Now Reading: ITR filing FY 2024-25: What is the deadline for Income Tax Returns & will it be prolonged? Know penalty for late filing
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ITR filing FY 2024-25: What is the deadline for Income Tax Returns & will it be prolonged? Know penalty for late filing
ITR filing FY 2024-25: What is the deadline for Income Tax Returns & will it be prolonged? Know penalty for late filing
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ITR filing FY 2024-25: The deadline to file Income Tax Returns (ITR) for AY 2025-26 is September 15, 2025. Every yr the ITR filing deadline is July 31, 2025, however this yr the Income Tax Department prolonged it by a month-and-a-half as modifications in ITR kinds and Excel utilities required extra backend preparations.The deadline was prolonged for non-audit taxpayers, together with most people, Hindu Undivided Family (HUFs), and different entities not topic to auditIn instances the place a taxpayer’s accounts don’t require auditing underneath the Income Tax Act, it is termed as a non-audit case. This class sometimes consists of
- Individuals and HUFs incomes earnings by way of wage, pension, home property, capital positive factors, or different sources.
- Business house owners and professionals who select the presumptive taxation scheme (Sections 44AD, 44ADA, 44AE) with turnover beneath the audit requirement threshold.
Will the ITR filing deadline be prolonged?
The ITR deadline has already been prolonged to September 15, 2025 from July 31, 2025. As of now there is no intimation of the Income Tax Department seeking to lengthen the ITR filing deadline. It is subsequently advisable that you simply file your ITR earlier than the September 15, 2025 deadline to keep away from final minute rush or a penalty for delayed filing after September 15.
- Begin by accessing incometax.gov.in and authenticate utilizing your PAN/Aadhaar credentials and password.
- Navigate by way of e-File, choose Income Tax Return and proceed to File Income Tax Return.
- Select the evaluation yr AY 2025-26 and establish your appropriate kind.
- Examine the auto-populated info, together with wage particulars, TDS and financial institution curiosity.
- Include any extra earnings or deductions and choose your most well-liked tax regime (Old/New) earlier than remaining submission.
CBDT statistics point out a gradual enhance in ITR submissions, demonstrating enhanced tax compliance and an increasing taxpayer base. During AY 2024-25, ITR submissions reached an unprecedented 7.28 crore by July 31, 2024, displaying a 7.5% enhance from the earlier yr’s 6.77 crore submissions in AY 2023-24.
ITR filing FY 2024-25: What is the late filing penalty?
When earnings tax returns are submitted past the stipulated due date, a late filing price is relevant. The normal price stands at Rs 5,000, while for these with complete earnings beneath Rs 5 lakh, the price is restricted to Rs 1,000.Furthermore, delayed submissions incur an extra month-to-month curiosity cost of 1% on excellent tax quantities, separate from the late filing penalty.
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