ITR Filing Deadline: 5 Important Things You Must Know To Avoid Penalties And Interest
The Income Tax Return (ITR) filing deadline in India is fast approaching, with most taxpayers required to submit their returns by September 15 to avoid penalties. Despite an earlier extension of 1.5 months due to technical glitches and delayed ITR form releases, no further extension has been announced. Taxpayers filing belated returns after the deadline will incur penalties under Section 234F, ranging from Rs 1,000 for individuals with income up to Rs 5 lakh to Rs 5,000 for higher-income taxpayers, even if no tax is due.
Outstanding tax dues will attract interest at 1% per month, applied on the net payable amount. The deadline applies to all salaried individuals, pensioners, and entities whose accounts are not subject to audit, including those with incomes exceeding the basic exemption limit, professional income above Rs 10 lakh, or foreign assets. Taxpayers spending Rs 2 lakh on foreign travel, paying Rs 1 lakh for electricity, or depositing Rs 1 crore in current accounts must also comply with the September 15 deadline to avoid fines.
Here is everything you need to know about the ITR filing deadline:
ITR Filing Deadline Approaches Fast
The Income Tax Return filing deadline is September 15, with most taxpayers required to submit to avoid penalties.
Previous ITR Filing Date Extension
Taxpayers were granted an additional 1.5 months due to technical issues and delays in ITR form release.
Belated ITR Filing Penalties
Returns submitted after September 15 will face fines under Section 234F: Rs 1,000 to Rs 5,000 depending on income.
Interest on Outstanding Tax If You Dont Fike ITR On Time
Any unpaid tax attracts 1% interest per month, even if paid at the time of filing.
Who Must File ITR by September 15
Salaried individuals, pensioners, and professionals with income above the basic exemption limit must file, including those meeting certain spending or deposit criteria.
ITR For Foreign Assets and High Expenses
Taxpayers with foreign assets, high electricity bills, foreign travel, or large deposits must comply to avoid penalties and interest charges.
