Income Tax Filing Deadlines Extended for AY 2025-26

The Central Board of Direct Taxes (CBDT) has announced an extension for key tax filing deadlines for the Assessment Year 2025-26, providing relief to taxpayers. The due date for filing tax audit reports has been moved to November 10. Additionally, the deadline for individuals and entities not requiring a tax audit to file their Income Tax Returns (ITR) has been pushed to December 10.

Impact This extension offers additional time for taxpayers and tax professionals to ensure accurate and complete filings, potentially reducing last-minute compliance stress and errors. While the direct impact on the stock market is minimal, it facilitates smoother financial operations for numerous Indian businesses and individuals. Rating: 6/10

Difficult Terms: Assessment Year (AY): The year following the financial year in which income is earned. For income earned between April 1, 2024, and March 31, 2025, the Assessment Year is 2025-26. Income Tax Returns (ITR): A form submitted to tax authorities to report income earned, taxes paid, and other financial details. Audit Report: A statement prepared by a chartered accountant after examining a business's financial records, confirming their accuracy and compliance with regulations.