The deadline for filing your ITR for the financial year 2024-25 (assessment year 2025-26) has passed. Even though the deadline for filing a normal return and a late fee return has passed, the law still gives you one more chance.
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ITR FY 2024-25: If you haven’t filed your Income Tax Return (ITR) for the financial year 2024-25 (FY25), there’s no need to panic. Even though the due date has passed, the law still gives you a chance to correct the mistake. However, this will result in higher tax payments.
What was the last chance?
The extended deadline for salaried individuals to file their ITR for FY 2024-25 was September 16, 2025. After that, a belated return could be filed with a late fee until December 31, 2025. Now, this deadline has passed, so a normal or belated ITR cannot be filed.
What are the options now?
Under the Income Tax Act, you can file an updated return. This period is 48 months, calculated from the end of the relevant assessment year. The assessment year for FY 2024-25 is 2025-26, which ends on March 31, 2026, meaning you will be able to file an updated ITR from April 1, 2026.
Who can file an updated ITR?
- Those who haven’t filed an ITR
- Those who haven’t paid taxes
- Those who previously filed an ITR but understated their income
If you want to claim an income tax refund, you can’t file an updated return. This is only for tax payers.
How much additional tax will you have to pay?
Filing an updated return will incur additional tax in addition to the normal tax and interest. If you file an updated ITR within 12 months of the end of the assessment year, you will have to pay an additional 25% on the tax and interest. The additional tax rate increases further if you file after 12 months.
The sooner you file, the lower the additional cost. This will ensure you are legally clean and avoid any major problems in the future. For more information, check the Income Tax Department’s website or consult a tax expert.
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