Quick Summary
The Government has proposed rationalisation of due dates for filing Income Tax Returns (ITR) under the Income-tax Act, 2025 ("the Act") to ease compliance for taxpayers in non-audit business cases and trusts. This amendment aims to facilitate timely filing, reduce grievances, and provide additional time for preparing accounts. Key Provisions of Section 263 on Filing of Returns Section 263 of the Income Tax Act, 2025 provides a comprehensive framework for filing returns, covering: Classes
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FAQ :
The main purpose is to rationalise and simplify the due dates for filing Income Tax Returns, easing compliance for taxpayers, especially in non-audit business cases and for trusts.
Taxpayers engaged in business or profession whose accounts do not require auditing, and partners of such firms, will have their due date extended.
The due date for filing ITRs for non-audit businesses and partners of firms has been extended from 31st July to 31st August.
No, the due date for individuals filing ITR-1 and ITR-2 remains unchanged at 31st July.
The amendments to the Income Tax Act, 2025, will be effective from 1st April 2026 for the tax year 2026-27 and subsequent years.
Yes, similar amendments extending due dates for non-audit business cases and trusts not requiring audits are also being made to Explanation-2 to sub-section (1) of Section 139 of the Income-tax Act, 1961, effective from 1st March 2026.
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