ITR Filing: What if you missed to file ITI today? Information is complete here

ITR Filing: It is necessary for every taxpayer in India to file his Income Tax Return (ITR) on time. For this, the government set a time limit every year. This year, this deadline for non-audit taxpayers is September 15 i.e. today. That is, the taxpayers who do not need to audit their accounts, will have to fill their ITR for FY 2024-25 today.

Now the question comes that what will happen if you miss this deadline? There is often confusion in taxpayers about what will be the results of filing returns after the time limit is exceeded? Today we are going to give you information about this.

Will you be able to file returns after 15 September?

The answer is yes, you can still enter your ITR late, but before doing so you have to understand certain conditions, punishments and restrictions. Of course, taxpayers can file their ITR even after the due date. The Income Tax Department gives this option so that people who have missed the time limit can also get a chance to give information about their income and pay taxes properly. However, there are some disadvantages of late ITR filing.

Fine for filing late returns

If you miss the deadline, you may have to pay a fine under Section 234F of the Income Tax Act.

• If your total income is more than Rs 5 lakh, then the fine can be up to Rs 5,000.
• If the income is less than Rs 5 lakh, then the fine is Rs 1,000.

This penalty is imposed while filing your delayed returns. In addition to jurma, you will also have to pay interest on the dues. It is imposed under section 234A. Its calculation is usually done at the rate of 1 percent per month from the due date of filing the return and the date of payment.

No discount will be available

One of the biggest disadvantages of filing late returns is that the facility of exemption received also ends. This provision comes under section 139 (1) of the Income Tax Act. If you miss the deadline, you cannot forward the deficit (such as commercial deficit, capital deficit etc.). This means that by adjusting the previous loss, you lose the opportunity to save tax in the coming years.

Deadline to fill late returns

You can file your ITR by December 31, 2025. After this date, you cannot file your ITR for that assessment year at all. That is, you can submit late returns, but too much delay is not appropriate.

Also read:

ITR Filing: Deadline to file returns will not be increased, but big relief for these taxpayers