ITR deadline: The deadline for filing income tax return (ITR) is September 15. It is almost over. Know what will happen if you file the return after the deadline and how much penalty will be charged.
The deadline for filing Income Tax Return (ITR) is now almost over. The last date for ITR for Assessment Year 2025-26 (AY26) was extended till September 15, as there were many changes in the ITR form. Many are hoping that it will be extended again, but the chances of this are very less. According to government data, more than 6.3 crore people have filed their returns. Let us know what will happen if you file ITR after September 15.
What will happen if the deadline is missed?
If you file ITR after the last date, you may have to pay a penalty and other charges. Here are the things to keep in mind while filing belated ITR:
- If your annual income is less than ₹ 5 lakh, then late filing will attract a late fee of ₹ 5,000.
- If your income is more than ₹5 lakh, then a penalty of ₹5,000 will also be imposed.
- If you file ITR after the last date, you will not be able to claim some tax deductions.
- Such as under sections 10A, 10B, 80-1A, 80-IB, 80-IC, 80-ID and 80-IE.
- 1% interest will have to be paid every month on the tax liability. This is applicable under section 234A.
- Late filing may also delay refund.
- You will not be able to carry forward business or capital gains losses to the next year.
What to do if you miss the deadline?
You can file belated returns before December 31, 2025. But this will attract late fees under section 234F. Belated returns will attract a maximum penalty of ₹5,000 and interest depending on your income and tax due.
If you miss the date of belated returns, you can file an updated return (ITR-U) under section 139(8A). This is possible only under certain circumstances and may attract additional tax. In such a situation, it would be better to file your ITR on time to avoid penalty and any tax notice.
Will the deadline be extended?
Many taxpayers and tax professionals are demanding an extension of the ITR deadline. They argue that there were technical glitches on the tax portal and delays in issuing utilities. Due to this, taxpayers did not get enough time to file returns. There are still complaints of technical glitches on the portal. However, experts believe that the chances of the deadline being extended again are almost negligible.
There is no indication from the government about extending the last date. In the press release issued on September 7, the government had clarified that the deadline for filing ITR is September 15. This means that those who have not been able to file their returns till now should file their returns immediately.
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