Amidst significant overhauls proposed in the Income-Tax Bill 2025, one aspect remains unchanged: the deadlines for filing Income Tax Returns (ITR). Taxpayers can breathe a sigh of relief as the bill confirms that existing filing dates will remain in effect for the assessment year 2026-27.
The new bill, set to replace the Income Tax Act of 1961, introduces numerous changes to modernize and streamline the Indian tax system. However, the core deadlines for ITR filing have been preserved.
Maintaining Existing Deadlines:
- The Income-Tax Bill 2025 proposes to keep the existing ITR filing deadlines unchanged. This means that for individual taxpayers whose accounts do not require auditing, the due date remains July 31st.
- For those whose accounts are subject to audits, the due date continues to be October 31st.
Clarification on Refunds:
- There has been some discussion and clarification regarding tax refunds in relation to the new bill. Initially, there were concerns that the bill might restrict refunds for those filing belated returns.
- The Income Tax Department has clarified that the provisions related to tax refunds remain unchanged in the new bill.
Key points from the bill.
- The new bill is set to replace the 1961 act.
- One of the major changes is the introduction of the term “Tax Year”
- There are new tax slabs introduced.
The Income-Tax Bill 2025 maintains the ITR filing due date for individual taxpayers as 31 July, with no changes proposed. For audited accounts, the due date is 31 October, while section 172 assessees must file by 30 November.
The confirmation of unchanged ITR filing dates for the tax year 2026-27 provides a sense of continuity during a period of significant tax reform. Taxpayers are advised to stay informed about the other changes in the Income-Tax Bill 2025 to ensure compliance.
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