New Delhi: The Central Board of Direct Taxes (CBDT) has decided to extend the due date for furnishing of Return of Income for assessees covered under sub-Section (1) of Section 139 of the Income Tax Act, 1961 for the Assessment Year 2025-26 from October 31, to December 10, according to an official statement issued on Wednesday.
Also, the ‘specified date’ of furnishing of the report of audit under the provisions of the Income Tax Act, 1961, for the Previous Year 2024-25 (Assessment Year 2025-26), in the case of assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, originally due on September 30, 2025, was extended to October 31, 2025. The CBDT has now decided to further extend the said ‘specified date’ from October 31 to November 10.
A formal notification to this effect is being issued separately, the statement added.
Sub-section (1) of Section 139 of the Income Tax Act, 1961, governs the mandatory and voluntary filing of an income tax return (ITR) in India. It covers individuals and Hindu undivided families (HUFs), companies and firms, as well as Indian residents owning foreign assets.
In the case of individuals, it is if their total income during the financial year, before claiming certain deductions and exemptions, exceeds the maximum amount not chargeable to tax. For the Assessment Year 2025-26, for those below 60 years, it is above Rs 3 lakh (under the new tax regime) or Rs 2.5 lakh (under the old tax regime). For 60 to 80 years, it is above Rs 3 lakh (old regime), while for 80 years or more, it is above Rs 5 lakh (old regime).
Filing is mandatory for all companies and firms (including LLPs), regardless of whether they made a profit or incurred a loss.
Indian residents who own assets or have a financial interest in an entity outside India, or have signing authority in a foreign account, must file a return regardless of their income.
Other entities, including an Association of Persons (AOP), Body of Individuals (BOI), or Artificial Juridical Person, must file if their total income exceeds the basic exemption limit.
Certain high-value transactions trigger the requirement to file an ITR, even if the total income is below the taxable threshold. These include: Depositing Rs 1 crore or more in one or more current bank accounts, depositing Rs 50 lakh or more in one or more savings bank accounts, spending over Rs 2 lakh on foreign travel for yourself or another person, and incurring electricity expenses of over Rs 1 lakh.
Gross business turnover exceeding Rs 60 lakh, or those with professional receipts exceeding Rs 10 lakh are also required to file an ITR.
(IANS)
