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If you missed your ITR deadline, don’t wait until the penalty increases. File your updated return…

If you missed your ITR deadline, don’t wait until the penalty increases. File your updated return as early as possible to avoid higher tax liabilities. New ITR-U Filing Rules from April 1, 2025: 48-Month Window, Conditions, and Penalties Explained The Central Board of Direct Taxes (CBDT) has officially notified the updated ITR-U form, making it easier for taxpayers to voluntarily correct past omissions or mistakes in their income tax returns. This change comes after the Finance Act, 2025, amended key provisions, particularly Section 139(8A) of the Income Tax Act. Effective April 1, 2025, taxpayers now have 48 months—up from the earlier 24 months—to file their updated returns. This extension is a significant move to promote voluntary compliance and reduce litigation. What is ITR-U? The ITR-U (Updated Return) form is a simplified income tax return form that allows taxpayers to rectify previously unreported or misreported income. It gives taxpayers a final opportunity to comply if they missed filing the original or belated returns, or made errors in them. The form is available to both individuals and entities, regardless of whether an original return was filed or not for the respective Assessment Year (AY). Key Highlights of the New ITR-U Rules New Deadline: ITR-U can now be filed within 48 months from the end of the relevant assessment year, instead of the previous 24-month limit. Applicable from: April 1, 2025.

🧾 Income Tax Updates

1. ITR Filing Deadline Extended • Deadline for non-audit taxpayers (salaried individuals, NRIs, pensioners) extended from July 31, 2025, to September 15, 2025 • Important caveat: Any self-assessment or advance tax liabilities must still be paid by July 31 to avoid penal interest 2. Aadhaar‐PAN Link Mandatory • From July 1, 2025, linking Aadhaar is mandatory for all new PAN card applications, as per CBDT instructions ________________________________________ 📊 GST Updates 1. Auto Locking of GSTR 3B • From the July 2025 tax period, GSTR 3B’s Table 3 (tax liability) becomes non editable once filed. Any corrections must be done via GSTR 1A only 2. Three Year Filing Limit Introduced • GST returns older than three years (from original due date) will no longer be accepted starting July 2025—applicable to forms GSTR 1, 3B, 4, 5, 6, 7, 8, 9, etc. 5. E Way Bill 2 & Refund Updates • A new portal (E Way Bill 2) has been launched to ensure system resilience • Deemed exports & refund rules are also being updated, though final details are still 🔔 Key Due Dates in July 2025 • July 7: Deposit of TDS/TCS for June • July 10–15: GSTR 7, GSTR 8, and TDS/TCS certificate filings • July 11/13/20/22/24: GSTR 1 (monthly/quarterly) & GSTR 3B (monthly/quarterly) filings • July 31: Quarterly TDS returns (24Q/26Q/27Q) and last date for payment of self-assessment tax

File your Assessment Year 25- 26 ITR Filing and get your TDS Refund contact me as soon as possible

Income Tax Return (ITR) filing FY 2024-25: Filing ITR can be a daunting task for many. Salaried t…

Income Tax Return (ITR) filing FY 2024-25: Filing ITR can be a daunting task for many. Salaried taxpayers are often confused about the documents they need when e-filing their ITR. One such important document is Form 16.One of the most crucial documents for income tax returns, Form 16 is usually issued by the employer. We take a look at the importance of Form 16 for ITR filing purposes: What is Form 16? Explained Commonly, Form 16 is a certificate issued by the employer to employees for the tax deducted at source (TDS) on salary paid to them during the relevant financial year. “It is issued by the employer annually after the end of the financial year, on or before 15th June of the following financial year,” says Surabhi Marwah, Tax Partner, EY India. It may also be issued by specified banks to senior citizens above 75 years of age with respect to TDS on pension and interest income earned from the same bank.Form 16 comprises of two parts – Part A and Part B: • Part A contains details such as – name and address of the employer and employee, Permanent Account Number (PAN) of the employer and employee, Tax Deduction and Collection Account Number (TAN) of the employer, year/ period for which it is issued, summary of salary paid and taxes deducted at source thereon etc. • Part B contains details of income earned – salary/ pension, other income (like house property and interest), exemptions from salary, standard deduction, deductions under Chapter VI-A, the tax payable etc.

No Need to File ITR in These Cases – AY 2025-26

You don’t need to file Income Tax Return (ITR) for FY 2024–25 if: ✅ Income Below Exemption Limit Category New Regime Old Regime Below 60 years ₹3,00,000 ₹2,50,000 Senior Citizens (60–80 yrs) ₹3,00,000 ₹3,00,000 Super Senior Citizens (80+) ₹3,00,000 ₹5,00,000 ✅ Only These Incomes Within Limit Savings/FD Interest or Pension (with no TDS) Agricultural income below ₹5,000 Dividends & Interest below limit Housewives/Students with no taxable income NRIs earning less than ₹2.5 lakh in India ✅ Senior Citizens (75+) Exempt under Section 194P If: Only pension & interest from same bank Bank deducts tax after declaration 📌 E.g.: Mr. Sharma (77), SBI pension ₹4.8L + interest ₹1L – No ITR if bank deducts tax. ⚠️ ITR is Mandatory If: Director in a company / Partner in LLP Deposits over ₹1 Cr in bank Spent over ₹2L on foreign travel Electricity bill over ₹1L TDS deducted ≥ ₹25,000 (₹50,000 for senior citizens) Business turnover > ₹60L / Professional receipts > ₹10L Claiming refund 💡 Even if not mandatory, ITR filing helps with: ✔ Loan & visa processing ✔ TDS refund ✔ Income proof

GST alert:- non generate of e-way bill high risk and heavy penalty

ITRfilling_Optimize your taxes with the of Delhi GST & Tax Experts

📌 Old Tax Regime (optional): ✅ Higher rates ✅ More deductions & exemptions (like HRA, 80C, 80D etc.) 📊 Choose wisely — one saves tax, the other saves effort! 📥 DM us for personalised tax planning or filing help!

optimize your taxes with the of Delhi GST & Tax Experts

📌 Old Tax Regime (optional): ✅ Higher rates ✅ More deductions & exemptions (like HRA, 80C, 80D etc.) 📊 Choose wisely — one saves tax, the other saves effort! 📥 DM us for personalised tax planning or filing help!

Decoding TDS rules on online ads, software tools, e-commerce sales

ITR form

If you are facing difficulties with ITR filing, please contact us for assistance.

ITR-7

For persons including companies required to furnish returns under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F). Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes. Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount, not chargeable to income-tax. Return under section 139(4C) is required to be filed by every – Scientific research association; News agency; Association or institution referred to in section 10(23A); Institution referred to in section 10(23B); Fund or institution or university or other educational institution or any hospital or other medical institution. Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish a return of income or loss under any other provision of this section. Return under section 139(4E) must be filed by every business trust which is not required to furnish a return of income or loss under any other provisions of this section. Return under section 139(4F) must be filed by any investment fund referred to in section 115UB. It is not required to furnish a return of income or loss under any other