
ITR Filing Last Date: New Deadline, July 23 Capital Gains Cut-Off, FY25 Slab Rates, All You Need To Know
The due date for filing ITRs for salaried individuals and HUFs not subject to audit has been extended till September 15, 2025, from July 31, 2025 earlier.
ITR Filing Last Date: The ITR filing season 2025 is going on. This year, filing the income tax return is a bit complex for investors as capital gains needs to be bifurcated in accordance with the July 23, 2024, cut-off. Here's a detailed look at everything you need to know before filing your return, including deadlines, slab rates, capital gains rules, and other key tax amendments:
What Is the Last Date to File ITR for FY2024-25?
The due date for filing ITRs for salaried individuals and HUFs not subject to audit has been extended till September 15, 2025, from July 31, 2025 earlier.
For businesses or professionals requiring audit, the due date is October 31, 2025.
Why Is July 23, 2024, Important for Investors?
July 23, 2024 marks a cut-off date for applying the new capital gains tax rules announced in Budget 2024.
Any asset sold on or after July 23, 2024, will be taxed under the revised capital gains tax regime. Gains from assets sold before this date will be taxed under the old regime, with indexation and existing rates.
This cut-off date is critical because taxpayers now must bifurcate capital gains in their ITRs based on this date. The Central Board of Direct Taxes (CBDT) has updated ITR forms to reflect this requirement.
Capital Gains Tax: What Has Changed for FY2024-25?
Budget 2024 introduced major structural changes in the taxation of both financial and non-financial assets. These changes are aimed at simplifying and harmonising the capital gains framework:
New Rules Applicable from July 23, 2024:
Long-Term Capital Gains (LTCG) will now be taxed at a flat 12.5% across all asset classes (including equity, real estate, gold), up from 10%.
Short-Term Capital Gains (STCG) on assets like equities will be taxed at 20%, up from 15%.
The LTCG exemption limit on equity-related instruments has been raised from Rs 1 lakh to Rs 1.25 lakh.
Listed financial assets held for more than 12 months will now be treated as long-term assets.
For Real Estate:
LTCG tax on property sales has been reduced from 20% to 12.5%.
However, the indexation benefit for properties purchased after April 1, 2001, was removed.
After widespread backlash, the government allowed sellers of assets bought before July 23, 2024, to choose between old or new tax computation methods, including indexation.
'The logic of the budgetary proposal on capital gains is that the structure has to be simplified…and to treat all asset classes equally. [Now, after the amendment to the finance bill] tax on the sale of assets purchased before July 23, 2024, can be computed under the old scheme with indexation or the new scheme… and (property sellers can) pay lower tax," Finance Minister Nirmala Sitharaman had said on August 7, explaining the rationale behind the original decision as well as the 'rollback'.
Income Tax Slabs for FY 2024-25 (New Regime)
Standard deduction increased to Rs 75,000 (up from Rs 50,000). Rebate under Section 87A available for income up to Rs 7 lakh — no tax payable if total income is within this limit.
Allows popular deductions like 80C, 80D, HRA, home loan interest (Sec 24b). HRA continues to be a significant factor in deciding whether to opt for the old regime.
Boost in NPS Deductions for Private Employees
Budget 2024 raised the deduction limit for employer contribution to corporate NPS from 10% to 14% of basic salary under the new regime for private sector employees. This matches the existing 14% benefit enjoyed by central and state government employees.
Note: The deduction remains capped at 10% for private employees under the old regime.
If you are an Indian employee working abroad or receiving foreign ESOPs or have foreign bank accounts, you are still required to report them in your ITR.
But here's the relief:
From FY2024-25, failure to report foreign financial assets worth up to Rs 20 lakh will not attract a penalty under the Black Money Act, which previously imposed fines up to Rs 10 lakh.
5 Key Tax Changes to Keep in Mind This Year
1. Revised new regime slabs: Lower tax outgo for many salaried taxpayers without exemptions.
2. Capital gains overhaul: LTCG @12.5%, STCG @20%, new exemption limits, and July 23 split.
3. Standard deduction up: Rs 75,000 under new regime—added benefit for salaried taxpayers.
4. Higher NPS deduction: 14% employer contribution deductible in new regime for private sector employees.
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5. Foreign asset disclosures: Low-value foreign assets now exempt from harsh penalties.
Taxpayers this year need to be extra vigilant while preparing and filing ITRs. With multiple changes in tax slabs, capital gains rules, and disclosure requirements, understanding the impact of the July 23 cut-off and the choice of tax regime is critical.
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First Published:
July 26, 2025, 12:17 IST
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