The Income Tax Return (ITR) filing deadline for Financial Year 2024-25 (Assessment Year 2025-26) has been officially extended to September 15, 2025, for taxpayers whose accounts do not require an audit. Those taxpayers facing AIS/Form 26AS mismatches, system delays, or audit requirements still await further updates, despite industry requests for further extensions.
Filing Process Overview
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Who Must File: Individuals, freelancers, and business owners with income above ₹2.5 lakh, rental earnings, capital gains, overseas assets, or directorships are required to file returns.
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Forms & Tools:
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Excel utility for ITR-6 (for companies) is now released and available for download.
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Utilities for ITR-7 (used by trusts and similar entities) are still pending.
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New Profession Codes: The ITR-3 and ITR-4 forms now include new profession-specific codes—for example, influencers must use code 16021, F&O traders 21010, and betting/gambling income 21009.
Common Mistakes to Avoid
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Choosing the Wrong ITR Form – Selecting ITR-1 when income includes capital gains or freelance revenue can render the return defective.
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Ignoring AIS/Form 26AS Mismatches – Discrepancies—especially in stock market-related entries—are triggering higher tax liabilities. Taxpayers should review these before filing.
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Not Reporting Exempt Income – Even income that isn’t taxable, like PPF interest or insurance maturity, must be declared under the “Exempt Income” section.
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Claiming Deductions Without Documentation – Now, more than ever, details like policy numbers, landlord info, and receipt numbers are required for deductions under 80C, 80D, HRA, etc.
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Skipping Excel Validation – Users of ITR-2 and ITR-3 utilities must enable macros, use pre-filled JSON files, and validate each schedule to avoid data corruption and delays.
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Missing the Deadline – Filing after September 15 incurs penalties and interest. If missed, a belated return is accepted only until December 31, 2025.
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Delay in Verification – Your ITR must be verified within 30 days of filing using EVC, Aadhaar OTP, or by sending signed ITR-V.
Why This Matters Now
With the extended deadline and new tool releases, taxpayers have a short but critical window to file accurately. Stakeholders like GCCI are advocating for another extension due to technical issues and pre-fill mismatches. Ensuring smooth filing now can prevent further financial strain or notices later.
Conclusion
Filing your ITR for AY 2025-26 requires timely action, careful form choice, and accurate reporting. With the extended deadline of September 15, 2025, and the availability of tools like the ITR-6 Excel utility, it’s essential to cross-check AIS, gather required documentation, and avoid common errors. Filing correctly today ensures peace of mind tomorrow.
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