When to file tax return 2025 in India?
Gefragt von: Tilo Wagnersternezahl: 4.7/5 (27 sternebewertungen)
In India, the main deadline to file income tax returns for the financial year 2024-25 (Assessment Year 2025-26) for individuals not requiring an audit is September 16, 2025.
When can we start filing ITR in 2025?
You can file ITR for AY 2025-26 starting April 1, 2025, with the deadline being July 31, 2025. What is tax planning with an example? Tax planning involves legal methods to reduce tax liability, such as investing in a home with a Bajaj Housing Finance loan for tax deductions.
When can you file a 2025 tax return?
You can file 2025 taxes as soon as you receive your 2025 tax documents such as a W-2 or 1099 Form, typically in late January 2026. Should I wait to file taxes? There's no benefit to waiting to file your 2025 taxes on Tax Day, April 15, 2026. There are many benefits to filing your taxes early, however.
When can I file my taxes for 2025 in India?
ITR can be filed after the due date but such ITR should be filed before 31st December. This ITR will be considered Belated Return and a late filing fee will be levied along with interest. Can I file ITR after 16th September 2025? Yes, you can file a Belated return after 16th September 2025 for FY 2024-25 (AY 2025-26).
What is the new tax regime for FY 2025 26?
For FY 2025–26, the new tax regime effectively makes income up to ₹12 lakh tax-free due to the enhanced rebate of ₹60,000. In addition, a standard deduction of ₹75,000 is available for salaried individuals, making a salary income of up to ₹12.75 lakh effectively tax-free.
How to file ITR2 with Foreign Assets & Foreign Income | How to fill Schedule FA ITR 2 filing online
How is 12 lakh tax free?
The new regime is beneficial as there is zero tax liability for income upto Rs. 12 lakhs for FY 2025-26. Can you pay zero tax on Rs 12 lakhs salary ? Yes , You can pay Zero tax on Rs 12 lakhs salary by claiming deduction and exemption like HRA exemption , 80C deduction , Standard deduction , Housing loan interest etc.
What is the tax deduction for 2025?
The standard deduction for 2025 was raised to $15,750 for single filers, up from the $15,000 previously in place.
Does NRI need to file ITR in India?
As an NRI, PIO, or OCI, you may be required to file tax returns in India if your Indian income surpasses the specified threshold or if you seek to claim refunds for excess tax deductions. While filing an ITR is mandatory only under certain circumstances, voluntary filing can be beneficial in many ways.
What is NRI status as per income tax?
NRI status under the Income-tax Act, 1961 classifies Indians abroad as Resident, NRI, or RNOR based on days spent in India. Residents are taxed on global income, while NRIs are taxed only on income earned or received in India, making residential status crucial for taxation and exemptions.
Did firs extend filing deadline 2025?
Large taxpayers, defined as companies with annual turnover of at least ₦5 billion (approximately $3.1 million USD), now have until 1 November 2025 to comply, instead of the original 1 August 2025 deadline.
Is inr ₹7 lacs income tax free in India?
With the recent changes in the Indian Income Tax Act, it's now possible to pay zero tax on a salary of up to Rs. 7 lakhs. To pay zero tax on a 7 lakh salary using the old tax regime, maximize deductions: Claim Tax Rebate under Section 87A.
When to submit a tax return?
Submitting an online tax return
You must submit your online tax return by 11:59pm on 31 January 2026 or you'll get a late filing penalty. If you want to pay your Self Assessment bill through your tax code, you must submit it by 11:59pm on 30 December 2025.
When can I file my 2025 returns?
The 2025 Filing Season for individuals opens on 7 July 2025 and covers these major dates: Auto Assessment notices: 7 July 2025 to 20 July 2025. Individual taxpayers: 21July 2025 to 20 October 2025. Provisional taxpayers: 21 July 2025 to 19 January 2026.
When can you submit a tax return 2025 earliest?
1 July 2025 – Tax season officially opens, and you can start lodging your return. 31 October 2025 – Deadline for self-lodged tax returns.
What is the penalty for filing income tax return in 2025?
A late filing fee is levied if the return is furnished after the specified due date. A fee of ₹5,000 is payable for returns filed after the due date. However, in cases where the total income does not exceed ₹5 lakh, the late fee is restricted to ₹1,000.
What is the 90% rule for non-residents?
What is the 90% Rule? In a nutshell, the 90% rule is simple: if 90% or more of your worldwide income is from Canadian sources in the tax year, you're eligible for non-refundable tax credits reserved for residents.
What is the new rule for NRI in India?
The key change: 120-day rule for high-income NRIs & PIOs
The 60-day rule is now replaced with a 120-day threshold. Under the new rule, an NRI or PIO earning over INR 1.5 million (US$17,213.6) in India will be classified as RNOR if they: Stay in India for 120 days or more in a tax year.
What is the penalty for not declaring NRI status in India?
This penalty can be: A fine of up to three times the balance in your account, or. ₹2 lakh, if the amount is not quantifiable. An additional ₹5,000 per day from the date of violation until the issue is corrected.
Who is not required to file ITR in India?
Certain NRIs: If the NRIs are only generating income from dividends or interest, or if their income is subject to TDS, then they might be exempted from filing tax returns. Senior Citizens (above 75 years): Senior citizens above the age of 75 whose income consists of pension and interest can be exempt from filing ITR.
Should NRI file ITR1 or ITR2?
If you are an NRI with income in India, you will have to use ITR-2 or another applicable form depending on your income sources. For example, a non-resident earning rental income or interest in India must file ITR-2 (since ITR-1 cannot be used by non-residents).
What taxes do I do in 2025?
For the 2025 tax year, the seven federal tax rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. A key income threshold to watch for high-income filers is $197,300 for single filers and $394,600 for married couples filing jointly.
What is the tax limit for 2025?
The new income tax slabs and rates under the new regime for the FY 2025-26 (AY 2026-27) are as follows: Rs. 0 to Rs. 4 lakh – Nil, Rs. 4 lakh to Rs. 8 lakh – 5%, Rs. 8 lakh to Rs. 12 lakh – 10%, Rs. 12 lakh to Rs. 16 lakh – 15%, Rs. 16 lakh to Rs. 20 lakh – 20%, Rs. 20 lakh to Rs. 24 lakh – 25%, and income above Rs. 24 ...
How to avoid 40% tax?
How to avoid paying higher-rate tax
- 1) Pay more into your pension. ...
- 2) Reduce your pension withdrawals. ...
- 3) Shelter your savings and investments from tax. ...
- 4) Transfer income-producing assets to a spouse. ...
- 5) Donate to charity. ...
- 6) Salary sacrifice schemes. ...
- 7) Venture capital investments.