Various tax professional bodies have been demanding an immediate extension of ITR due dates.

As per reports, the Karnataka State Chartered Accountants Association (KSCAA), the central council (CIRC) of the Institute of Chartered Accountants of India (ICAI), and the Advocates Tax Bar Association (ATBA) have approached the Ministry of Finance, seeking the extension of due dates. They have also highlighted various issues with the e-filing Income Tax Return portal.

Many taxpayers are under the impression that there is no tax up to ₹12 lakh. Hence, they do not need to file a return. But this is wrong and dangerous as well for taxpayers.

The truth is that taxpayers are currently required to file ITR for FY 2024-25 (AY 2025-226) if their annual income is above the basic exemption limit, which is only ₹3 lakh in the new tax regime and ₹2.5 lakh under the old regime.

Of the 5.3 crore returns filed, taxpayers have verified over 4.99 crore returns, while the Income Tax department has processed more than 3.57 crore verified returns.

On September 9, nearly 16.3 lakh returns were filed.

Around 8 crore taxpayers are estimated to file their returns in 2025. This means that over 2.5 crore returns are yet to be filed by September 15, 2025.

In FY 2024-25, 7.28 crore returns were filed up to the July 31 deadline.

For income from online gaming, you generally need to file ITR-2.

"File your return through the prescribed ITR form applicable to you (generally, ITR-2 or ITR-3 depending on your other income) and ensure the accuracy in your return filing as the income tax department cross-verifies it with the data available with the respective platforms," explained CA Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara Pvt. Ltd.

Winnings from online games should be reported under the ‘Income from Other Sources’ section in your Income Tax Return (ITR).

If TDS has been deducted, it will be visible in your Form 26AS (through Form 16A) and should be included in the Schedule TDS section of your ITR.

If you have had any losses from online gaming, you can adjust them against your gaming income while filing your return.

If you are a salaried employee trading in derivatives, such as futures and options (F&O), it is time for you to file your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26).

However, you may be confused about the ITR filing due date that will apply to you in the current ITR filing season. Here's an answer for you:

If you are a salaried employee who is also trading in F&O, you should calculate your turnover to determine if your account needs to be audited. After this,

If the account needs auditing, then the ITR due date for you will be October 31, 2025.

Here are five points you should know about the new tax regime:

• Total income is calculated without claiming specified exemptions and deductions

• The total income is calculated computed without set-off of losses or depreciation carried forward from earlier years if such loss or depreciation is attributable to any of the specified exemptions and deductions

• The total income is calculated without set-off of any loss under the head "Income from house property" with any other head of income

• The total income is calculated after claiming depreciation in the prescribed manner, and where the depreciation rate of any block of assets is more than 40%, it is restricted to 40%. and

• The total income is calculated without claiming any exemptions or deductions for allowances or perquisites provided under any other law for the time being in force.

Source: Taxmann

There are many benefits of filing your Income Tax Return before the due date/deadline.

• Timely returns facilitate faster refund processing

• It reduces the chances of mismatches or rejections

• ITR serves as an official financial proof required for loan applications

• ITR helps in visa processing and also other financial transactions.

Moreover, early filing provides peace of mind and smooth financial planning.

I finished filing my ITR at 11:55 PM last night, and the entire process took an hour, which included downloading and analysing my annual information statement (AIS) and annual tax statement (Form 26AS), scrolling through the IT department’s website for things to remember while filing and double-checking everything I verified.

The Financial Year is the year in which you earn your income. For example, if you earn income between 1 April 2024 and 31 March 2025, that period is called Financial Year 2024–25 (FY 2024–25).

The Assessment Year is the year immediately after the Financial Year, in which you file your Income Tax Return (ITR) and the government assesses (checks) the income earned in the previous year. For example, income earned in FY 2024–25 will be reported and assessed in Assessment Year 2025–26 (AY 2025–26).

(Source: PIB)

The due date to file ITR for a non-audit filer is September 15, 2025.

A non-audit filer is a taxpayer whose accounts are not required to be audited under the Income Tax Act, 1961. Typically, such filers include the following:

• Individuals and HUFs with income from salary, pension, house property, capital gains, or other sources.

• Small businesses and professionals who opt for the presumptive taxation scheme (Sections 44AD, 44ADA, 44AE) and whose turnover does not cross the limit requiring audit)

No. The due date/deadline of Income Tax Return filing for FY 2024-25 may not be extended further.

The due date was already extended from July 31 to September 15.

Instead, the tax department has been using its X handline to urger taxpayers to file their returns as soon as possible.

If you also haven't filed your return till now, do it fast to avoid the last-minute rush.

The Income Tax Department's e-filing portal shows only 3.48 crore verified returns have been processed till September 9, 2025.

Over 5.13 crore returns have been filed and more than 4.8 crore ITRs have been verified by taxpayers.

The due date/deadline is September 15, 2025.

If you don’t file ITR within the due date, you can file a belated return. However, a late filing fee of ₹5,000 will be applicable if your income is more than ₹5 lakh. If your income is ₹5 lakh or less, the penalty is capped at ₹1,000.

Further, non-payment of tax attracts interest, penalty and prosecution. In case you fail to pay your tax liability, you can face rigorous imprisonment from 3 months to 2 years. If the evaded tax amount exceeds ₹25 lakh, the punishment could be 6 months to 7 years.

The Income Tax Department's e-filing portal shows 5,13,71,090 returns were filed till September 9, 2015. Of these, taxpayers have verified over 4.84 crore returns, while the Income Tax department has processed more than 3.48 crore verified returns.

On September 9, nearly 13 lakh returns were filed.

Around 8 crore taxpayers are estimated to file their returns in 2025. This means that over 2.5 crore returns are yet to be filed by September 15, 2025.

In FY 2024-25, 7.28 crore returns were filed up to the July 31 deadline. The return filing has been slow in 2025 despite the due date extension.

ITR filing 2025: As per Income Tax rules, one can claim an exemption of ₹1.25 lakh on long-term capital gains (LTCG) from the sale of shares (including gifted shares) on or after July 23, 2024. LTCG above ₹1.25 lakh in such cases are taxed at a special rate of 12.5% under Section 112A of the Income Tax Act, 1961.

No. As per the instructions given by the Income Tax Department in ITR forms, shares of a company listed in a recognised stock exchange outside India should not be considered unlisted shares for reporting in the ITR.

You have to report such shareholding in Schedule FA.