Overview

• The last date for most individual taxpayers to file their Income Tax Returns (ITR) without penalties is July 31, 2025.
• Audit cases must file by October 31, 2025, while transfer-pricing cases have a November 30, 2025, deadline; belated and revised returns are due by December 31, 2025.
• The 2025–26 Union Budget introduced a zero-tax rebate for incomes up to ₹12 lakh under the new tax regime, but filing an ITR is mandatory to claim the benefit.
• The Income Tax Department has updated the ITR-1 form to allow reporting of long-term capital gains from equity investments up to ₹1.25 lakh, streamlining the process for salaried individuals and small investors.
• Timely filing ensures faster refunds, avoids penalties under Section 234F, and facilitates smoother access to financial services like loans and credit cards.