ITR Filing Due Date: What is Expected Due Date for ITR Filing? Any Declaration Yet?:

ITR Filing Due Date: What is Expected Due Date for ITR Filing? Any Declaration Yet?

The ITR filing date is expected to be out in the upcoming days. The ITR filing will be made available on the official website of the Income Tax Department. The amount will be refunded to the individual within 20 to 30 days after filing the ITR. But, as of now, no official declaration regarding the last date has been made yet.

When Will ITR Begin Filing?

The Income Tax Department will soon open its online portal for filing the income tax return for all taxpayers. No official announcement has been made on this topic yet. This is just an estimate that is being made as per the previous year's records. As per the last five years' records, the ITR filing usually begins in April.

What is Deadline of Filing ITR?

Previous year, the deadline to file the ITR was July 31, 2024. Before this date, taxpayers were allowed to file the ITR without any fees. For the past five years, the last date for filing the ITR has been July 31, and the last date for filing the ITR with late fees and charges has been December 31, 2024. Therefore, this year also it is also anticipated that the deadline for filing the ITR will be the same, i.e., July 31, 2025.

When are individuals refunded Income Tax?

Generally, income tax refunds are provided within 7 to 20 days after filing the ITR.

What is Good: Old Tax Regime or New Tax Regime?

Usually, taxpayers are offered two options to file an ITR. They are the old tax regime and the new tax regime. The advantage of choosing any of them depends on your current situation. Both of them have their respective advantages and disadvantages. For instance, no tax benefits are awarded in the new tax regime. But individuals with this regime are not required to pay any sort of tax up to the income of Rs 7 lakh in AY 2025-26. Numerous tax benefits are awarded to individuals under the old tax regime. However, individuals having a salary of up to Rs. 7.75 lakhs are not tax-free in the Old Tax Regime. Before choosing any of the regimes, individuals should have deep knowledge about both regimes. At time of filing ITR individuals can move from the old tax regime to the new tax regime as per their choice.