Business

ITR Filing Due Date for AY 2025-26 Extended to 16th September


The Central Board of Direct Taxes (CBDT) has announced yet another extension for filing Income Tax Returns (ITRs) for the Assessment Year 2025-26.

Earlier, the due date had been extended from the original 31st July 2025 deadline to 15th September 2025. Now, taxpayers have been granted one more day, with the new deadline set at 16th September 2025.

To facilitate this change, the Income Tax e-filing portal will remain under maintenance between 12:00 AM and 2:30 AM on 16th September 2025.

This extension provides relief for taxpayers who are yet to file their returns, ensuring smoother compliance with tax regulations.

๐Ÿ‘‰ Taxpayers are advised to file their ITRs at the earliest to avoid last-minute rush.

Business

GCCI Urges CBDT to Introduce Faceless Registration for Charitable Trusts under 12AB & 80G


In a significant push for administrative reform in the non-profit sector, the Goa Chamber of Commerce & Industry (GCCI) has submitted a formal representation to the Central Board of Direct Taxes (CBDT), advocating for a faceless and fully digital registration mechanism for Charitable Trusts under Sections 12AB and 80G of the Income Tax Act.

The representation was submitted on July 28, 2025, and addressed to the Chairman of the CBDT in New Delhi. It was also marked to the Chief Commissioner of Income Tax, Goa.

At present, Charitable Trusts and Not-for-Profit Institutions in Goa face a cumbersome process to obtain these registrations, which are essential for tax exemptions on charitable income (12AB) and tax deductions for donors (80G). Despite submitting documents online, trustees are currently required to attend physical hearings at the Income Tax Departmentโ€™s regional office in Bengaluru.

โ€œThis travel requirement imposes unnecessary logistical and financial burdens on small trusts, especially as most trustees serve on an honorary basis and operate with limited initial funding,โ€ said Mrs. Pratima Dhond, President of GCCI. โ€œThe current system acts as a deterrent to the formation and growth of charitable organisations in the state.โ€

GCCIโ€™s appeal proposes the implementation of a faceless system, mirroring the existing faceless assessment framework already being successfully used by the Income Tax Department. In exceptional circumstances where hearings are warranted, the Chamber recommends that they be held at the local Income Tax office in Goa.

By easing the compliance process and removing the need for travel, GCCI believes the Central Government can encourage the growth of formalised charitable institutions and enhance civic engagement across Goa. This aligns with the governmentโ€™s broader vision of promoting a taxpayer-friendly, digitally enabled, and reform-oriented system.

GCCIโ€™s call for reform has been welcomed by several civil society organisations in the state, who echo the need for accessible and streamlined processes to foster community development.

Finance

ITR-2 and ITR-3 Excel Utilities Released: Everything You Need to Know for AY 2024โ€“25


The Income Tax Department has officially released the Excel-based offline utilities for ITR-2 and ITR-3 for Assessment Year (AY) 2024โ€“25. These forms cater to taxpayers with more complex income scenarios and provide an alternative to online filing.

โœ… Who Should File ITR-2?

ITR-2 is applicable for individuals and Hindu Undivided Families (HUFs) not having income from business or profession. It includes:

  • Income from salary/pension
  • Income from more than one house property
  • Capital gains
  • Foreign assets or income
  • Agricultural income over โ‚น5,000
  • Income from other sources (including lottery, interest, etc.)

โœ… Who Should File ITR-3?

ITR-3 is meant for individuals and HUFs having income from business or profession, and includes:

  • Income from proprietary business or professional services
  • Income from salary, capital gains, or house property
  • Foreign assets and foreign income
  • Partnership income

๐Ÿ†• Whatโ€™s New in AY 2024โ€“25?

Here are some key updates:

  • Pre-filled data integration from AIS (Annual Information Statement)
  • Enhanced validation for capital gains and foreign assets
  • Improved reporting of digital assets (like crypto and NFTs)
  • Expanded disclosure requirements under Section 115BAC
  • Mandatory Schedule for Agricultural Income if above โ‚น5,000

๐Ÿ’ป How to Use the Excel Utility

  1. Visit the official e-Filing portal
  2. Go to โ€œDownloadsโ€ > โ€œOffline Utilitiesโ€ > โ€œIncome Tax Return Preparation Utilitiesโ€
  3. Download the Excel utility for ITR-2 or ITR-3
  4. Fill in your details, validate, and generate JSON
  5. Upload the JSON file on the portal to file your return

๐Ÿ“… Key Deadlines

  • July 31, 2025 โ€“ Due date for salaried individuals and non-audit cases
  • October 31, 2025 โ€“ For audit-assessable businesses and professionals

๐Ÿ’ก Why It Matters

The release of these utilities gives taxpayers more flexibility in how they file, particularly those with diverse income sources or complex tax situations. With several new compliance requirements in place, using the Excel utility allows for more control over detailed data entry and calculation validation.

Stay informed and file on time to avoid penalties. If unsure, consult a tax professional.