The last date for ITR filing is 15 September 2025, which is very close now, but if you have not filed your Income Tax Return (ITR) yet, then you should read this news carefully. Experts say that waiting till the last moment can cost you very dearly. Not filing the return on time can cost you a penalty and interest, and it can also have many more serious consequences.
Key Takeaways
Quick Read- Disadvantages of filing ITR late
- Benefits of filing ITR early
- What to do if you miss the last date of ITR?
Disadvantages of filing ITR late
If you file ITR near the last date, then there can be two big problems. The first thing is that if you have to pay self-assessment tax, then the interest on it will keep increasing. Under section 234B, if your advance tax is more than ₹ 10,000 and you have not paid it on time, then 1% interest will continue to be charged every month till the return is filed. Secondly, if you have any refund due, then that too will be received late if you file the return late.
There is another big risk in filing ITR on the last date. At this time, there is a huge crowd on the income tax portal, which can cause technical problems. There may also be a problem in downloading important data like AIS (Annual Information Statement) and TIS (Taxpayer Information Summary).
Benefits of filing ITR early
There are many benefits of filing ITR before the time, which can help you save yourself from future troubles. You will avoid the additional interest charged on self-assessment tax, and if you have to get a refund, then that too will be received quickly.
Apart from this, you will also avoid problems like slowness of the portal or technical glitches in the software. Most importantly, filing returns on time keeps all your documents correct and updated, which keeps your financial position transparent.
What to do if you miss the last date of ITR?
If you miss the deadline of September 15, you still have options. You can file a late return, i.e., a Belated Return, till 31 December 2025, but it may attract a penalty. There is also an option to file an updated return under certain conditions. However, keep in mind that if you file your return late, you will not be able to claim losses against future income. Therefore, it is best to file your ITR without any delay.
