Taxpayers often confuse the terms ‘due date’ and ‘last date’ for filing their Income Tax Returns (ITR). While both are deadlines, they have very different consequences. Understanding the distinction is crucial for avoiding penalties and other complications.
The Due Date: Your Penalty-Free Deadline
The due date is the final day to file your ITR without paying any late fees or penalties. This is the deadline to file an “original return.” Filing by this date ensures you are fully compliant with tax regulations and eligible for all tax-related benefits.
What happens if you miss the due date?
- Late Fee: You will be charged a late filing fee of up to ₹5,000, depending on your income.
- Interest: You may have to pay interest on any unpaid tax.
- Lost Benefits: You may forfeit the ability to carry forward certain losses (like business or capital losses) to offset against future income.
The Last Date: The Final Deadline for Late Filing
The last date is the final deadline to file what is called a “belated return” (a return filed after the due date). This deadline is a grace period, but it’s important to understand that you are already considered a late filer at this point. The penalties and loss of benefits mentioned above still apply.
What happens if you miss the last date?
- If you fail to file by this final deadline, your options become extremely limited. You may have to file an “updated return,” which comes with significantly higher penalties and additional tax.
- In some cases, repeated failure to file can lead to legal action from the tax authorities.
Due Date vs. Last Date: Key Differences
| Feature | Due Date | Last Date |
| Filing Status | On-time, penalty-free filing. | Late filing. |
| Penalties | None. | Mandatory late fee and interest. |
| Benefits | All benefits are available. | Certain benefits, like carrying forward losses, are forfeited. |
| Return Type | Original return. | Belated return. |
The key takeaway is to always aim to file your ITR by the due date. It’s the only way to avoid fees, penalties, and the loss of important tax benefits.