Latest news with #TaxDeductedatSource
Hans India
27-05-2025
- Business
- Hans India
CBDT Extends ITR Filing Deadline to September 15 for AY 2025–26 Amid System Overhaul and TDS Concerns
Bengaluru: In a significant move aimed at easing the compliance burden on taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Income Tax Returns (ITRs) for the assessment year (AY) 2025–26. The due date, which was earlier set for July 31, 2025, has now been extended by six weeks to September 15, 2025. The Income Tax Department announced the extension through a post on social media platform X (formerly Twitter), stating that the decision was taken in light of substantial revisions made to the ITR forms this year, as well as the ongoing development and enhancement of the department's digital infrastructure. The department also cited the need to ensure that Tax Deducted at Source (TDS) credits are accurately reflected in the taxpayers' accounts. 'CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025,' the department said in its post. 'This extension will provide more time due to significant revisions in ITR forms, system development needs, and TDS credit reflections. This ensures a smoother and more accurate filing experience for everyone. Formal notification will follow.' Tax experts have welcomed the decision, noting that the updated ITR forms include several new fields and disclosure requirements, which demand additional time for proper data gathering and verification. Moreover, professionals have pointed out that delays in the availability of Form 16 and the reconciliation of TDS entries on Form 26AS have made it difficult for many salaried and small business taxpayers to complete their filings on time. The extension is likely to benefit not only individual taxpayers but also chartered accountants and tax preparers, who have been urging the government to provide additional time to adapt to the updated reporting requirements and backend changes introduced in the filing portal. This is not the first time the CBDT has extended the return filing deadline in recent years. Similar extensions were granted during the COVID-19 pandemic and during past years when technical glitches or policy changes warranted more time for compliance. A formal circular from the CBDT detailing the extended deadline and clarifying any related provisions is expected to be issued shortly.
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India.com
26-05-2025
- Business
- India.com
5 Small Finance Banks Offering 8-9% Interest Rates For Senior Citizen --Check List
photoDetails english 2906349 Updated:May 26, 2025, 11:18 AM IST 1 / 7 Senior Citizen looking to earn higher returns on their savings can check out these top fixed deposit options with attractive interest rates. 2 / 7 These are short-term investment with high returns. These banks offer some of the best rates on five-year tenure FD on a capital of up to Rs 3 crore for senior citizen. 3 / 7 The banks offering between 8 and 9 percent interest rates are as follows: Suryoday Small Finance Bank: up to 9.1% Unity Small Finance Bank: up to 8.65% NorthEast Small Finance Bank: up to 8.5% Utkarsh Small Finance Bank: up to 8.25% Jana Small Finance Bank: up to 8.2% 4 / 7 It must be noted that when interest earned by senior citizen (aged 60 years or more) crosses Rs 1 lakh in a financial year, banks are required to deduct Tax Deducted at Source (TDS), even if the individual's actual tax liability is zero. 5 / 7 In the above circumstances, Form 15H --a self-declaration form that senior citizens aged 60 years-- can help avoid this deduction. Senior citizens can submit the form to their bank or financial institution declaring that their total income falls below the taxable limit. 6 / 7 As a result, banks are instructed not to deduct TDS from their interest earnings. This saves retirees from the inconvenience of filing returns just to claim a TDS refund. 7 / 7 Under the new income tax regime, if the total income of senior citizen does not exceed Rs 12 lakh in a financial year, they are eligible for a full rebate under Section 87A. (Disclaimer: The article is meant for only informational purpose and is not intended to constitute financial advice to any person)
Time of India
25-05-2025
- Business
- Time of India
Senior citizens looking for FD options? These banks offer interest rate of up to 9.1%
Senior citizens can earn up to 9.1% interest rate on fixed deposits for a five-year tenure on a capital of up to Rs 3 crore. Here is a list of banks where individuals aged 60 and above can consider opening a fixed deposit, offering interest rates of up to 9.1% as of May 21, 2025, as per the Suryoday Small Finance Bank: up to 9.1% Unity Small Finance Bank: up to 8.65%. NorthEast Small Finance Bank: up to 8.5% Utkarsh Small Finance Bank: up to 8.25% Jana Small Finance Bank: up to 8.2% However, financial experts urge caution when investing in small finance banks as they have potentially higher risk as compared to commercial banks. Although all deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs 5 lakh, the business models of these banks differ from scheduled commercial banks, potentially exposing depositors to higher risks according to ET. How to tackle TDS, for senior citizens Banks are required to deduct Tax Deducted at Source (TDS) if the total interest earned on FDs in a financial year exceeds Rs 1 lakh. However, TDS is not an additional tax and can either be refunded or adjusted when filing your Income Tax Return (ITR). For example, under the new tax regime for FY 2025-26, a senior citizen earning Rs 11 lakh annually won't have to pay any income tax, thanks to the Section 87A tax rebate applicable for incomes up to Rs 12 lakh. Despite this, banks will still deduct TDS once the interest income crosses the Rs 1 lakh threshold. To avoid unnecessary TDS deductions in such cases, eligible senior citizens can submit Form 15H to their banks, declaring that their total income is below the taxable limit. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
