In a significant relief for the taxpayers, the last date for filing of Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26) has been extended. As per the circular of Central Board of Direct Taxes (CBDT), the revised date has now been changed to September 15, 2025. An Income Tax Return (ITR) is a form primarily used for filing details about the taxpayer’s income and the applicable tax to the Income Tax Department of India. The Indian income tax laws mention that every individual and business earning an income has to file the IT returns.
What are the penalties for the late filing?
The taxpayers filing the IT returns after the date mentioned in the CBDT notice will face penalty of Rs 5,000 (if income exceeds ₹5 lakh). The fine will be Rs 1,000 for lower income groups under Section 234F.
What is Section 234F?
Section 234F of the Income Tax Act is applicable if a taxpayer has not filed the ITR before the due date set by the Income Tax Department. The penalty in this case is a minimum of Rs. 1,000 and a maximum of Rs. 10,000 based on the total income and the number of days of delay in filing the ITR.
The taxpayers can file the revised or belated returns till December 31, 2025. The updated returns (ITR-U) can be filed till March 31, 2030.
Payment of these taxes is not extended
The taxpayers should remember that only the last date for filing the ITR has been extended but the payment of any due self-assessment taxes must be finished by July 31. The defaulters may face the penal interest under Section 234A if they fail to do so.
What is Section 234A of the Income Tax Act?
Under this act, an interest is charged on taxpayers for delays in filing income tax returns beyond the due date.
Also read: Income Tax Refund: Timeline and process After ITR
