Today marks the last date for filing Income Tax Returns (ITR) in India for the financial year 2024–25. Taxpayers who miss the deadline may face penalties, interest on outstanding tax, and restrictions on carrying forward losses. Understanding the implications and available remedies is crucial to avoid unnecessary financial and legal consequences.
Why Filing on Time Matters
Avoid Penalties: Late filing can attract a penalty under Section 234F, ranging from ₹1,000 to ₹5,000 depending on the delay.
Interest on Tax Dues: Interest under Section 234A may apply on any unpaid tax, increasing the total liability.
Carry Forward Losses: Missing the deadline may disallow the carry forward of business or capital losses, impacting future tax planning.
Claiming Refunds: Timely filing ensures faster processing of refunds due to excess tax paid.
Penalties and Interest
| Type | Details |
|---|---|
| Late Filing Penalty | ₹1,000 (if income ≤ ₹5 lakh) up to ₹5,000 |
| Interest on Tax Due | 1% per month under Section 234A |
| Loss Carry Forward | Business/capital losses may not be carried forward if ITR is late |
Note: Penalties may vary depending on the taxpayer’s total income and duration of delay.
Remedies If You Miss the Deadline
Belated Return Filing: Taxpayers can still file a belated return under Section 139(4), usually up to December 31 of the assessment year.
Pay Interest and Penalty: Late filing may attract interest and penalties, but filing promptly minimizes additional charges.
Rectification and Amendments: Once filed, returns can be revised or corrected under Section 139(5) for genuine errors.
Tips to File ITR on the Last Day
Keep Documents Ready: Ensure Form 16, bank statements, and investment proofs are available.
Use Online Filing Portals: The Income Tax e-filing portal allows quick submission.
Double-Check Details: Verify PAN, Aadhaar, bank account, and income details before submitting.
Opt for Expert Help: If unsure, consult a tax professional to avoid mistakes and penalties.
Conclusion
Filing your ITR on or before the last date is critical to avoid penalties, interest, and legal complications. Even if you miss the deadline, filing a belated return promptly can help mitigate consequences. Staying organized and proactive ensures compliance and avoids unnecessary financial stress.
Frequently Asked Questions (FAQ)
1. What is the last date to file ITR for FY 2024–25?
The last date to file ITR for individual taxpayers is today (typically July 31 for most cases), unless extended by the Income Tax Department.
2. What happens if I miss the ITR filing deadline?
Missing the deadline can result in penalties under Section 234F, interest on tax dues under Section 234A, and loss of carry forward benefits for business or capital losses.
3. Can I file a belated ITR?
Yes, a belated return under Section 139(4) can be filed, generally up to December 31 of the assessment year.
4. Are there penalties for belated returns?
Yes, filing a belated return may attract Section 234F penalties and interest on any unpaid taxes.
5. How can I avoid mistakes while filing on the last day?
Gather all necessary documents
Use the official e-filing portal
Double-check PAN, Aadhaar, and income details
Consider professional assistance if needed
Published on : 15th September
Published by : SMITA
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