ITR Filing Last Date 2025: Is July 31 Deadline For Tax Filing? Check Extension Details
'Accordingly, to facilitate a smooth and convenient filing experience for taxpayers, it has been decided that the due date for filing of ITRs, originally due on 31st July 2025, is extended to 15th September 2025," CBDT said in the press release.
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News18
14 hours ago
- News18
ITR 2025: Are E-Filing And E-Payment The Same? Know The Difference
Last Updated: E-filing is the process of electronically submitting your Income Tax Return using the e-filing portal, and e-payment is the process of electronically paying taxes. In India, the introduction of digitalisation has transformed administrative operations, particularly taxation and government services. With the rise of e-governance activities, e-filing and e-payment have emerged as critical components of the digital transformation. E-filing refers to the electronic submission of a variety of documents, allowing for more efficient operations for tax returns and other purposes. E-payment, on the other hand, allows for the electronic transfer of a number of regulatory-mandated charges and fees, ranging from income tax liabilities to goods and services tax obligations. While both e-filing and e-payment are electronic processes connected to taxes and other government operations, they serve different functions. E-filing is the process of electronically submitting documents or forms, whereas e-payment is the process of making electronic payments. E-Filing E-filing, also known as electronic income tax filing, is the online filing of an income tax return (ITR) for a given assessment year. This does not involve any physical exertion. Simply log in to your laptop and file your ITR according to the Income Tax Department's guidelines. E-Payment E-payments are done with debit and credit cards, direct bank deposits, and e-checks; however, other e-payment methods, including e-wallets and bank transfers, are also accepted. Benefits of e-Payment It's faster and more convenient Making digital payments also provides proof of transactions. Taxpayers can use this method anytime. In simple words, e-filing is the process of electronically submitting your Income Tax Return using the e-filing portal, and e-payment is the process of electronically paying taxes. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
15 hours ago
- News18
First-Time Income Tax Return Filing? Here's Your Simple 10-Point Guide
Last Updated: Here's a step-by-step checklist that will help you understand who needs to file, which ITR form to choose, what documents to keep handy, and the deadline to avoid penalties. Filing your income tax return (ITR) for the first time? While e-filing has become quicker and simpler, many first-time taxpayers still find the process intimidating. This step-by-step checklist will help you understand who needs to file, which ITR form to choose, what documents to keep handy, and the deadline to avoid penalties. 1. Who needs to file an ITR? You must file an ITR if your annual income crosses the taxable threshold or if you meet certain financial conditions — such as holding assets in India or abroad, having combined bank deposits over Rs 50 lakh, maintaining savings/current account balances above Rs 1 crore, paying electricity bills over Rs 1 lakh a year, spending more than Rs 2 lakh on foreign travel, investing in markets or ESOPs, or having sales worth more than Rs 60 lakh in a year. 2. Understanding taxable income Your taxable income equals total earnings from salary and other sources (FD interest, shares, etc.) minus deductions allowed under the Income Tax Act. Deductions may include investments in PPF, NPS, life insurance, home loan interest, or rent paid. 3. Old vs. new tax regime The last date to file without penalty is September 15, 2025. You can file a belated return until December 31, 2025, but this attracts a penalty of Rs 1,000-Rs 10,000 depending on the delay and income. 5. Documents required Keep ready: Form 16 from your employer(s), PAN, Aadhaar (linked), investment proofs, home loan interest certificate, and insurance premium receipts. 6. Form 16 A TDS certificate from your employer detailing salary, deductions, and exemptions — crucial for filing your return. 7. Form 26AS Summarises income on which tax has been deducted; essential for cross-checking TDS credits. 8. Annual Information Statement (AIS) Lists interest income, dividends, securities trades, and other transactions — much of which is auto-filled in your ITR form. 9. E-verification is mandatory The income tax department requires e-verification within 30 days of filing. Skipping it can make your return invalid and delay refunds. Verification can be done using Aadhaar OTP, net banking, or an EVC. 10. Selecting the correct ITR form ITR-1: For income from salary, one house property, and other sources. ITR-2: For individuals/HUFs without business income. ITR-4: For presumptive income from business or profession. For first-time filers, the right preparation — knowing the rules, collecting documents, and choosing the correct form — will make ITR filing smoother, faster, and penalty-free. Click here to add News18 as your preferred news source on Google, Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
a day ago
- Time of India
Telangana sees sharp rise in number of high-income taxpayers in last five years
1 2 3 4 Hyderabad: Be it the pandemic or layoffs across industries, nothing seems to have slowed the growth of employees in Telangana, as the number of individuals earning over Rs 25 lakh per annum increased by over 140% in the last five years, records show. While the total number of ITRs declaring a total income between Rs 25 lakh and Rs 50 lakh stood at 25,216 during the assessment year (AY) 2020-21, the figure shot up to 60,830 in AY 2024-25. In fact, the state saw a steady increase in the last five years when it comes to people earning over Rs 25 lakh per annum (LPA). "For me, the pandemic came as a boon. From hardly Rs 10 LPA, my package increased to over Rs 25 lakh as I switched jobs four times in five years," said Sai K, a software professional. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad Giving a peek into the trend, Jitender Reddy, a senior service delivery manager at an IT firm, said that people earning between Rs 2 lakh and Rs 5 lakh and Rs 5 lakh and Rs 8 lakh benefited the most. "This comes as no surprise as many IT employees switched companies during the pandemic with at least a 30% hike. With year-on-year hikes afterwards, their package would easily cross the Rs 25 lakh mark," he added. A few pointed out that there are quite a few who moonlighted during Covid-19 as they were working remotely and added that they are continuing to file inflated returns to ensure that there is no mismatch in their income in the last few years. Along with IT professionals, people from other sectors such as pharma also received good hikes in the last few years. An increase in risk appetite post-pandemic, awareness about investment opportunities, and an increase in real estate prices, among others, are also attributed as other factors that contributed to the increase in the income of individuals. "Definitely, real estate would be a factor that contributed to the increase in income. Also, many are starting their own businesses as they are willing to take risks and are running successful businesses. This could be because of an increase in risk appetite and also an increase in the number of districts," said K Laxminarayana, an economics professor, adding that those in the health and education sectors have also started earning good money in the last few years. As per the data tabled in Lok Sabha, the increase was about 100% in the same category as the ITR filers in the said bracket increased from 4,03,363 in 2020 to 8,42,147 in 2025 across the country. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
