ITR Filing Online 2025-26 | Income Tax Return Filing 2025-26 | ITR 2025-26 Start Date & Last Date

Summary

In this video, the speaker discusses the delayed commencement of ITR filing for assessment year 2025-26 and the reasons behind it. The Income Tax Department has yet to release the new forms or enable online filing. Key changes in the new ITR forms are highlighted, including modifications to tax slabs, capital gains, and deductions. The speaker also outlines the expected due dates, penalties, and extensions for various types of tax filings. Additionally, the video addresses past delays and extensions, with an emphasis on the government's record and expectations for the current year.

Takeaways

• 😀 ITR filing for Assessment Year 2025-26 has not been enabled yet, even though it should have started by April 1, 2025.
• 😀 The delay in ITR filing is due to changes in the tax slabs and capital gains tax structure introduced in Budget 2024.
• 😀 The Income Tax Department is taking time to update ITR forms to accommodate the changes made in the new tax regime.
• 😀 New tax slabs have been introduced: 10% for income between ₹7-10 lakh, with 15% and 30% rates for higher incomes.
• 😀 The standard deduction in the new tax regime has increased from ₹50,000 to ₹75,000.
• 😀 The capital gains tax structure has been updated, with different tax rates for short-term and long-term capital gains depending on the sale date.
• 😀 ITR forms are more complex this year due to the changes in capital gains and other deductions.
• 😀 The expected deadline for non-audited ITR returns is July 31, 2025, and for tax-audited returns, it is October 31, 2025.
• 😀 If an ITR is filed late, there will be a ₹5,000 penalty, and the last date for filing will be December 31, 2025.
• 😀 The government did not extend the filing deadlines in recent years, except during the COVID-19 period, when extensions were granted.
• 😀 Taxpayers who are not involved in TDS can still file their ITRs without waiting for TDS updates, which will be available by mid-May 2025.

Q & A

Why hasn't the Income Tax Department enabled ITR filing for the assessment year 2025-2026 yet?

The ITR filing for the assessment year 2025-2026 has not been enabled because the Income Tax Department is still working on implementing changes related to the new tax forms. These changes are a result of the Budget 2024, which introduced several revisions, especially in capital gains tax and other deductions.

What significant changes are expected in the new ITR forms for the assessment year 2025-2026?

The new ITR forms for 2025-2026 include changes in tax slab rates, an increase in the standard deduction to ₹75,000, and modifications in capital gains tax rates. For instance, there are different tax rates for short-term and long-term capital gains, depending on whether they are realized before or after July 2024.

When will the ITR forms for 2025-2026 be available?

The ITR forms for 2025-2026 are expected to be made available by the first week of May 2025, although they have not been released as of now.

What are the key changes in the capital gains tax structure for the assessment year 2025-2026?

For short-term capital gains, the tax rate will be 15% for assets sold before July 2024 and 20% for assets sold after that. Similarly, for long-term capital gains, the tax rate will be 10% for assets sold before July 2024 and 12.5% for those sold after that.

What are the deadlines for filing ITR for the assessment year 2025-2026?

The deadline for filing ITR for non-audited cases is July 31, 2025. For audited cases (ITR-3), the deadline is October 31, 2025. Late filings can be done until December 31, 2025, with a penalty of ₹5,000.

Has the government ever extended the ITR filing deadline in recent years?

The government typically does not extend the ITR filing deadline, except during exceptional circumstances such as the COVID-19 pandemic. In such years, deadlines were extended from July to December or even January. However, no such extension has occurred for regular years.

What is the penalty for late ITR filing for the assessment year 2025-2026?

The penalty for late ITR filing after the normal deadline (July 31, 2025) is ₹5,000. This penalty applies to all taxpayers who file after the deadline but before December 31, 2025.

What is the importance of TDS updates in ITR filing for the assessment year 2025-2026?

TDS (Tax Deducted at Source) updates are crucial for taxpayers whose income is subject to TDS. The TDS return filing deadline is May 31, 2025. However, if you have no TDS or taxable income, you can file your ITR without waiting for TDS updates. The forms like Form 16 or 26AS will be updated after mid-May 2025.

What are the implications of not filing ITR on time?

Failure to file ITR on time can result in penalties, interest on unpaid taxes, and complications in claiming refunds. It is crucial to file ITR before the due date to avoid these penalties and keep your tax records in order.

How do the changes in tax slabs affect taxpayers in the new ITR forms for the assessment year 2025-2026?

The tax slab rates have been revised for the new tax regime. The 10% tax rate now applies to incomes between ₹7-10 lakh, while higher rates apply to incomes above ₹10 lakh. This change affects taxpayers, as it could lower or increase their tax liability depending on their income.