ITR Filing 2025: The income tax return (ITR) filing time for Assessment Year 2025 is approaching. Taxpayers must note several key changes this year, especially regarding capital gains and filing deadlines. Let’s understand the changes in a simple way.

The Union government has extended the ITR filing deadline for salaried individuals and Hindu Undivided Families (HUFs) to September 15, 2025. Business owners and professionals who require an audit must file their returns by October 31, 2025. Taxpayers can also file belated or revised returns until December 31, 2025. However, they will need to pay penalties and interest for filing after the deadline, as mentioned in the official notification.

A Major Change in Capital Gains & Tax Rules:

⦿ Gains from assets sold on or after July 23 will follow the new tax structure.
⦿ Profits from assets sold before this date will fall under the old regime.
⦿ Taxpayers must split these gains accordingly in the ITR.

❂ Key capital gains updates:

⦿ LTCG (long-term capital gains) on equities, gold, and property taxed at 12.5% (up from 10% in some cases).
⦿ Earlier, for STCG (short-term capital gains) the tax was at 15% now it has been raised to 20%.
⦿ LTCG exemption limit raised to ₹1.25 lakh.
⦿ Real estate LTCG tax reduced from 20% to 12.5%, but indexation removed for property bought after April 1, 2001.
⦿ Before July 23, sellers of assets can choose the old or new regime.

❂ Other key changes:

⦿ Under the new regime, NPS employer contribution for private employees has been raised to 14%.
⦿ Penalty waived for not reporting foreign assets up to ₹20 lakh.
⦿ New income tax slabs under the simplified regime offer lower tax without exemptions.
⦿ Standard deduction increased to ₹75,000.

Taxpayers must carefully examine their financial information and choose the regime that best fits their needs.

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