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The deadline to file ITR is September 15. But experts say that you should not wait for the deadline to file ITR. If you do not file your return on time, you may even have to go to jail. Know the full details…
The Income Tax Department had extended the last date for filing ITR for the financial year 2024-25 from July 31 to September 15, 2025. This is definitely a relief, but it does not mean that you become careless. If you do not file your return on time, you may have to face action like penalty, interest, loss of tax benefits and even jail.
Negligence will be costly
The Income Tax Department (CBDT) had extended the last date for filing ITR for the financial year 2024-25 (assessment year 2025-26) from July 31 to September 15, 2025. This extension was made due to structural changes in the ITR form, such as changes in Capital Gains Tax, new tax slab system etc. But this relief is limited only to the date. If you do not file the return even by September 15, then you may get into many troubles.
Late filing fees also
If you do not file your return by the due date, you will have to pay late filing fees under Section 234F of the Income Tax Act. If your total taxable income is more than 5 lakhs, you may face a penalty of up to 5,000. For those with income less than 5 lakhs, this penalty is limited to 1,000.
1% interest will have to be paid every month
Late filing of returns will attract interest of 1% per month under section 234A. This interest will be charged for every month or part thereof after September 15, 2025, until the return is filed or the ‘best judgment assessment’ is done by the revenue department. This interest can put an additional burden on the tax liability.
Will not be able to avail tax exemption
If you file your return after the due date, you will not be able to avail some important tax exemptions. Apart from this, you cannot carry forward the business losses incurred in a financial year to the next year.
Heavy penalty for giving wrong information
If your income is taxable but you deliberately did not file the return, then the Income Tax Department can impose a penalty of up to 50% of the tax amount on you under section 270A. This case is made when the intention to hide tax or give wrong information is proved.
There is also provision for jail in serious cases
If the remaining amount of tax is more than 25 lakhs and you deliberately did not file ITR, then the Income Tax Department can prosecute you under section 276CC. Under this, you can be punished with a minimum sentence of 6 months to 7 years and a fine.
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