The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing various audit reports for Financial Year 2024-25. The deadline has been pushed from 30th September 2025 to 31st October 2025 for assessees covered under Explanation 2(a) of Section 139(1) of the Income-tax Act.
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The CBDT has extended the due date for filing ITRs for AY 2025-26 (FY 2024-25).
The deadline, first moved from 31st July to 15th September 2025, is now further extended to 16th September 2025.
This relief is applicable to non-audit cases such as salaried individuals and businesses/LLPs not requiring a tax audit.
Taxpayers are advised to file within the extended timeline to avoid last-minute hassles.
The Lok Sabha has passed the Revised Income Tax Bill, 2025, replacing the old Income Tax Act, 1961. The bill simplifies provisions, removes redundancies, and introduces the “Tax Year” concept. Recommendations from the Parliamentary Select Committee have been incorporated, making tax laws clearer and more efficient without altering core principles.
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The Central Government has withdrawn the Income Tax Bill, 2025, originally introduced in February this year, with plans to reintroduce a revised version on August 11 based on the recommendations of the Baijayant Panda-led Select Committee. Key proposed changes include extended TDS refund timelines and continued tax exemptions for anonymous donations to charitable trusts.
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Depreciation is a provision that allows businesses to claim a deduction for the decrease in value of tangible assets used in their business operations over time. The Income Tax Act provides for different rates of depreciation for different types of assets
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