Flexicap54 min ago
ITR Filing 2025: What happens if you miss filing your income tax return before the deadline? Penalty and other things to know
- Written by Bhawna Gupta
Published: Zee Business| Updated: Zee Business
The income tax return (ITR) filing season is going on, and many taxpayers have already filed their ITR, and others must be preparing for it. This year, the deadline for ITR filing is September 15 instead of July 31. While filing an ITR, the taxpayers need to be cautious about the claims for deductions and exemptions, as the I-T department has initiated a large-scale verification operation across multiple locations in the country. The department is conducting raids on more than 200 locations to capture the false deductions under various heads like political donations, tuition fees, and medical expenses. Therefore, every taxpayer should file the ITR with correct claims and before the deadline to avoid a penalty.
Images: Pixabay
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Filing ITR after the deadline
1/7In this article, we will talk about the consequences if a taxpayer fails to file their ITR on time.
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Can I file ITR after the deadline?
2/7Before talking about the penalty, let's find out if a taxpayer can file ITR after the deadline. The answer is yes, a taxpayer can file the ITR after the due date, too.
For example, if you do not file your ITR for FY 2024-45 till September 15, you can do it by December 31, 2025.
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What happens if you file a belated ITR?
3/7If you file your ITR after the deadline, you need to pay a penalty of up to Rs 5,000 and may face some other consequences.
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Interest and penalty
4/7Under Section 234A, one per cent interest per month or part of the month will be payable along with the tax due if there is tax payable.
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Penalty under Section 271F
5/7A penalty of Rs 5,000 under Section 271F might also be payable depending upon the case. However, if a taxpayer has paid the taxes and only a return is pending, then no interest will be charged.
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How is interest under Section 234A calculated?
6/7Balance tax payable × 1% × number of months delayed
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Section 234A applies to whom?
7/7It is for all the taxpayers including HUFs (Hindu Undivided Families), and businesses.
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