In case you've overlooked the cut-off date to report your earnings Tax go back (ITR), do not panic-there are nonetheless options available, but they arrive with certain consequences. From late costs and hobby loss on refunds to penalties and criminal movement, here's everything you want to recognize approximately submitting a not on time ITR for the financial yr 2024-25.
What is the final Date to file ITR in FY 2024-25?
For maximum salaried people and small business proprietors, the usual closing date to record an ITR is July 31. However, for FY 2024-25, the authorities has prolonged this closing date to september 15, 2025.
Right here are the important dates:
September 15, 2025: For salaried taxpayers and non-audit cases
October 31, 2025: For organizations requiring an audit
November 30, 2025: For taxpayers worried in switch pricing instances
⚠️ What if you omit the september 15 deadline?
Even in case you pass over the extended cut-off date, the profits Tax branch lets in you to file a belated return via december 31, 2025. However, this comes with certain disadvantages:
Past due submitting fee of up to ₹5,000
No hobby on any eligible tax refund
Cannot deliver forward losses (which include enterprise or capital losses) to the following yr
Hobby on tax dues, if applicable
✅ Tip: in case your overall profits is underneath ₹five lakh, the past due submitting price is decreased to ₹1,000.
Effects of filing ITR past due
Filing after the due date may also have several economic and felony results, together with:
Loss of convey-forward advantages: You won't be capable of carry ahead positive losses like commercial enterprise loss or capital loss for future tax changes.
No interest on Refund: in case you are due for a refund, you may not obtain hobby on it for the postpone period.
Overdue filing rate:
₹5,000 if income exceeds ₹5 lakh
₹1,000 if profits is ₹5 lakh or much less
Interest Penalty on Tax Due: you can should pay interest beneath segment 234A for the put off.
What in case you Made a Mistake inside the Filed return?
In case you've already filed your return however comprehend there was a mistake, you may revise your ITR. The deadline to document a Revised return is likewise december 31, 2025. It allows you to correct errors in the unique return with out penalty, supplied it's far accomplished in time.
⛔ overlooked the december 31 deadline? Here's What Follows
Failing to report even the belated return by december 31, 2025, can result in strict consequences and possible legal action:
A penalty of up to 50% of tax saved if the ITR is not filed deliberately
If fake facts is observed, the penalty should pass up to two hundred%
If the tax evasion exceeds ₹10,000, the taxpayer may face crook costs
Viable prison time period starting from 3 months to 7 years, relying at the case
Is There nonetheless a remaining inn? Up to date ITR to the Rescue
Even after lacking the december deadline, you continue to have one final option: up to date ITR.
You may document this return inside forty eight months from the quit of the applicable assessment year.
But, it comes with additional tax liabilities and penalties.
It's also filed below segment 139(8A) of the earnings Tax Act.
⚠️ note: updated ITR isn't always relevant for affirming losses or claiming additional refunds.
✅ very last phrases: don't put off, report today filing your ITR on time no longer handiest ensures compliance however also saves you from a host of economic and prison complications. Whether you are salaried, self-employed, or a small enterprise proprietor, mark the cut-off dates in your calendar and report early to keep away from pointless consequences and strain.
If you've ignored the due date, act right away-report the belated return earlier than december 31, or discover the updated ITR choice with the assist of a tax expert.
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