š° ITR Filing 2025: New Deadlines, Capital Gains Overhaul & Key Tax Changes You Must Know
š New Delhi, July 29, 2025 ā As India enters a transformative tax season for Assessment Year 2025ā26, taxpayers are facing a dynamic and reform-heavy filing landscape. The Income Tax Return (ITR Filing 2025) filing cycle this year introduces major policy changesāfrom capital gains tax reform to extended deadlines and structural updates in the tax regimeāall part of the ambitious reforms announced in the Union Budget 2024.
šļø Extended ITR Filing 2025 Deadlines: Who Files When?
To streamline compliance and ease pressure on both taxpayers and professionals, the Central Board of Direct Taxes (CBDT) has issued new ITR deadlines:
| Taxpayer Category | New Deadline |
|---|---|
| Salaried Individuals & HUFs (non-audit) | Sept 15, 2025 |
| Businesses & Professionals (audit) | Oct 31, 2025 |
| Belated & Revised Returns | Dec 31, 2025 |
š“ Penalties: Missing deadlines could invite fines of ā¹1,000 to ā¹5,000, based on income thresholds.
š° Capital Gains Tax Reform: Major Overhaul Kicks In
The tax treatment for capital gains has been unified and overhauled, effective July 23, 2024. Key highlights include:
| Asset Type | LTCG Tax | STCG Tax | Notable Changes |
|---|---|---|---|
| Equities | 12.5% | 20% | LTCG exemption raised to ā¹1.25 lakh |
| Gold | 12.5% | 20% | Holding period for LTCG now 12 months |
| Real Estate | 12.5% | Slab Rate | Indexation removed (for purchases after April 1, 2001) |
š Tip: Be sure to segregate gains before and after July 23, 2024, for accurate filing.
š§¾ New Tax Regime Benefits
The New Tax Regime has seen enhancements to encourage adoption:
- Standard Deduction raised to ā¹75,000
- Section 87A rebate remains at ā¹25,000 (for incomes up to ā¹7 lakh)
- Employer NPS contribution deduction increased to 14% (private sector parity with government)
š Foreign Asset Declaration: Relaxed but Watchful
India continues its global transparency push:
- Foreign asset reporting still mandatory
- Penalty waived under the Black Money Act for non-disclosure up to ā¹20 lakh, benefiting overseas employees and small expats
š§ Checklist for Smart ITR Filing 2025
ā
Compare regimes: Old vs. New
ā
Use new ITR forms: Updated for Budget 2024 rules
ā
Declare foreign assets: Avoid prosecution risks
ā
Update AIS and Form 26AS before filing
š Final Word for ITR Filing 2025
The ITR Filing 2025 season is not just about paperworkāit reflects the governmentās ambition to modernise Indiaās tax ecosystem. From unifying capital gains tax to incentivising digital compliance and global alignment, the changes push for clarity and efficiency.
ā ļø But with major updates, greater scrutiny, and tight timelines, taxpayers must proceed with care. Whether youāre a salaried employee, a business owner, or a global professional, financial literacy, discipline, and tech-readiness are key to a smooth return.
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