The Central Board of Direct Taxes (CBDT) has announced a significant extension for filing Income Tax Returns (ITRs) for Assessment Year (AY) 2025-26. This is crucial information for every taxpayer and business in India!

The New Deadline You Need to Know

Originally, the due date for filing ITRs for AY 2025-26 was 31st July 2025. However, in a recent press release, the CBDT has officially extended this date to 15th September 2025 (For Official Press Release, Click Here). This provides taxpayers with an additional month and a half to ensure their compliance.

Why the Extension?

This extension comes in response to several key developments:

• Revised ITR Forms: The notified ITRs for AY 2025-26 have undergone significant structural and content revisions. These changes aim to simplify compliance, enhance transparency, and enable accurate reporting.
• System Readiness: Implementing these revised forms requires additional time for system development, integration, and comprehensive testing of the corresponding ITR utilities.
• TDS Statement Credits: Furthermore, credits arising from TDS statements, due for filing by 31st May 2025, are expected to begin reflecting in early June. This would have limited the effective window for return filing had the extension not been granted.

The CBDT’s decision aims to mitigate concerns raised by stakeholders and provide adequate time for compliance, thereby ensuring the integrity and accuracy of the return filing process.

What This Means for You

While the extension provides much-needed breathing room, it’s essential not to delay your tax preparations. This extra time should be utilized for:

• Gathering Documents: Collect all necessary income proofs, investment details, and other relevant documents.
• Understanding New Forms: Familiarize yourself with any changes in the ITR forms relevant to your income sources.
• Accurate Reporting: Ensure every detail is correctly reported to avoid future discrepancies.

How Taxunplug Can Be Your Guide

At Taxunplug, we understand that navigating tax laws and filing processes can be complex. As your Expert Guide to Tax, Business & Financial Success, we are fully equipped to assist you with this extended deadline and beyond. Our services include:

• Return Filing (Income Tax & GST): We ensure accurate and timely submission of your ITRs and other tax returns.
• Consultancy & Compliances: Get expert advice from Chartered Accountants on all your tax, business, and compliance needs.
• Assessment & Notice Resolution: We stand by you to resolve any assessments or notices from tax authorities.
• Virtual Accounting & Bookkeeping: Keep your financial records immaculate with our cloud based accounting solutions.

Don’t let the new deadline catch you off guard. Utilize this extension wisely!

Ready to File?

ITR Due Date AY 2025-26

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The post Big News for Taxpayers: ITR Due Date for AY 2025-26 Extended to 15th September 2025 appeared first on Tax Unplug.

Filing Income Tax Returns (ITR) in India as a Non-Resident Indian (NRI) might seem challenging, but with the right information and guidance, it can be a smooth process. This guide will help you understand everything about NRI ITR filing in India, including eligibility, required documents, filing methods, and key tips to save tax.

Who Needs to File an ITR in India as an NRI?

An NRI must file an Income Tax Return in India if:

• Total income in India exceeds Rs. 2.5 or Rs. 3 Lakh, depends on your tax regime
• Deposit ina saving bank account in India exceeds Rs. 50 lakh.
• Deposit in a current account in India exceeds Rs. 1 crore.
• Tax Deducted at Source (TDS)/Tax Collected at Source (TCS) of more than Rs. 25,000.
• Incurred a travel-related expenditure from India of more than Rs. 2 lakh for yourself or anyone else travelling to a foreign country.

Steps for NRI ITR Filing in India

Follow these steps to file your ITR in India smoothly:

1. Determine Your Residential Status

Your residential status affects your tax liabilities and eligibility for various tax benefits. An individual’s residential status is determined based on the number of days they stay in India during the previous year and the preceding financial years. Generally, if you spend more than 182 days in India during a financial year, or if you have been in India for 60 days in the financial year and 365 days in the preceding four years, you are considered a resident for tax purposes. If you are not falling under these criteria then you will be consider as an NRI.

2. Determine taxable income with form 26AS and AIS & TIS

Form 26AS is a consolidated tax statement that provides details of tax deducted at source (TDS), advance tax payments, and other tax-related information. The department also started new facility called Annual Information Statement (AIS) and Taxpayer Information Summary (TIS) which provide details of wide range transactions entered by you during the financial year. It is crucial for reconciling your income with online data. You need to determine your taxable income, which includes any income accrued or received in India. This can include following:

• Capital Gains: Long term or short term gains from the sale of assets like stocks (Listed or unlisted), properties, mutual funds etc.
• Interest Income: Interest earned on savings bank accounts, fixed deposits, or other investments in India.
• Rental Income: Rental income from the properties located in India.
• Income from Salary: If you are receiving a salary from an Indian employer for working as part time or have income from employment while working remotely for an Indian company.

3. Determine your tax liability

To ensure that you have accounted for all the taxes correctly, reconcile your income and taxed paid with online data available in form 26AS, AIS & TIS. Compare the details in the form with your records to ensure that all taxes have been correctly deducted and credited. Any discrepancies should be rectified before proceeding with your tax return filing.

4. Claim Double Taxation Treaty (DTT) Relief

India has signed Double Taxation Avoidance Agreements (DTTAs) with several countries to ensure that income is not taxed twice. If you are paying taxes in your home country on income that is also taxable in India, you might be able to seek relief under these agreements. To claim DTT relief, you must present evidence of taxes paid in another country and the provisions of the applicable tax treaty. This will enable you to avoid incurring taxes on the same income in both nations.

5. Register on the Income Tax e-Filing Portal

Before you can file your ITR online, you must create an account on the Income Tax Department’s e-filing portal. While registering yourself at IT portal you have to provide the details such as PAN Number, Mobile Number, Email ID, Bank Details etc.

6. Login to your e-Filing account and select appropriate ITR form.

Login to your e-Filing account at IT portal and navigate to Income Tax Return. Now you have to select assessment year for which you are filing your ITR. Further select the appropriate ITR form. This will depends on your income sources, choosing the correct Income Tax Return form for NRI is crucial for accurate filing.

6. Fill your ITR form online

The online ITR form will consists various schedule which includes basic details, business income, income from other sources, tax paid etc. Also disclose details of all bank accounts held in India. This includes both savings and current accounts, along with any foreign bank accounts if applicable.

7. Provide Assets and Liabilities Details AL Schedule

You are required to disclose details of your assets and liabilities in the ITR. This includes properties, investments, Loans or debts and other valuable assets held in India and abroad.

8. Submit your ITR form and e-verify

Carefully review all the filed schedules in your ITR form to ensure accuracy and submit the ITR form. After filling out the ITR form, the final step is to verify your return. This can be done by following

• Aadhaar OTP (if linked to mobile)
• Net Banking e-Verification
• Sending a signed ITR-V to CPC Bangalore (if physical verification is required)

Tax Deductions & Benefits for NRIs

NRIs can save tax under these sections:

• Section 80C: Investments in ELSS, PPF, NPS, and Life Insurance.
• Section 80D: Health insurance premium.
• Section 24(b): Interest on home loan deductions.
• DTAA (Double Tax Avoidance Agreement): Prevents double taxation if tax is paid in another country.

Common Mistakes to Avoid in NRI ITR Filing

• Using the wrong ITR form.
• Not reporting Indian income sources properly.
• Missing the tax verification process.
• Incorrect bank details leading to delayed refunds.
• Ignoring DTAA benefits.

FAQ’s on How NRIs Can File Their ITR in India

1. Can NRIs file ITR online from abroad?

Yes, NRIs can file their ITR online through the Income Tax Department’s e-Filing portal.

2. What happens if an NRI does not file an ITR in India?

Failure to file ITR may lead to penalties, interest on unpaid tax, and issues while repatriating funds.

3. Can an NRI file an ITR without an Aadhaar card?

Yes, Aadhaar is not mandatory for NRIs but having one can simplify verification.

4. How long does it take to get an NRI tax refund in India?

Tax refunds are generally processed within 3-6 months, depending on verification and assessment.

5. Can NRIs use their foreign income for tax deductions in India?

Only Indian-sourced income qualifies for deductions under Indian tax laws.

Conclusion (How NRIs Can File Their ITR in India)

Filing your ITR as an NRI in India doesn’t have to be complicated. With proper documentation, correct form selection, and timely filing, the process is seamless. Need assistance with NRI ITR filing? TaxUnplug is here to help!

Are you an NRI looking for tax filing in India? Contact TaxUnplug today!

The post How NRIs Can File Their ITR in India Without Any Hassle? appeared first on Tax Unplug.

The central Board of Direct Tax (CBDT) has extended the revised and belated income tax return filing deadline from 31^st December 2024 to 15^th January, 2025 only for resident individuals via circular 21/2024. Individuals who have already filed an income tax return on or before the deadline, and Individuals who have not yet filed income tax return can file a revised income tax return if required on or before 15^th January 2025.

It is noteworthy that recently Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the income tax return filing deadline to resolve 87A rebate issue.

The Income Tax utilities for ITR-2 and ITR-3 have been updated to reflect the Section 87A rebate on special rate income, which was disallowed earlier on 5th July 2024 after the previous utility update.

Key Points to Note:

1️.  Who is Affected?

Taxpayers with special rate income (e.g., capital gains, etc.) who are eligible for the Section 87A rebate.

2. Action Required:

Check if the updated utility allows for additional deductions or rebates for your income.

If eligible for more rebate/deduction, file a revised income tax return.

3️. Deadline for Revised Filing:

15th January 2025

Benefits of filing Income Tax return:

1. Current year losses can be set off and loss from house property can even be carried forward to be set off against future income.
2. Several countries now demand income tax return for visa applications
3. If want to purchase insurance policy for more than 50 lakhs, income tax return filing is mandatory
4. Income Tax return is mandatory if applying for loan.
5. Refund of TDS, TCS deducted and advance tax paid if any can be claimed only by filing income tax return.
6. Non filing of income tax return can lead to imprisonment and penal consequences under section 234F
7. For high value transactions, mainly for transfer of certain assets, tax clearance certificate is required, which can be obtained only by a regular filing of income tax return.

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