May 2025 Income Tax Updates – Summary

📌 1. ITR Filing Deadline Extended

• CBDT Circular No. 06/2025 dated 27 May 2025 extends the due date under Section 139(1) for AY 2025-26.
• New due date: 15 September 2025 (was 31 July 2025).
• Applies to: Individuals, HUFs, partnerships not subject to audit.
• Why: Accommodates changes in return formats and late reflection of TDS credits.

📑 2. New ITR Forms Released

• ITR-2 (for salaried/pensioners with income ₹50 lakh–₹1 crore) updated retroactively for FY 2024-25.

• ITR-U (Updated Return Form) notified via Notification No. 49/2025 dated 19 May 2025.

• Allows rectification of past ITRs under updated penalty regimes.

🧰 3. ITR Utilities Released

• Excel utilities for ITR-1 and ITR-4 (AY 2025-26) released on 28 May 2025.
• Available at: https://www.incometax.gov.in

📅 4. Due Date Shift for Trust-Related Forms

• Forms 64A & 64E (filed by investment funds/trusts) now due by 15 June 2025 (previously 30 November).

✅ Summary Table

📌 Action Points

• ✅ Use the new forms and utilities to file ITRs for FY 2024-25.
• 🛠️ ITR-U can be used for rectifying previous years with compliance.
• 🗓️ Mark 15 Sept 2025 as the new ITR deadline for most taxpayers.
• 🔄 Reconcile TDS credits with Form 26AS and AIS before filing.

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