Income Tax Returns (ITR) for Salaried Professionals: Key Dates and Penalties for FY 2024-25
Good news for salaried professionals and individuals not requiring an audit! The deadline for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26) has been extended.
Revised Due Date:
- September 15, 2025: This is the new deadline for most salaried individuals and those whose accounts are not subject to an audit. The original due date was July 31, 2025.
This extension, announced by the Central Board of Direct Taxes (CBDT), aims to provide a smoother filing experience for taxpayers.
Important Deadlines for Other Categories:
- October 31, 2025: For taxpayers whose accounts are subject to audit.
- November 30, 2025: For those involved in international or specified domestic transactions.
- December 31, 2025: Last date to file a belated or revised return.
Consequences of Missing the ITR Due Date (September 15, 2025):
Failing to file your ITR by the deadline can lead to several penalties:
- Interest on Outstanding Tax (Section 234A):
- You’ll be charged 1% interest per month (or part of a month) on the unpaid tax amount, calculated from the day after the due date until you file.
- Late Filing Fee (Section 234F):
- ₹1,000: If your total income is less than ₹5 lakh.
- ₹5,000: If your total income is ₹5 lakh or more.
- Loss of Carry Forward Benefits:
- You will lose the ability to carry forward losses from investments (like stocks, mutual funds, or real estate) or business losses to offset future income.
- Delayed Refunds:
- If you are eligible for a tax refund, missing the deadline will inevitably delay its processing.
Key Reminders:
- The Income Tax Department has already released all ITR forms (ITR-1, ITR-2, ITR-3, ITR-4) on its official portal.
- Individuals below 60 years of age are not obligated to file returns if their income is below the exemption limit.
Ensure you file your ITR on time to avoid penalties and take advantage of all available tax benefits!