ITR Filing: Missed the Deadline? Find Out if You Can File Your Return Without a Penalty

ITR Filing: The last date to file your Income Tax Return (ITR) was September 16th. Were you unable to submit your return by this date? Don’t worry, there is still an opportunity for you. According to the Income Tax Act, those who could not file their return by the specified date can file a belated return. However, some conditions and penalties will apply. In this blog, we will discuss this in detail.

What is a Belated Return?

As per the Income Tax Act, if a taxpayer fails to file their income tax return within the specified deadline, they are allowed to file a belated return. This return can be filed before the end of the assessment year or before the completion of the assessment, whichever is earlier. According to the current rules, you can file your belated return until December 31, 2025.

Consequences of Filing ITR Late

Although you have the option to file a belated return, you will have to face some consequences for it. These are:

Late Filing Fee

According to Section 234F of the Income Tax Act, you will have to pay a late fee for filing the ITR late.

• If your total income is less than Rs 5 lakh, you will have to pay a penalty of Rs 1,000.
• If your total income is more than Rs 5 lakh, the penalty amount will be Rs 5,000.

Limitation in Choosing Tax Regime

Those who file their returns by the due date can choose between the old or new tax regime as per their convenience. But if you file a late return, you will be mandatorily required to file the return under the new tax regime. You will not be able to choose the old tax regime even if it is more beneficial for you.

Less Interest on Tax Refund

If you are eligible for a tax refund, you will receive less interest due to late filing. Generally, those who file on time receive interest from April until the date of the refund. But if you file late, you will get interest from the date of filing until the date of the refund. This will reduce the amount of interest you receive.

What Should Be Done?

According to experts, taxpayers should start preparing to file their returns from the second week of June instead of waiting for the last moment. Keep all your documents like Form 16/16A, Form 26AS, and AIS (Annual Information Statement) organized and file your return on time. This will not only help you avoid penalties but also keep you free from mental stress.

Therefore, if you still haven’t filed your ITR, file your belated return by December 31st without any further delay and fulfill your duty as a responsible citizen.