If you missed filing your Income Tax Return (ITR) for FY25, don’t worry. The Income Tax Department allows taxpayers to file updated or belated returns under certain conditions, helping you avoid penalties and interest.
1. Deadline for Belated Filing
· As per the Income Tax Act, 1961, taxpayers can file a belated return for FY25 until December 31, 2026.
· Filing after the regular deadline may attract late fees under Section 234F, depending on income.
2. How to File a Belated ITR
1. Login to the e-filing portal: https://www.incometax.gov.in
2. Select “e-File → Income Tax Return → Belated Return”
3. Choose Assessment Year: FY25 corresponds to AY 2026-27
4. Fill the ITR Form: Provide income, deductions, and taxes paid
5. Verify TDS & Form 26AS: Ensure all tax credits are claimed
6. Submit and Verify: Use Aadhaar OTP, net banking, or DSC for verification
3. Benefits of Filing an Updated Return
· Claim Refunds: If excess tax was deducted, you can receive refunds.
· Carry Forward Losses: Only returns filed on time or belatedly allow losses to be carried forward.
· Avoid Penalties & Notices: Filing reduces the risk of penalties or scrutiny.
· Update Details: Correct any mistakes in previous filings such as income or deductions.
4. Fees and Penalties
· Late Fee under Section 234F:
o Up to Rs 5,000 if income > Rs 5 lakh
o Rs 1,000 if income ≤ Rs 5 lakh
· Interest on Tax Due (Section 234A/B/C): Applies if tax is unpaid or underpaid
5. Tips for Filing Belated ITR
· Keep Documents Ready: Form 16, bank statements, TDS certificates
· Double-Check Form 26AS: Ensure all taxes are properly credited
· Claim All Deductions: Sections 80C, 80D, 80E, and HRA exemptions
· Avoid Mistakes: Use official ITR utilities or certified tax software
Conclusion
Even if you missed the FY25 ITR deadline, you still have a chance to file a belated or updated return until december 31, 2026. Filing now helps you claim refunds, carry forward losses, and avoid penalties, ensuring your financial records are compliant.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
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