ITR Forms for FY 2024–25: Why the Delay and What It Means for You
We are already one month into the new financial year, but the ITR forms for FY 2024–25 (Assessment Year 2025–26) have not yet been released. This delay is causing anxiety among taxpayers and professionals, especially since ITR forms were typically available much earlier in previous years.
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For instance, the ITR forms for AY 2022–23 were released on March 30, 2022, and for AY 2023–24, the forms were out by February 10, 2023. In fact, the forms for AY 2024–25 were released even earlier on December 22, 2023. Naturally, people were expecting a similar timeline this year, but with no forms in sight, concerns are rising about the impact on the filing timeline.
The delay is likely due to updates introduced in the Finance Act of July 2024, which require careful changes to the forms. These updates may involve structural shifts in how income or deductions need to be reported. As a result, the Income Tax Department may need extra time to incorporate these changes.
Until the ITR forms for FY 2024–25 are released, taxpayers cannot begin the filing process. Software providers also require finalized forms to update their systems, creating uncertainty for both individuals and businesses. If the forms are delayed further, there will be limited time left to file, which could result in errors or missed deadlines.
Though no official word has been given about extending the ITR filing deadline (usually July 31 for individuals), if the delay continues, an extension seems very likely. Taxpayers will need sufficient time to understand the updated forms, gather necessary documents, and file their returns correctly.
For now, taxpayers should stay informed about official announcements and begin preparing their income and deduction details. Once the forms are released, being ready will ensure a smooth filing process.
FAQs about ITR Forms for FY 2024–25
- Why are the ITR forms for FY 2024–25 delayed?
The delay is likely due to updates required by the Finance Act of July 2024. These changes need to be incorporated into the forms, which takes time. - When were the ITR forms released in previous years?
In the past few years, the forms were released early:
- AY 2022–23: March 30, 2022
- AY 2023–24: February 10, 2023
- AY 2024–25: December 22, 2023
- Will the ITR filing deadline for FY 2024–25 be extended?
There’s no official word yet, but an extension is likely if the delay continues. The filing deadline for individuals is usually July 31. - How does this delay affect taxpayers?
The delay prevents taxpayers from starting the filing process. Software providers also need the finalized forms to update their systems, causing uncertainty. - What should taxpayers do now regarding ITR forms for FY 2024–25?
Taxpayers should stay informed about official announcements and begin gathering income and deduction details, so they can file once the forms are released.
