If you have not filed ITR yet, do it today! Missing the deadline of 15 September 2025 can lead to a hefty fine of up to ₹ 5,000 and many big losses. Know how you can file a belated return and what its rules are.
Why is the crowd on the ITR portal increasing
The last date for filing the Income Tax Return (ITR) is 15 September 2025. Despite complaints of technical glitches in the portal, a large number of taxpayers have filed their returns. But there are still lakhs of people who have not filed returns. If you are also one of them, then file your return today at all costs. If you do not do this, you will have to pay a hefty penalty, as well as miss many important benefits.
Heavy losses due to missing the deadline
Even if you miss the deadline of 15 September, you can still file a ‘belated return’ till 31 December 2025. But, for this, you will have to bear some losses. If your income is more than ₹ 5 lakh, then a fine of ₹ 5,000 will be imposed. Those whose income is less than ₹ 5 lakh will have to pay a fine of ₹ 1,000. You will not be able to carry forward the capital loss incurred by selling shares, mutual funds, or property. You will not be able to claim many exemptions available under the old tax regime. Under section 234A, interest will also have to be paid at the rate of 1% every month on the outstanding tax.
Remember these important dates
31 July 2025: Original deadline for filing ITR.
15 September 2025: Extended deadline (FY 2024-25, AY 2025-26).
31 December 2025: Last date for filing delayed or revised returns.
31 March 2030: Last date for filing updated returns.
What is ‘updated return’ if you miss it
If you miss the deadline for delayed returns, the Income Tax Act gives the option of an ‘updated return’. It was implemented in 2022, under which you can file ITR within 48 months. Its purpose is to give you a chance to declare your missed income and pay tax on it.
You cannot claim any additional loss or refund, nor can you reduce your tax liability. You have to pay additional tax on filing an updated return. If you file within 12 months of the assessment year, you will have to pay an additional tax of 25%, 50% in 24 months, 60% in 36 months, and 70% in 48 months. You can avoid all these difficulties by filing ITR on time.