Deadline to file ITR prolonged to September 15 amid techniques tweaks – OXBIG NEWS NETWORK-OxBig News Network

NEW DELHI: The earnings tax division has prolonged the deadline for submitting of tax returns by people from July 31 to Sept 15 within the wake of a number of amendments to the legislation, which have necessitated revisions within the notified ITRs for this evaluation 12 months, requiring the authorities to remodel the know-how platform, amongst different issues.“The notified ITRs for Assessment Year 2025-26 (FY2024-25) have undergone structural and content material revisions aimed toward simplifying compliance, enhancing transparency, and enabling correct reporting. These adjustments have necessitated extra time for system growth, integration, and testing of the corresponding utilities. Furthermore, credit arising from TDS statements, due for submitting by May 31, 2025, are anticipated to start reflecting in early June, limiting the efficient window for returns submitting within the absence of such extension,” the Central Board of Direct Taxes (CBDT) mentioned in a press release.For the previous couple of years, the tax division has been sticking to the July 31 deadline meant for people who don’t have to get audits accomplished. The deadline covers the majority of I-T returns filed throughout the 12 months. Whenever the deadline has been prolonged prior to now, it has occurred fairly late within the day. But this time the I-T division has opted to tell taxpayers early.“Given the necessities of those new ITR kinds, the e-filing utility (each on-line and offline) must be up to date by govt. Therefore, it’s a very welcome transfer to increase the ITR submitting deadline…, permitting taxpayers the time required to adjust to these enhanced reporting necessities and legislative adjustments,” mentioned Sonu Iyer, accomplice and nationwide chief for People Advisory Services-Tax at consulting agency EY India.“Given the complexity and elevated reporting necessities within the revised ITR kinds, together with extra granular disclosures of capital positive factors, overseas earnings, and asset possession, the extension provides much-needed aid to taxpayers… taxpayers are suggested to utilise this prolonged window to compile their monetary information, reconcile mandatory info, thereby minimising the danger of submitting errors or omissions,” mentioned Sandeep Sehgal, tax accomplice at consulting agency AKM Global.