TAX AUDIT DEADLINE EXTENSION
If you don’t make these 8 disclosures, your ITR may be treated as defective
Filing income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures include foreign assets, income, crypto transactions, and unlisted equity shares. Failing to report these details, especially for residents with overseas holdings, can result in penalties and even imprisonment, though some relief exists for movable assets under Rs 20 lakh.
How to file ITR if you have sold house or land in FY 2024-25
For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.
ITR Filing Deadline Extension: Now Karnataka commerce body, Surat CA unit seek ITR due date extension
Several bodies are requesting an extension to the Income Tax Return (ITR) filing deadline. The Federation of Karnataka Chambers of Commerce & Industry and the Chartered Accountants Association, Surat, have also joined. They cite technical issues, form changes, and portal glitches as reasons for the delay.
NDA-ally AGP to move Supreme Court, seek exemption of Assam from immigrant foreigners' directive
Asom Gana Parishad will move to the Supreme Court. The party opposes the Centre's order on immigrant foreigners. AGP fears it violates the Assam Accord. The Accord sets a deadline for detecting illegal foreigners. The Centre's order allows certain religious groups from neighboring countries to stay without valid documents. AGP had earlier challenged the Citizenship Amendment Act.
Bill to replace tobacco cess with new levy in winter session
The central government might present a bill during Parliament's winter session. This bill focuses on imposing a levy on tobacco products. It would replace the Goods and Services Tax compensation cess. The current cess may continue for three months. This extension ensures full repayment of state compensation loans.
Gurgaon man moves court over flooded streets after rains, seeks full audit of money spent on roads, and drainage
A Gurgaon resident has filed a petition in district court against chronic civic neglect following heavy monsoon rains, which caused severe waterlogging and traffic disruptions. The court has issued notices to MCG officials, the deputy commissioner, and the DCP (traffic), demanding detailed responses within two weeks.
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ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal
The tax bar association, which includes tax practitioners, chartered accountants, company secretaries, advocates, and consultants, in its letter, highlighted how taxpayers and professionals have been struggling this year due to the late release of utilities, ongoing technical issues with the ITRportal, and additional compliance steps.
Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS
The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.
Govt to monitor GST rate cuts to ensure relief reaches common man: Minister
The finance ministry will closely monitor the implementation of reduced GST rates to ensure the relief reaches the common man, according to Minister Pankaj Chaudhary. This move, coupled with income-tax relief, aims to boost consumption. While income-tax relief benefits the middle class, GST relief will benefit a broader spectrum, including the poor, MSMEs, and others.
ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
GST overhaul: Mallikarjun Kharge says wait for 'true GST 2.0' continues, demands compensation for states for 5 more years
The Indian National Congress has for long been advocating for a GST 2.0 that reduces the number of rates, cuts the rates on a large number of items of mass consumption, minimises evasion, mis-classification, and disputes, does away with inverted duty structure, lower tax on output as compared to inputs, eases the compliance burden on MSMEs, and expands GST coverage, Ramesh said on X.
Congress terms GST overhaul 'GST 1.5'; says wait for 'true GST 2.0' continues
The Congress party has criticized the GST Council's overhaul of the GST regime, calling it "GST 1.5" and questioning its ability to stimulate private investment and ease the burden on MSMEs. They argue that the wait for a "true GST 2.0" continues, particularly regarding the extension of compensation to states.
ITR filing deadline: How much penalty amount you need to pay if you miss September 15 due date?
The ITR filing deadline is September 15, 2025. This is for individuals not requiring audits. Missing it means late fees. Section 234F details penalties up to Rs 5,000. Lower income taxpayers may pay Rs 1,000. Penal interest also applies. Certain high-value transactions mandate ITR filing. Filing ITR is a duty. It validates creditworthiness for financial benefits.
GST Council Meeting: Hour of GST 2.0 arrives; all eyes on Team Modi's Diwali gifts for Indian economy
The keenly-watched GST Council meeting is underway. It will potentially overhauling India's tax structure by reducing it to two primary slabs of 5% and 18%, alongside a 40% rate for luxury items. This reform aims to boost consumption and simplify compliance, but faces opposition from states concerned about revenue losses and compensation mechanisms, particularly regarding the compensation cess.
CBDT extends I-T exemption window for sovereign wealth, pension funds till 2030
The CBDT has extended income tax exemptions for sovereign wealth and pension funds investing in India's infrastructure until March 31, 2030. This move, formalized after an earlier announcement, aims to attract long-term global capital by exempting these funds from taxes on dividends, interest, and capital gains.
ITR filing after deadline: What is condonation of delay request? How it can save you from penalties
The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.
Bihar SIR claims, objections can be filed even after September 1 deadline: ECI to SC
The Supreme Court addressed the Bihar electoral roll revision. The Election Commission of India (ECI) stated that objections could be filed after the deadline. The court requested legal volunteers to assist voters. These volunteers will submit confidential reports. The goal is to address trust issues with the ECI. The ECI noted more exclusion requests than inclusion requests.
ET MSME Awards 2025: Demand so high, we had to hit the brakes!
The deadline for India’s biggest MSME awards has been extended, giving India's hidden champions more time to step into the spotlight.
Bihar SIR: Claims, objections allowed after Sep 1 but only post-finalisation of roll, EC tells SC
The Supreme Court observed that confusion around the Bihar SIR exercise was “largely a trust issue” and urged political parties to “activate themselves” to address concerns at the grassroots level. To ensure that voters and political parties are able to effectively file claims and objections, the apex court also directed the Bihar State Legal Services Authority to deploy para-legal volunteers to assist in the process.
ITR deadline: Do I need to file ITR if my salary income is less than Rs 3 lakh? Know when you need to file ITR
With the ITR filing deadline of September 15, 2025, fast approaching, the Income Tax Department is sending reminders. Filing is mandatory if your income exceeds ₹3 lakh under the new regime or Rs 2.5 lakh under the old regime, as per FY 2024-25 rules. Even with income below the limit, certain transactions or refund claims necessitate filing.
Centre's fiscal deficit until July widens to 29.9% of FY26 target
India's fiscal deficit widened to 29.9% of the annual target by July, driven by increased capital expenditure and a 7.5% contraction in net tax revenue. While revenue spending rose 17.1%, capital expenditure surged 32.8% to spur economic growth. Experts believe the government can still meet its 4.4% deficit target for 2025-26, despite a July deficit of ₹1.88 lakh crore.
Supreme Court to hear Bihar SIR date extension plea on Monday
The Supreme Court will hear a plea on September 1 regarding the Bihar Special Intensive Revision of electoral rolls. The plea seeks an extension to file claims and objections. Advocate Prashant Bhushan mentioned the urgency on behalf of the Association for Democratic Reforms. The Rashtriya Janata Dal and others requested the extension. The Election Commission previously refused a similar request.
Bihar SIR row: SC to hear RJD, AIMIM pleas on extension of deadline for claim filing on Sep 8
The Supreme Court has agreed to hear on September 8 the pleas from RJD and AIMIM seeking an extension to the September 1 deadline for filing claims and objections in Bihar's electoral roll revision. The parties cite a surge in filings after the court allowed Aadhaar submission, alleging that officials are disregarding the order.
Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say
The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.
Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX
ITR Filing Deadline Extended?: The Chandigarh Chartered Accountants Taxation Association (CCTAX) has urged the CBDT to extend the ITR and tax audit deadline for AY 2025-26, citing persistent glitches on the ITR filing portal, data mismatches, and recent ICAI format changes. CCTAX highlights that natural calamities and delayed utility releases have further complicated compliance. Read more.
ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?
The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.
ITR Filing, UPS deadline, SBI credit card changes, Registered Post merger and more: Deadlines & key watchouts in September 2025
September 2025 brings key financial changes, including India Post merging Registered Post with Speed Post and revisions to SBI credit card rewards. Special FD schemes from Indian Bank and IDBI Bank are ending, while the ITR filing deadline for certain taxpayers is extended to September 15th. Central government employees have until September 30th to switch from NPS to UPS.
GSTR-3B deadline extended for Mumbai and these Maharashtra districts
Due to heavy rains and public disruptions, the CBIC has extended the GSTR-3B filing deadline for July 2025 to August 27, 2025. This extension applies to registered businesses in Mumbai City, Mumbai Suburban, Thane, Raigad, and Palghar districts of Maharashtra. Form GSTR-3B is a simplified summary return for declaring GST liabilities, required for all normal and casual taxpayers.
Documents for ITR filing FY 2024-25 (AY 2025-26): Eight documents you must keep ready to file your income tax return
The government has extended the ITR filing deadline for FY 2024-25 to September 15, 2025, benefiting taxpayers not requiring audits. Taxpayers should verify income details using Form 26AS and AIS. Gathering key documents like Form 16, capital gains statements, and interest certificates in advance simplifies the filing process and ensures accurate reporting of income, investments, and deductions.
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