Income Tax Return Filing FY 2024-25: Key Dates, Penalties And Revised Deadlines Explained

If a return is filed late, taxpayers become liable for interest at 1 per cent per month or part of a month on any unpaid tax under Section 234A of the Income Tax Act.

Filing on time ensures compliance, avoids unnecessary penalties, and helps maintain smooth financial planning.

Source : ABPLIVE AI

As September gets underway, the spotlight once again falls on income tax filing. The Income Tax Department has already extended the deadline for Income Tax Returns (ITR) for the financial year (FY) 2024-25 and assessment year (AY) 2025-26.

However, the revised window is closing soon, and taxpayers are being urged to complete their filings within the stipulated time to avoid penalties.

Extended ITR Deadline: What You Need to Know

The original due date for filing ITRs was 31 July 2025. This was later extended, offering individuals more time to finalise and submit their returns. The new deadline now stands at 15 September 2025, providing a limited extension to accommodate taxpayers who may have faced difficulties meeting the July timeline.

For those who still fail to file by the revised date, there remains the option of filing a belated return. Such returns can be submitted up to 31 December 2025, but they attract both penalties and interest. In cases where revisions are needed, the deadline for revised returns is also set for 31 December 2025.

Deadlines for Different Categories of Taxpayers

The extended timelines vary depending on the category of taxpayer and their compliance requirements:

• Individual / HUF / AOP / BOI (not requiring audit): 15 September 2025 (Monday)
• Businesses requiring audit: 31 October 2025 (Friday)
• Businesses with transfer pricing reports (international/specified domestic transactions): 30 November 2025 (Sunday)
• Revised returns: 31 December 2025 (Wednesday)
• Belated/late returns: 31 December 2025 (Wednesday)
• Updated returns: 31 March 2030 (Sunday)
• Risks of Missing the Deadline

Tax experts caution that delaying beyond these dates can lead to significant financial consequences. If a return is filed late, taxpayers become liable for interest at 1 per cent per month or part of a month on any unpaid tax under Section 234A of the Income Tax Act. Additionally, under Section 234F, a late filing fee of Rs 5,000 applies if total income exceeds Rs 5 lakh, while those earning below that threshold face a penalty of Rs 1,000.

Such charges can increase the financial burden considerably, especially for individuals and businesses already managing tight budgets.

Importance of Timely Filing

Chartered accountants and tax professionals emphasise that, given the limited likelihood of any further extension, taxpayers must make the most of the current window. Filing on time ensures compliance, avoids unnecessary penalties, and helps maintain smooth financial planning.

With the clock ticking towards 15 September 2025, individuals and businesses alike are being urged to act promptly and avoid last-minute hurdles. A proactive approach now could save taxpayers not only money but also considerable stress later in the year.

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