Since the notification of income tax return forms and the necessary filing utilities have been delayed, the Goa Chamber of Commerce and Industry (GCCI) has written to Finance Minister Nirmala Sitharaman, requesting an extension of the deadline for individuals to file their returns. The current due date for filing ITR for salaried and non-audit taxpayers is July 31, 2025.
In the fiscal year commencement the tax utilities must ideally be made. Provided the delay, we ask for their release. If required, then extensions must be declared in advance to allow taxpayers to plan their filings, GCCI director general Sanjay Amonkar stated.
Either before the end of the financial year or in April, which is the start of the fiscal year, the notification of the forms is there by the income tax department. ITR Forms for AY 2025-26 have recently been notified, said GCCI, and the supporting tools in filing taxes are yet to be operationalised, therefore restraining taxpayers from preparing and filing their returns on time.
Taxpayers may file a rushed filing because of the delayed release of the income tax utilities, which may result in errors. Amonkar cited that the taxpayers may incur penal costs for delayed return filing caused by the late release of the necessary utilities.
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Detailed disclosures are needed in the existing year’s filing, specifically for the amendments in the capital gains provisions. Late release of the utilities can lead to rushed filings and errors. There may be a lot of traffic in the forthcoming days that will be seen with the release of the current year’s utilities.
