With the ITR filing season officially underway, non-audit taxpayers now have until 15th September 2025 to file returns for FY 2024-25. Here’s everything you need to know—from due dates and penalties to options for missed or erroneous filings.
June 24, 2025: Filing Income Tax Returns (ITR) is not just a compliance measure—it’s a vital part of financial planning that ensures correct declaration of income, proper tax computation, and claim of deductions. For the Financial Year (FY) 2024–25 and Assessment Year (AY) 2025–26, the ITR filing window has officially begun, with the Income Tax Department releasing Excel utilities for ITR-1 and ITR-4 on 30th May 2025.
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📌 Start and Last Dates for ITR Filing
- Start Date: Although the official filing season typically begins on April 1st, the process started late this year due to significant changes in ITR forms and system updates. Filing effectively began in June 2025.
- Last Date (for non-audit cases): The due date has been extended to 15th September 2025 from the usual 31st July.
- Belated & Revised Return Deadline: 31st December 2025
- Updated Return Deadline (ITR-U): 31st March 2030 (4 years from end of AY)
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📅 Important Due Dates for FY 2024-25 (AY 2025-26)
| Category | Due Date |
|---|---|
| Individuals / HUFs (non-audit) | 15th Sept 2025 |
| Businesses requiring audit | 31st Oct 2025 |
| Transfer pricing cases | 30th Nov 2025 |
| Revised / Belated Return | 31st Dec 2025 |
| Updated Return (ITR-U) | 31st Mar 2030 |
⚠️ Consequences of Missing the ITR Deadline
- Interest under Section 234A:
1% per month (or part thereof) on the unpaid tax. - Late Filing Fee under Section 234F:
- ₹5,000 if income > ₹5 Lakh
- ₹1,000 if income ≤ ₹5 Lakh
- Loss Adjustment:
Losses (e.g., from business, capital markets) cannot be carried forward unless ITR is filed on time.
📝 What If You Miss Filing?
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- Belated Return:
File by 31st December 2025 with penalty and interest. You can still claim deductions but can’t carry forward losses. - Updated Return (ITR-U):
Missed everything? You can still file an updated return within 4 years (i.e., by 31st March 2030), but subject to additional taxes and conditions.
✍️ Filed with Errors? Use Revised Return
If you’ve made mistakes in your original filing, you can revise your return until 31st December 2025. For instance, if a taxpayer filed on 30th June but discovered missed deductions in August, they can still revise and correct it before year-end.
🔍 Financial Year (FY) vs Assessment Year (AY)
- FY (2024–25): Year in which income is earned
- AY (2025–26): Year in which that income is assessed and taxed
Return filing always happens in the Assessment Year.
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