ITR Filing Deadline for FY 2024-25 Extended to September 15, 2025!
Good news for individual taxpayers! The Income Tax Return (ITR) filing deadline for the Financial Year 2024-25 (Assessment Year 2025-26) has been extended by the Central Board of Direct Taxes (CBDT).
The new due date for filing your ITR is now September 15, 2025. This extension primarily benefits individuals not requiring an audit, including salaried employees, pensioners, and NRIs.
Why the Extension?
The CBDT has cited significant changes to the ITR forms and the time needed for system readiness and the rollout of new ITR utilities as the reason for this extension. This aims to provide a smoother and more convenient filing experience for everyone.
What if you miss the new deadline?
Missing the September 15th deadline can lead to financial consequences:
- Interest Charges: You’ll face a 1% per month (or part of a month) interest on any unpaid tax amount.
- Late Filing Penalties:
- Rs 1,000: If your total income is below Rs 5 lakh.
- Rs 5,000: If your total income is above Rs 5 lakh and the return is filed after the due date but before December 31, 2025.
- Losses Not Carried Forward: Crucially, if you file your ITR late, you won’t be able to carry forward losses under capital gains or business/profession to future years.
Can you still file after September 15th?
Yes, you can file a belated ITR with the applicable penalty until December 31, 2025.
Don’t wait until the last minute! With over one crore returns already filed and major utilities enabled, it’s wise to plan and file your ITR well before the extended deadline to avoid any last-minute rush or penalties.