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ITR Filing After Deadline: Taxpayers who missed the September 16 Income Tax Return (ITR) deadline can still file their returns. The government provided
an extension from the original deadline of September 15 to accommodate taxpayers facing technical issues with the e-filing portal. However, for those who did not manage to file by the extended date, there remains an option to submit a belated return.
Understanding Belated Returns
A belated return is defined as an ITR filed after the due date. Taxpayers have until December 31, 2025, to file their belated returns for Assessment Year 2025-26. It is important to note that this option comes with certain penalties based on income levels.
Penalties for Late Filing
Filing a belated return incurs a fee under Section 234F. If an individual’s income exceeds Rs 5 lakh, the penalty amounts to Rs 5,000. For those with income up to Rs 5 lakh, the late fee is capped at Rs 1,000.
Consequences of Missing the Deadline
Failing to file by the deadline can lead to several repercussions. Taxpayers may face a late fee and potential interest charges under Sections 234A, 234B, and 234C. Additionally, most losses cannot be carried forward, with exceptions for house property loss and unabsorbed depreciation. Furthermore, delayed returns may experience longer processing times for tax refunds and increased scrutiny from the tax department.
Act Promptly
Taxpayers who have yet to file their ITR are encouraged to do so before the December 31, 2025 deadline. While filing a belated return may incur a penalty, it is a necessary step to ensure compliance with tax regulations.
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