Understanding ITR Filing Due Dates in the New Income Tax Bill 2025

Understanding ITR Filing Due Dates in the New Income Tax Bill 2025

A Comprehensive Guide for Individuals, Companies, and Students

The Income Tax Bill 2025 introduces clear guidelines on the due dates for filing your Income Tax Return (ITR). In this guide, we break down the key deadlines, explain important terms, and answer what happens if you miss a deadline—all in simple language perfect for students and anyone looking for straightforward information.

---

What Does “Due Date” Mean Under the New Bill?

Under the new Income Tax Bill 2025, the due date is defined as the date in the financial year immediately following the relevant tax year by which you must file your ITR. This means that for each tax year, there is a specific deadline by which your return should be submitted.

---

Key ITR Filing Deadlines

The due dates differ based on your type of taxpayer and whether your accounts need auditing. Here’s a clear breakdown:

• For Individuals (Non-Audited Accounts):

  • Deadline: July 31
    If you are an individual taxpayer (including salaried employees) whose accounts do not require an audit, your ITR must be filed by July 31.

• For Individuals (Audited Accounts):

  • Deadline: October 31
    Taxpayers whose accounts require an audit need to file their returns by October 31.

• For Companies:

  • Deadline: October 31
    Companies are also required to complete their ITR filing by October 31.

• For Taxpayers with Special Reporting Requirements:

  • Deadline: November 30
    If you are required to furnish a report as per Section 172 of the bill, the due date extends to November 30.

• For Partners in Audited Firms or Their Spouses (if applicable):

  • Deadline: October 31
    Partners whose accounts need auditing, or spouses who fall under Section 10, must also file by October 31.

---

What If You Miss the Deadline?

The Income Tax Bill 2025 offers flexibility for late submissions:

• Belated Returns:
  You can file a belated return if you miss the initial due date. However, it must be filed within nine months from the end of the relevant tax year or before the assessment is completed—whichever comes first.

• Revised Returns:
  If you realize that corrections are needed after filing, you can submit a revised return using the same nine-month window.

Additionally, the bill allows the central government to exempt certain classes of taxpayers from filing returns, a provision that remains similar to the current tax law.

---

Simplified Summary for Students

• ITR Deadline Basics:
  Think of the due date as the “last day” you can submit your tax return after the tax year ends.

• Different Deadlines for Different Cases:

  • July 31: For individuals not needing an audit (like most salaried employees).
  • October 31: For companies and individuals whose accounts need auditing.
  • November 30: For those who must file a special report under Section 172.

• Missed the Deadline?
  Don’t worry—you can still file a belated or revised return within nine months from the end of the tax year.

---

Why This Matters

Understanding these deadlines is crucial not only for compliance with tax laws but also for avoiding penalties and ensuring a smooth assessment process. With the Income Tax Bill 2025, the government aims to simplify the filing process, making it easier for taxpayers—from seasoned professionals to students learning about personal finance—to follow the rules.

By keeping track of these dates and understanding the definitions, you can file your returns on time and make sure your tax matters are in order.