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Taxpayers Gain 45 Extra Days to File ITR for FY 2024-25
24 Jul
Summary
- Income Tax Department extends ITR filing deadline to September 15, 2025
- New tax regime offers zero tax on incomes up to Rs 7 lakh
- Salaried individuals can claim standard deduction of Rs 75,000
The Income Tax Department has announced an extension for filing income tax returns (ITRs) for the financial year 2024-25 (assessment year 2025-26). The new deadline is September 15, 2025, instead of the original July 31, 2025, giving taxpayers an additional 45 days to submit their ITRs.
The extension was made due to structural changes in the Income Tax Act, 1961, including modifications to capital gain tax rules, income tax slabs under the new tax regime, and other related updates. Under the new tax regime, salaried individuals can claim a standard deduction of Rs 75,000 from their salary income. Additionally, they can avail a deduction of up to 14% of their basic salary under Section 80CCD(2) if they opt for the new tax regime.
Notably, taxpayers with a net taxable income (after deductions and exemptions) of up to Rs 7 lakh will not have to pay any income tax in the upcoming financial year. This is due to the tax rebate of up to Rs 25,000 available under Section 87A. The government has also announced that no tax will be levied on incomes up to Rs 12 lakh in the current financial year, 2025-26.
