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Context:
The Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Returns (ITR) for Assessment Year (AY) 2025-26 from July 31, 2025 to September 15, 2025. The extension responds to significant revisions in ITR forms and new reporting requirements introduced by the Finance Act, 2024.
Reasons for Extension
- Extensive changes to ITR forms require more time for system readiness and rollout of updated ITR utilities.
- Tax deducted at source (TDS) credits, due by May 31, will only reflect from early June, limiting the practical window for return filing without the extension.
Key Changes in ITR Forms
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- ITR1 now includes an option to report long-term capital gains (LTCG) up to ₹1.25 lakh.
- ITRs 2, 3, 5, and 6 require detailed disclosures under the Capital Gains Schedule.
- Reporting is split for transactions before and after July 23, 2024, reflecting different tax implications after changes in tax laws last year.
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