Daijiworld Media Network - New Delhi
New Delhi, Oct 29: The Central Board of Direct Taxes (CBDT) on Wednesday announced an extension of the deadline for filing Income Tax Returns (ITRs) for assessees covered under sub-section (1) of Section 139 of the Income Tax Act, 1961. The due date for Assessment Year (AY) 2025–26 has been moved from October 31 to December 10, providing taxpayers additional time to comply with filing requirements.
Alongside, the CBDT has also extended the due date for furnishing audit reports for the Previous Year 2024–25. Initially due on September 30, 2025, and later extended to October 31, the new ‘specified date’ for submission has now been revised to November 10, 2025. A formal notification confirming these changes will be issued separately, the statement added.
Section 139(1) of the Income Tax Act governs the filing of returns by individuals, Hindu Undivided Families (HUFs), companies, firms, and other entities. It mandates filing for anyone whose income exceeds the basic exemption limit — Rs 3 lakh for those below 60 years under the new regime (Rs 2.5 lakh under the old), Rs 3 lakh for those aged 60–80 years, and Rs 5 lakh for those above 80 years.
Filing is compulsory for all companies and firms, including LLPs, regardless of profit or loss. Residents owning foreign assets or having signing authority in overseas accounts are also required to file returns, irrespective of income levels.
The obligation to file extends to associations of persons (AOPs), bodies of individuals (BOIs), and artificial juridical persons if their income exceeds the exemption threshold. In addition, certain high-value transactions automatically trigger the requirement to file an ITR — including deposits exceeding Rs 1 crore in current accounts, Rs 50 lac in savings accounts, foreign travel expenses over Rs 2 lac, or electricity bills above Rs 1 lac annually.
Entities with a gross business turnover above Rs 60 lakh or professional receipts exceeding Rs 10 lakh are similarly mandated to file their income tax returns under the Act.