IT department extends ITR filing deadline
The Income Tax Department has extended the ITR filing deadline for Assessment Year 2025-26 to September 15, 2025, for individuals, HUFs, and entities not requiring audits. The previous deadline was July 31. This extension was granted due to significant structural and content revisions in the ITR forms, announced in April and May 2025. These changes, aligned with the Finance Act 2024, include enhanced reporting requirements and updates to deductions, TDS codes, and capital gains disclosures. The delay in releasing updated filing utilities also contributed. The extension aims to ensure smooth filing, allow system updates, and provide taxpayers time to comply with the new requirements introduced in the revised ITR forms.
Sensex, Nifty fall ending two day rally
Benchmark indices Sensex and Nifty fell nearly 1 per cent on Tuesday, ending a two-day rally amid profit booking in banking, IT, and auto stocks. The BSE Sensex dropped 624.82 points (0.76 per cent) to close at 81,551.63, after plunging over 1,000 points intraday. The NSE Nifty declined 174.95 points (0.70 per cent) to 24,826.20. Investor sentiment weakened ahead of key economic data releases, including April’s industrial output and Q1 GDP. Major losers included UltraTech Cement, ITC, and Tata Motors, while IndusInd Bank and Sun Pharma gained. Despite volatility, mid- and small-caps remained resilient. Asian markets were mixed, European indices traded higher.