Income Tax Return Filing: The normal income tax return filing deadline for AY 2024-25 ended on July 31, 2024. The deadline to file a belated ITR with a penalty amount of Rs 5,000 will end on December 31, 2024. Even after the July 31 deadline, the Income Tax Department gave different categories of taxpayers specific deadlines to furnish ITRs. For example, the tax department extended the ITR filing date for those requiring audit of their accounts from 31st October, 2024 to 15th November, 2024.

Here, we will talk about five key changes in income tax rules with respect to filing of tax returns by taxpayers.

Enhanced tax transparency with new Form 26AS
The introduction of the new Form 26AS provides comprehensive information to taxpayers, including details of tax deductions or collections at source, specified financial transactions (SFTs), payment of taxes, demands, and refunds.