ITR Filing 2025 Live: Health Insurance Premiums
Under Section 80D, premiums paid for health insurance policies also qualify for tax benefits. Taxpayers can claim deductions on premium payments up to Rs 25,000 for self and family, and an additional amount of Rs 25,000 for parents (Rs 50,000 if they are senior citizens).
Beyond tax savings, this also ensures financial protection against medical emergencies. Investments made with tax planning in mind help you save more and secure your financial future. Instead of rushing at the last minute before filing your ITR, create an investment plan early in the financial year. By balancing safety, growth and tax efficiency, you can reduce your burden and steadily build wealth.
ITR Filing 2025: No Refund After E-Filing? Five Key Reasons Behind Delay—Here's What To Do Now
ITR Filing 2025: Have you filed your income tax return (ITR) and e-verified immediately, but now awaiting refund from the tax authorities? However, even after several weeks, the Income Tax Department has not given any update on refunds. If you are facing this situation, it’s not unusual.
Income tax refunds could be stuck or delayed due to several reasons. Generally, it takes around four to five weeks for tax refunds, if any, to be credited to the account of the taxpayer after the ITR filing. For FY25, the ITR filing deadline for taxpayers who don’t need a tax audit has been extended to Sept. 15.
However, even after filing your ITR within the deadline, it does not ensure quick refunds. Many taxpayers receive their money in 2-4 weeks, while others receive it in a matter of days. The delay in refunds, even after filing the ITR with due diligence, could be a result of several factors.
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ITR Filing News 2025 Live Updates: Penalties For Missing Deadline
Late Filing Penalty
If you fail to file your ITR by the due date of Sept. 15, you could face a penalty under Section 234F of the Income Tax Act, 1961. A delay could attract a late fee of Rs 5,000. However, if your total income is below Rs 5 lakh, the penalty is limited to Rs 1,000. It’s advisable to file your ITR within the due date and avoid the penalties.
Interest On Tax Due
If you owe taxes and fail to file the return, interest will be levied on the unpaid tax amount under Section 234A of the I-T Act. A simple interest of 1% per month (or part of a month) will be charged on the unpaid tax, calculated from the return filing due date until the actual filing date.
Prosecution Risk
If you deliberately fail to file your ITR despite receiving notices from the Income Tax Department, the assessing officer can initiate prosecution proceedings. This may lead to imprisonment ranging from three months to two years, along with a fine. If the unpaid tax amount is substantial, the jail term can extend up to seven years.
Losses Can't Be Carried Forward
Failing to file your return on time means you lose the ability to carry forward most losses, such as those from business or capital gains, to future years. The only exception is losses from house property, which can still be carried forward even if the return is filed late.
Trouble In Getting Loans Or Visas
ITR filings are often used by banks and financial institutions to assess your financial health. Similarly, foreign consulates sometimes ask for ITR proofs during visa processing. Not filing can become a roadblock if you're planning to take a loan or travel abroad.
Belated Return
If you miss the initial deadline, you can still file a belated return. But this must be done before Dec. 31 of the assessment year. Note that belated returns attract penalties and don’t allow you to revise the return later.
Filing your ITR on time is crucial, not just to avoid penalties, but also to stay financially compliant. Even if your income is below the taxable limit, filing returns can help build a good financial record.
ITR Filing News 2025 Live Updates: Deductions Under New Tax Regime
For FY 2024-25, resident individuals with taxable income up to Rs 7 lakh are eligible for a rebate of up to Rs 25,000 under the new tax regime under Section 87 A.
A standard deduction of Rs 75,000 is also available to salaried individuals under the new tax regime.
Taxpayers who opt for the new tax regime can choose Section 80CCD(2) to claim deduction for employer contributions to the Central Government Pension Scheme. There is a deduction limit of up to 14% of the employee’s salary.
Section 24(b) allows deduction on interest paid on housing loans. In the case of let-out properties, there is no maximum limit on the amount of interest that can be claimed as a deduction.
Contributions made toward Agnipath Scheme can also be claimed.
ITR Filing News 2025 Live Updates: Deductions Under Old Tax Regime
To file ITRs, taxpayers will need to choose between the old and new tax regimes and submit their returns on time to avoid penalties.
The old regime allows for various deductions and exemptions, such as under Sections 80C, 80D and HRA, which can significantly reduce the taxable income and overall tax liability.
Taxpayers can claim deductions under Section 24(b) of a maximum of Rs 2 lakh deduction on home loan interest for self-occupied property.
Sections 80C, 80CCC, and 80CCD(1) (meant for pension, etc) offer a combined deduction limit of Rs 1,50,000.
Additionally, a maximum of Rs 50,000 can be claimed under Section 80CCD(1B) for contributions to the pension schemes offered by the Central government.
Under Section 80D, the tax department allows taxpayers to claim a deduction for health insurance premiums and preventive health check-ups. For self, spouse and dependent children, the limit is Rs 25,000. For parents, it's Rs 25,000. Preventive check-up limit is Rs 5,000 within these overall limits.
Under Section 80DDB, you can claim a deduction for medical treatment of self or dependents for specified diseases. The limit of up to Rs 40,000 for regular patients and up to Rs 1,00,000 for senior citizens.
Taxpayers can use the Section 80EE to claim a deduction of up to Rs 50,000 on interest paid for loans taken for eligible residential house property. This deduction is allowed over and above Section 24(b).
Section 80EEB allows a deduction of up to Rs 1,50,000 on interest paid for loans taken to purchase an eligible electric vehicle. Only individual taxpayers are eligible for this deduction.
Taxpayers can also claim deductions on any donations made toward charitable institutions till Rs 2,000. Donations made toward scientific institutions and political parties are also eligible for deductions.
Section 80GG of the Income Tax Act, 1961, allows taxpayers to claim a deduction on rent paid if they do not receive House Rent Allowance (HRA) as part of their salary. It is also available to self-employed individuals who pay rent.
A total of Rs 10,000 can be claimed for interest earned from savings bank accounts.
Specially-abled resident individual taxpayers are also eligible for additional deductions.
Under the old regime, Section 87 A also offers up to Rs 12,500 rebate for income up to Rs 5 lakh.
ITR Filing Live: Step-By-Step Guide To Using AI Tax Advisors
These days, filing taxes has been made easier with the availability of a wide range of services. These include conventional chartered accountants or the online platforms offering tax filing services. A third option is also gaining popularity when it comes to handling finances: the use of artificial intelligence (AI) tools.
Many people prefer to use free chatbots such as ChatGPT to seek investment advice and simplify their ITR and other financial processes.
These AI-powered tax advisors can help in understanding deductions, investment declarations and help guide you through the ITR process quickly.
While AI is known to do its job in seconds, it is still recommended not to wait until the last day. As the deadline approaches, the tax portal is likely to see high traffic. This can lead to glitches or delays and eventually cost you in the form of penalties.
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ITR Filing News 2025 Live Updates: Will Finance Ministry Extend Deadline?
The ITR filing deadline for AY 2025-26 has already been extended to Sept. 15, 2025, from the usual July 31. So far, the Income Tax Department has not announced any further extension.
The government’s latest press release on ITR, issued on Sept. 7, also clarified that the deadline remains Sept. 15 as of now.
Based on this, taxpayers who are yet to submit their income tax returns are advised to do so within the stipulated time. Waiting for the last minute or further deadlines and missing the due date can result in penalties.
ITR Filing News 2025 Live Updates: Check Deadline
The deadline to file Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26) is approaching soon. Taxpayers, who are not liable for a tax audit of their accounts, are required to file their income details for the period between April 1, 2024, and March 31, 2025, by Sept. 15.
The Central Board of Direct Taxes (CBDT), on May 27, extended the deadline from the usual July 31. This particular date extension applies to non-audit cases, which include individuals, Hindu Undivided Families (HUFs) and any other entities filing returns using ITR 1 to ITR 4.
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