ITR Filing FY25: Income Tax Dept. Extends Last Date For Filing Returns | Details

On Tuesday, 27th May, the Central Board of Direct Access or CBDT decided to extend the due date of filing of ideas for the assessment year 20/25/26 which were due for filing by 31st July 2025 to 15 September 2025. In a statement, CBDT said the notified IDR's for assessment year 202526 have undergone structural and content revisions aimed at simplifying compliance, enhancing transparency and enabling accurate reporting. These changes have necessitated traditional time for system development, integration and testing of the corresponding utilities. Furthermore, credits arising from TDs statements due for filing by 31st May 2025 are expected to begin reflecting in early June, limiting the effective window for return filing. In the absence of such extension, the department said this extension will provide more time due to significant revisions in ITIF forms, system development needs, and TDs credit reflections. This will ensure A smoother and more accurate filing experience for everyone. CBDT also said that a formal notification to this effect will be issued shortly. This extension is expected to mitigate the concerns raised by stakeholders and provide adequate time for compliance, thereby ensuring the integrity and accuracy of the return filing process. Earlier this month, CBDT introduced the new ITR Form 5 for Assessment year 20/25/26 with key changes. Notable revision was the introduction of a split within the scheduled capital gain, mandating taxpayers to report capital gains before and after July 23rd, 2024. New changes allowed for the conditional reporting of capital losses incurred during share buybacks. This is applicable when the corresponding dividend income from these buybacks is being declared as income from other sources, particularly for transactions occurring after October 1st 2024. The new Form 5 has a specific reference to Section 44 BBC of the Income Tax Act and requires specifying the DDS section code within scheduled DDS.