BUSINESS
No one can say now if the deadline for filing the ITR will be extended. However, there are instances of doing so in the past.
If you pay Income Tax, get ready to file the Income Tax Return or the ITR as the last date is coming closer. The Central Board of Direct Taxes (CBDT) has announced the last date for filing the ITR for the assessment year 2025-26 as well as different types of forms, including, Sahaj, Sugam, ITR-2, ITR-7 to ITR-U. File the ITR by the last date, otherwise, you may have to pay penalties.
The CBDT has announced the last date for filing the ITR as July 31, 2025. As the majority of the Income Tax payers are salaried people, this date is applicable for them. However, if you need your books of accounts to be audited or are a partner in a firm, the due date to file the original income-tax return is October 31, 2025.
No one can say now if the deadline for filing the ITR will be extended. However, there are instances of doing so in the past.
Every salaried person should have Form 16 as the wage certificate, issued by the employer. He should also have income proofs such as a bank interest certificate, a copy of the Annual Information Statement (AIS) and the Tax Information Statement (TIS) downloaded from the Income-tax website. AIS and TIS contain details of the income earned by the individual, including interest from banks and other financial institutions, capital gains. These details should match with the supporting base documents.
All people with gross income exceeding Rs 50,00,000 (fifty lakh) should have their books audited. Besides, companies or businesses exceeding total sales or turnover or gross receipts exceeding ten crore rupees should have their book audited.
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