Key Income Tax Changes Effective from April 1

The new Income Tax Act, 2025 introduces several important changes:

Extended ITR Filing Deadline

For non-audit cases, the due date to file Income Tax Returns (ITRs) will shift from July 31 to August 31.

Revised Return Window

Taxpayers can now file revised returns up to March 31 of the following year, offering more flexibility for corrections.

Single Tax Year System

The existing “previous year–assessment year” structure will be replaced with a simplified single tax year concept.

Higher STT on F&O

Securities Transaction Tax (STT) rates on Futures and Options trades will be increased.

These changes aim to simplify compliance while tightening certain aspects of financial market taxation.