Don’t Miss Out! The ITR Deadline is Not Extending
Thank you for reading this post, don't forget to subscribe!With just hours left before the September 15 ITR deadline, the clock is ticking for taxpayers. Hopes for an extension are slim, so if you haven’t filed your Income Tax Return for Assessment Year 2025–26, it’s time to act. Missing this deadline comes with a steep price, from penalties and interest to losing key benefits.
What’s at Stake for Late Filers?
If you file a belated return, you’ll face more than just a slap on the wrist. Here’s what’s on the line:
- Hefty Penalties: A fixed penalty of ₹5,000 for those with an income over ₹5 lakh. If your income is below this, the fine is capped at ₹1,000.
- Interest Charges: You’ll be hit with a 1% per month interest on any unpaid tax, adding a compounding financial burden.
- Loss of Carry-Forward Benefits: This is a major blow. If you’ve had business or capital losses in FY25, you’ll forfeit the right to use them to offset future gains.
- Delayed Refunds: Expect a longer wait for your tax refund. Late filers are at the back of the processing queue.
- Potential Prosecution: In serious cases of tax evasion or chronic non-filing, you could face legal action, including jail time.
While you can still file a belated return until December 31, 2025, it comes with all these penalties and restrictions. Don’t risk it—file your ITR on time to avoid unnecessary financial hits and secure your benefits.
