12 hours ago
1
The Central Board of Direct Taxes (CBDT) has extended the last date for salaried individuals to September 30, 2025, from July 31, 2025. The extension is given due to a delay in the ITR forms and e-filing utilities on the portal of the Income Tax Department.
Many taxpayers also faced issues with the forms 26AS and AIS.
What should a salaried taxpayer know?
However, despite the deadline extension, the taxpayers should make the payment of any self-assessment tax due by July 31, or else penal interest under Section 234A may apply.
If a taxpayer doesn't file the ITR (Income Tax Return) before the deadline, they may need to pay a fine of Rs 5,000 (if income exceeds Rs 5 lakh) and Rs 1,000 for lower incomes under Section 234F.
For belated and revised ITR, the last date for all kinds of taxpayers is December 31, 2025.
Taxpayers should also be aware of this cut-off date prior to submitting their ITR.
Taxpayers who sold their property, plot of land, or even shares during the financial year 2024–25 can choose between the old regime (with indexation) or the new regime (without indexation).
For the unversed, the indexation benefit brings down the tax liability of a citizen by adjusting the original cost of acquisition of a capital asset for inflation.
This means any asset bought after July 23, 2024, attracts tax on its entire acquisition cost. you could inflate the purchase price of the property based on inflation, reducing the gain and thus your tax liability. Read More
Received a notice after filing ITR? You can do this to avoid a penalty
The Income Tax Department can send you notices due to various reasons even after filing the ITR. This is a written notice sent to the taxpayer by the I-T department to alert them regarding the issue. So, when you get an income tax notice, you need to act on it within the deadline and try to resolve the matter as soon as possible. Read More
English (US) ·