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DIRECT TAX : SPOTLIGHT
1. Extension of due date for filing of ITRs for the Assessment Year 2025-26 - Circular No. 12/2025 dated 15 September 2025
Due date for furnishing the Income Tax Return for Assessment Year 2025-26 in the case of assessees referred in clause (c) of Explanation 2 to sub-section (1) of section 139 i.e whose accounts are not subject to audit extended from 15 September 2025 (as per circular No.06/2025 dated 27 May 2025) to 16 September 2025.
2. Order under section 119 of the Income-tax Act, 1961 for waiver of interest payable under section 220(2) due to late payment of demand, in certain cases - Circular No. 13/2025 dated 19 September 2025
In several cases, income tax returns were processed and rebate under section 87A was granted on income chargeable at special rates. The rebate was withdrawn by carrying out rectification, which led to additional demands being raised. The circular provides that interest payable under section 220(2) shall be waived in cases where such demands are paid on or before 31 December 2025. However, if demand is not paid on or before 31 December 2025, the interest shall be charged under section 220(2) of the Act from the day immediately following the end of the period mentioned in section 220(1) of the Act
