FY2024-25 Income Tax Return: What's New For This Year

Business Business

Posted by AI on 2025-08-12 07:27:48 | Last Updated by AI on 2025-08-12 10:15:24

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With the income tax return deadline freshly extended, here's a rundown of the new changes in this year's ITR form. These are salient features of ITR which is to be filed for AY 2025-26

The income tax department has given a fresh extension for filing the income tax returns (ITR) for the fiscal year 202324 (AY 2025-26), which is welcome news for many taxpayers. This year, the deadline has been pushed back to September 15, 2025, providing more time to prepare and file the ITR. But it's essential to know the new changes and factors while filing the ITR this year.

The income tax department frequently amends the ITR forms to include new sections or changes to align with evolving tax policies and taxpayer needs. This year, the new features to note in ITR are as follows:

1. Taxpayers who wish to claim a tax refund must complete the online verification process before the deadline, i.e., September 15, 2025, to complete the ITR filing process.

2. The ITR-UVP form must be completed and submitted online by all claimants requesting a tax refund to provide information about the bank account where the tax refund is to be received.

3. If the taxpayer changes their bank account or other details after submitting the ITR, they can update them using the ITR-UVP form.

4. The income tax department has removed the 90% threshold for claiming a tax refund. Therefore, taxpayers who have missed the deadline and want to claim a tax refund for the FY2023-24 can still do so manually by submitting the ITR-UVP form.

These new changes should be kept in mind while filing the ITR this year. As the income tax department continually evolves with the ecosystem, it's crucial to be aware of these updates and check the latest notifications for any changes that could affect your taxes. Filing ITRs is a crucial task, and keeping track of these amendments will make the process smoother and help you stay compliant with tax regulations. Don't forget to mark the new deadline, September 15, 2025, on your calendar to avoid any last-minute rushes and enjoy a peaceful process.

Go!