Taxpayers Chomping at the Bit for ITR Filing Announcement
Possibility of ITR Filing Deadline Extension Past July 31 by Income Tax Department?
With the start of Assessment Year 2025-26, millions of taxpayers are eagerly waiting for a clarification on the ITR filing process for the Financial Year 2024-25. At present, the Income Tax Department has yet to disclose the ITR forms required to begin the filing.
However, predicting the fashion of the past, these forms are likely to be announced around April—similar to the trend observed last year. Once the forms are unveiled, the ITR utilities will be gradually introduced, making it possible for taxpayers to file their returns effortlessly.
The ITR utility is an invaluable tool that kids on wheels for online ITR filing. Every year, the Income Tax Department releases a refreshed version of the ITR Utility software to streamline the online ITR submission.
ITR Filing 2025: When Can We Expect the Deadline?
Speculation points towards the ITR utilities being unleashed this month. Key players like ITR-1 and ITR-2 can only be filled once these utilities are live on the official tax portal.
Form 16: Not a Mandatory Evil, but a Helpful Sidekick
For employees, the all-important Form 16 serves as a boon for simplifying the return filing. Employers' generous contributions include outlining the overall salary paid and the tax deducted at source (TDS) during the financial year. Even though Form 16 is a wonderfully useful tool, it isn't strictly necessary. Alternative documents like salary slips, interest certificates, Form 26AS, and AIS/TIS reports could also be relied upon to assess income, deductions, and liabilities.
Rapid Refunds: Refunds in 7 Days? Not Always!
The Income Tax Department has been known to stir anticipation among taxpayers with claims of lightning-fast refunds within as little as 7 days[1]. However, these dreams may only materialize for taxpayers with pre-validated and PAN-linked bank accounts and a return without discrepancies or verification issues. Ultimately, refund timelines may vary vastly based on complexity, system overload, and the nature of each case.
As the ITR form and utility notifications inch closer, taxpayers would be wise to prepare by assembling required documents and staying abreast of updates on the Income Tax portal. Early filing can facilitate a smoother experience and potentially expedite refunds.
[1] https://www.ctt.in/itd/forms-and-utility/itd-utilities [2] https://www.tribuneindia.com/business/indian-income-tax-department-announces-timeframe-for-tax-refunds-489396 [3] https://www.livemint.com/news/india/income-tax-filing-deadline-here-are-key-dates-to-note-11650897942476.html [4] https://www.thehindubusinessline.com/tech/it-department-to-notify-itr-forms-soon/article30261166.ece [5] https://articles.economictimes.indiatimes.com/writetoeditor/income-tax-extends-deadline-for-filing-itr-returns-till-july-31-2023-for-assessment-year-2022-23/articleshow/85483203.cms
- The anticipation among taxpayers for the ITR filing process for Financial Year 2024-25 has been escalating, as the Income Tax Department has yet to announce the required ITR forms for the Assessment Year 2025-26.
- In the realm of personal-finance, DeFi (Decentralized Finance) could potentially revolutionize the way tax filing is approached in the future, by offering blockchain-based solutions that streamline the ITR filing process.
- The utility of an ITR utility lies in its ability to facilitate easy online ITR filing, as the Income Tax Department frequently updates the software to improve the online ITR submission experience.
- To ensure a smooth tax filing process, it is prudent for taxpayers to submit their returns as soon as possible, as early filing can expedite refunds, making it a crucial step in personal-finance management.
- In a fascinating twist, some argue that utility tokens backed by the finance industry could serve as a new form of currency in the world of DeFi, opening up new avenues for taxpayers to engage in personal-finance matters using innovative methods.
