Income Tax Portal: December 31st is crucial for taxpayers. This is the last chance to file belated and revised ITRs and claim income tax refunds. Learn about the consequences of missing this deadline.
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Income Tax Portal: The last day of the year, December 31st, isn’t just for holidays and celebrations. It’s a crucial date for taxpayers who haven’t yet filed their Income Tax Return (ITR). For those who missed the deadline, this is the last chance to file a belated or revised ITR for 2024-25. They can also claim their pending tax refunds by this date.
What will change after December 31st?
Taxpayers are required to file belated and revised ITRs on the Income Tax Portal by December 31st, 2025. After this, the only option left will be to file ITR-U, which has several restrictions. This is the last opportunity to correct the return and claim a refund without additional penalties or serious consequences.
The ITR for the financial year that is ending can be filed until December 31st. This is the last date for claiming any refund from the previous year.
Missing the Deadline Direct Disadvantages
Many people forget that after December 31st, both the late ITR and the refund are closed. If the return is not filed by this date, not only is the refund claim forfeited, but any opportunity to make corrections to previously declared income is also lost.
Why Filing Your ITR on Time Is Important
Filing your return on time makes it easier to comply with tax rules and maintains a clear tax record. This applies to both salaried professionals and small businesses. Filing a belated return by December 31st is a safeguard. It reduces the risk of refund rejection, prevents tax notices, and ensures a financially organized start to the new year.
What if December 31st is missed?
If taxpayers who missed the September deadline do not file their belated ITR by December 31st, the Income Tax Department will not issue them any refund. Filing your return on time not only secures your refund but also prevents any future tax disputes.
