New Delhi: In a relief to taxpayers, the Income Tax Department has extended the deadline for filing Income Tax Returns (ITRs) for the Financial Year 2024-25. The new deadline is now September 15, 2025, instead of the previous cut-off date of July 31, 2025.
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This extension is applicable to salaried professionals, pensioners, and other entities whose accounts do not require audit.
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Who Can Benefit From the Extended ITR Filing Deadline?
The revised deadline applies specifically to:
- Salaried individuals
- Pensioners
- Entities not requiring a tax audit
With over two months remaining, eligible taxpayers are advised to gather necessary documents and file their returns at the earliest to avoid last-minute technical glitches.
Key Documents Required for Salaried Professionals
To ensure smooth filing of ITR, salaried professionals must keep the following documents handy:
- Form-16 (issued by employer)
- PAN card
- Aadhar card
- Capital gains statement (if applicable)
- TDS certificates
- Rent agreement & rent receipts (only under old tax regime)
- Investment proofs (for deductions under Section 80C, 80D, etc.)
Is Form-16 Mandatory for Filing ITR?
While Form-16 is not legally mandatory, it is a highly recommended document that simplifies the ITR filing process. It contains:
- Salary breakdown
- Deductions claimed
- Total tax deducted (TDS)
If an individual has switched jobs during the financial year, Form-16 should be collected from all employers.
Importance of Capital Gains Statement
If you’ve sold capital assets such as mutual funds, stocks, or property, you must report the capital gains:
- Short-term capital gains (held for less than 12 months)
- Long-term capital gains (held for more than 12 months)
You can get this capital gains statement from your broker or mutual fund house to accurately report taxable gains.
What Is the AIS (Annual Information Statement) and Why Is It Crucial?
The Annual Information Statement (AIS) is an essential document for all taxpayers. It includes:
- All financial transactions during the year
- Interest income from savings and deposits
- Dividend income
- Purchase/sale of securities or properties
- High-value transactions
- Foreign remittances
- GST turnover, if applicable
The AIS provides a comprehensive summary and is used by the Income Tax Department to cross-verify the information submitted in your ITR.
Final Advice: Don’t Wait Till the Last Minute
While the ITR filing deadline has been extended, it is advisable to file your return well before the due date. Late filing can lead to penalties, missed refunds, and unnecessary stress.