Latest Tax & ITR Insights – July 2025
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Deadline Extended for ITR Filing
The deadline for non‑audit taxpayers (including salaried individuals) to file ITR for FY 2024‑25 (AY 2025‑26) is now September 15, 2025. Late filings permitted until December 31, 2025, subject to penalties under Section 234A/234F (₹5,000 for income > ₹5 lakh; ₹1,000 otherwise) India Briefing+1The Times of India+1The Economic Times+8India Briefing+8The Economic Times+8www.ndtv.comIndia Briefing+3The Indian Express+3Hindustan Times+3. -
Key Form Changes for 2025‑26 Filing
Updated ITR forms require separate reporting for capital gains before and after July 23, 2024; higher thresholds for asset/liability disclosure; and improved loss and deduction reporting. Excel utilities released for all primary ITR forms The Economic Times+15India Briefing+15The Times of India+15. -
Preponement of Forms 64A/64E Filing
Trusts must now file Forms 64A and 64E by June 15, 2025 instead of November 30, following CBDT Notification No. 17/2025 Income Tax India+2Income Tax Department+2India Briefing+2. -
Income‑Tax Bill, 2025: Structural Rewrite
A parliamentary panel has submitted 285 reform suggestions; the new bill aims to consolidate multiple provisions into a streamlined law effective April 1, 2026, with a unified tax year and simplified language Wikipedia+15India Briefing+15Wikipedia+15. -
**House‑Property & TDS Refund Reforms Proposed**
• Standard 30% deduction (post‑tax) and home loan interest deduction on let‑out properties
• Exemption from penalties for small taxpayers filing late ITRs for refund claims (Clause 479) The Economic Times+5Wikipedia+5The Times of India+5The Economic TimesThe Economic Times+1The Times of India+1. -
Tax Administration: Faster & Smarter
CBDT will leverage AI to detect evasion and enforce compliance. A time-bound dispute resolution mechanism is also proposed to reduce taxpayer litigation burden and promote faster settlements The Economic Times. -
Low‑Value Case Withdrawal
To ease administrative load, CBDT plans to drop low-value income tax disputes, offering relief to smaller taxpayers and streamlining tax administration India BriefingSamayam Telugu.
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