefits: Filing after the deadline may also affect your eligibility for certain tax benefits, deductions, and exemptions that are only available for those who file their returns on time. Moreover, missing the deadline may limit your ability to carry forward losses to the next financial year.
  

• Risk of Scrutiny and Audits: Filing late may increase the chances of your return being scrutinized or flagged for errors, leading to audits and additional paperwork.

How to File ITR with the Updated Deadline

Filing your ITR with the updated deadlines is a straightforward process if you follow these steps:

• Gather Necessary Documents: Ensure you have all the documents required for filing your return, including Form 16, TDS certificates, bank statements, proof of deductions (like 80C, 80D, etc.), and details of other income sources.
  

• Choose the Correct ITR Form: The ITR form depends on your income type. If you are a salaried individual, you will typically use ITR-1, but if you have business income or capital gains, you may need to file ITR-2 or ITR-3. Make sure to select the right form to avoid issues.
  

• Fill in the Details: Provide all the necessary information accurately in the ITR form. Double-check the TDS credits, income details, and deductions to ensure everything matches the information provided by your employer and other sources.
  

• File Online: Once you have filled in the details, you can file your ITR online using the official Income Tax Department portal or platforms like TaxBuddy. The e-filing process is fast and convenient, and TaxBuddy provides step-by-step guidance to ensure you don’t miss anything important.
  

• Verify Your Return: After submission, you will need to verify your return. This can be done through Aadhaar OTP, net banking, or by mailing a physical copy of the signed ITR-V form to the Income Tax Department.

Conclusion

The extension of the ITR filing deadline provides much-needed relief for taxpayers, allowing them to file accurate returns and avoid penalties. Businesses, professionals, and individuals now have additional time to ensure that they are fully compliant with the latest tax regulations. The extra time is particularly beneficial for those needing to verify TDS credits or make strategic tax decisions. However, it is crucial to file on time to avoid unnecessary penalties, delays in refund processing, and loss of tax benefits. For anyone looking for a simplified and secure filing process, it is highly recommended to download the TaxBuddy mobile app for a hassle-free experience.

FAQs

Q1: Does TaxBuddy offer both self-filing and expert-assisted plans for ITR filing, or only expert-assisted options? TaxBuddy provides both self-filing and expert-assisted plans for ITR filing. The self-filing option is designed for individuals who are confident in their understanding of the ITR filing process and want to complete it independently. This option is perfect for those who are comfortable with the forms and calculations but still need guidance on specific aspects. On the other hand, the expert-assisted plan is ideal for individuals or businesses who require more in-depth assistance. With this plan, a qualified tax professional will guide you through every step of the filing process, ensuring all deductions, exemptions, and credits are properly applied to minimize your tax liabilities and avoid errors.

Q2: Which is the best site to file ITR?

The best site to file your ITR depends on your preferences and the complexity of your tax situation. TaxBuddy stands out as an excellent choice due to its user-friendly interface, AI-powered tools, and expert support. It ensures compliance with the latest tax laws and reduces the chances of errors by automatically verifying key details in your returns. The official Income Tax Department portal is another option, but it may require more effort for taxpayers who are unfamiliar with the filing process. TaxBuddy streamlines this process, offering features such as automatic error-checking, personalized support, and real-time status tracking, which makes it a top choice for most taxpayers.

Q3: Where to file an income tax return?

Income Tax Returns (ITR) can be filed on the official Income Tax Department portal at incometax.gov.in, where taxpayers can fill in the necessary forms and submit their returns. However, platforms like TaxBuddy offer an enhanced filing experience, especially for those who are not as familiar with the official portal. TaxBuddy’s platform is more intuitive, guiding you through the entire process step by step, reducing the risk of mistakes. It also provides additional features like expert consultation and automated TDS credit verification to ensure that your return is filed accurately and efficiently.

Q4: Can I file my ITR after the deadline without penalties?

No, if you file your Income Tax Return (ITR) after the official deadline, you will incur penalties and interest on any unpaid taxes. The penalty for late filing can be up to ₹5,000, depending on the timing and whether the return is filed within the specified period. You can still file a belated return after the deadline; however, this will only be allowed up to December 31 of the relevant assessment year. Filing a belated return results in delays in refund processing, and you may have to pay interest on any unpaid taxes from the original due date.

Q5: What happens if I fail to file ITR within the extended deadline?

If you miss the extended deadline of September 15, 2025, for FY 2024-25 (Assessment Year 2025-26), you still have the option to file a belated return until December 31, 2025. However, this comes with penalties and interest charges on any outstanding taxes. The refund processing will also be delayed since belated returns are processed after the timely filed returns. It’s crucial to file on time to avoid penalties and ensure your return is processed swiftly.

Q6: How do I check the status of my income tax refund?

To check the status of your income tax refund, you can visit the Income Tax Department's e-filing portal and log in with your PAN and the relevant assessmentyear details. This will show you whether your return has been processed, if a refund has been issued, and whether any further action is required. Alternatively, if you filed your return through TaxBuddy, you can track the status of your refund directly on the TaxBuddy platform or contact their customer support for assistance.

Q7: Does TaxBuddy assist with TDS credit verification?

Yes, TaxBuddy assists in verifying TDS (Tax Deducted at Source) credits before you file your ITR. This is an essential step to ensure that the TDS shown in your Form 26AS matches the deductions you are claiming on your ITR. Discrepancies in TDS credits can delay your refund processing or even lead to mismatches. TaxBuddy automatically checks and validates these credits, ensuring that your return is filed accurately, thus minimizing the chances of errors and ensuring that you receive your refund without unnecessary delays.

Q8: How long does it take for TaxBuddy to process an ITR filing?

The processing time for filing your ITR with TaxBuddy depends on the complexity of your return. For simple returns, TaxBuddy can process them within a few hours, allowing you to submit your taxes quickly. For more complex returns, such as those involving business income, multiple deductions, or tax credits, the process may take longer as expert assistance is involved to ensure accuracy. However, TaxBuddy aims to complete all filings in a timely manner, so taxpayers do not face unnecessary delays.

Q9: What if I file ITR after the extended deadline?

If you file your ITR after the extended deadline of September 15, 2025, you can still file a belated return until December 31, 2025. However, you will incur penalties and your refund will be processed later than that of timely filers. Additionally, interest will be charged on any outstanding tax liabilities from the original due date, which will increase the overall tax burden. Therefore, it's advisable to file as soon as possible to avoid unnecessary penalties and delays in refund processing.

Q10: Are there penalties for errors in my ITR filing?

Yes, errors in ITR filing can lead to penalties, interest charges, and delays in refund processing. Common errors include incorrect income reporting, missed deductions, or misreported TDS credits. These errors may trigger scrutiny or an audit from the Income Tax Department. To avoid these complications, it's essential to ensure that all information is accurate and up-to-date before filing. Using tools like TaxBuddy can help prevent such errors as the platform automatically checks for discrepancies, ensuring your filing is error-free.

Q11: Can I make corrections in my ITR after filing?

Yes, if you realize there are errors in your ITR after filing, you can file a revised return. The revised return can be filed before the end of the assessment year, allowing you to correct mistakes such as incorrect income reporting or missed deductions. Filing a revised return ensures that your taxes are properly adjusted, and you can avoid penalties for errors. TaxBuddy also provides support for filing revised returns, ensuring that the correction process is smooth and hassle-free.

Q12: Does TaxBuddy support all tax regimes for ITR filing?

Yes, TaxBuddy supports both the old and new tax regimes. Taxpayers can choose the regime that provides the most tax savings based on their income and deductions. The platform guides you through the decision-making process and helps you select the most beneficial tax regime. This ensures that your filing is optimized for the lowest possible tax liability. Whether you're opting for the new, simplified tax regime or prefer the old regime with deductions and exemptions, TaxBuddy makes the process easy and efficient.