ITR Filing Deadline for Non-Audit Cases Nears: Don’t Miss the September 15th Cutoff
Thank you for reading this post, don't forget to subscribe!The deadline to file Income Tax Returns (ITR) for the Financial Year 2024–25 (Assessment Year 2025–26) is fast approaching. For individual taxpayers, Hindu Undivided Families (HUFs), and other non-audit cases, the last date is September 15, 2025.
The government had previously extended the deadline from the original July 31, 2025 date, citing “extensive changes” in the ITR forms, technical upgrades, and system readiness. This extension was intended to provide taxpayers and professionals with a more reasonable timeframe for compliance. However, with only a few days remaining, a last-minute rush is expected, and tax professionals have highlighted ongoing issues with the e-filing portal.
Consequences of Missing the Deadline
If you fail to file your ITR by the September 15 deadline, you can still submit a belated return, but it comes with penalties and other disadvantages:
- Late Filing Fee (Section 234F): A late fee of ₹5,000 will be levied for returns filed after the due date. For taxpayers with a total income up to ₹5 lakh, this penalty is reduced to ₹1,000. This fee applies even if no tax is payable.
- Penal Interest (Section 234A): In addition to the late fee, you will have to pay penal interest at a rate of 1% per month on any outstanding tax dues.
- Loss of Benefits: You may lose the ability to carry forward certain losses (such as business or capital losses) to offset against future income. However, losses from house property can still be carried forward.
- Delayed Refunds: If you are owed a tax refund, filing a belated return will delay the process of receiving it.
Who Is Required to File ITR?
Even if your taxable income is below the basic exemption limit, you may be required to file an ITR under specific conditions, including:
- Spending ₹2 lakh or more on foreign travel.
- Paying an electricity bill of ₹1 lakh or more in a single financial year.
- Depositing ₹1 crore or more in one or more current bank accounts.
- Having an income from business or profession.
- Having assets or signing authority in an account outside India.
Why Timely Filing Matters
Timely ITR filing is crucial for several reasons:
- Avoiding Penalties: It saves you from late fees and penal interest.
- Faster Refunds: Timely filing ensures that any refunds you are due are processed and disbursed quickly.
- Financial Record: Your ITR serves as a critical financial document, which is often required for loan applications, visa processes, and other financial transactions.
Given the approaching deadline, taxpayers are strongly advised to file their returns as soon as possible to avoid the last-minute rush and potential penalties. While there is speculation about another extension, waiting for one is not a safe strategy.
